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WiseGuides Study Tools for Accounting and Tax Professionals (813-670-9473)

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Individual Retirement Arrangements


Product Description

Delivery: Text Based
Instructor: WiseGuides
Credit Hours: 4
Field of Study: Federal Tax Update
Approval: IRS, CTEC
Course Description:
After completing this course you will be able to:

  • Identify what income is compensation for IRA purposes
  • Figure earned income for determining how much can be contributed to an IRA
  • Identify what types of accounts are permitted for individual retirement accounts
  • Determine how to treat inherited traditional IRAs
  • Figure the contribution limits for a traditional IRA
  • Determine when contributions are deductible
  • Identify when a taxpayer is covered by an employer retirement plan
  • Determine the maximum IRA deduction
  • Determine when a contribution is nondeductible
  • Identify the rules for an eligible rollover distribution
  • Determine when a taxpayer must take a required distribution to avoid penalties
  • Identify the reporting/withholding rules for traditional IRA distributions
  • Identify how to treat excess contributions
  • Identify when to file Form 5329
  • Identify when a distribution is subject to the 10% penalty for premature distributions

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