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Individual Retirement Arrangements (IRAs)

Exam Questions: 40
Course Level: Basic
Pages: 238 | Content: 198, Supplemental: 40
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 5175S

This course provides an understanding of the various individual retirement arrangements. It covers traditional IRAs, Roth IRAs, Simplified Employee Pensions (SEPs), and Savings Incentive Match Plans for Employees (SIMPLEs). It explains the rules for setting up an IRA, contributing to an IRA, transferring money or property to and from an IRA, handling an inherited IRA, making withdrawals from an IRA, receiving distributions from an IRA, and taking a credit for contributions to an IRA. It also explains the penalties and additional taxes that apply when the rules are not followed. To assist in complying with the tax rules for IRAs, this course contains worksheets, sample forms, and tables, which can be found throughout the course and in the appendices in the back. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00420-21-S

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Course Information

Table of Contents
  • Introduction
  • Traditional IRAs
  • Roth IRAs
  • Simplified Employee Pension (SEP)
  • Savings Incentive Match Plans for Employees (SIMPLE)
  • Retirement Savings Contributions Credit (Saver's Credit)
  • Disaster-Related Relief
Objectives
  • To identify the changes related to IRAs for 2020 and 2021
  • To recognize the characteristics of the traditional IRA and the advantages and disadvantages of this type of arrangement
  • To recognize what a Roth IRA is, who qualifies to make contributions to it, and the advantages and disadvantages of using it for retirement
  • To recall how a SEP can be used by employers, including self-employed individuals
  • To recognize what a SIMPLE plan is, what contributions can be made to it, and the consequences of distributions taken from the plan
  • To recognize the eligibility standards for taking the retirement savings contributions credit
  • To recognize the impact of compounding
  • To identify the disaster-related relief limits

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