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Required Minimum Distributions: Compliance and Planning

Description

Required minimum distributions (RMDs) from employer retirement plans and IRAs must be made or steep penalties will be incurred. Planning opportunities exist in certain situations to minimize distributions. Also, special rules exist for inherited retirement funds. Your clients depend on you to help them navigate the rules regarding required minimum distributions and the taxation of distributions. This course addresses compliance issues and planning opportunities regarding required minimum distributions.

Learning Objectives
  • Understand the calculation of required minimum distributions
  • Understand when required minimum distributions are required
  • Understand how to treat inherited retirement accounts and how to utilize stretch IRAs
  • Understand the importance of designated beneficiaries of retirement accounts
  • Discuss the process of requesting the abatement of penalties for failure to make required minimum distributions and how to correct a failure to make a required distribution
  • Understand how to handle an incorrect Form 1099R
  • Discuss how distributions are taxed when the retirement account has basis that can be returned free of tax
Major Topics
  • Minimum distribution requirement changes by the Secure Act of 2019
  • Latest guidance issued by the IRS, whether by way of regulations or administrative announcements related to required minimum distributions
  • The calculation of required minimum distributions using the Uniform Life Table
  • Required minimum distributions from multiple accounts
  • Form 1099R and codes
  • Inherited employer retirement accounts and IRAs: Spousal and non-spousal beneficiary distribution options
  • Limitations on stretch IRAs imposed by the Secure Act of 2019
  • Required minimum distributions in the year of death
  • Roth conversions for estate planning and avoiding required minimum distributions
  • Timing of distributions for maximum tax-free compounding
  • Qualified charitable distributions from IRAs
  • Taxation of distributions
  • Penalties for missed required minimum distributions and reasonable cause for abatement of penalties
Provider
Surgent CPE
Course Level
Basic
CPE Field of Study
Tax
4
Who Should Attend

Any tax practitioner that desires to improve customer service related to required minimum distribution compliance and planning

Instructor(s)
Neil Brown
Prerequisites

A basic understanding of retirement plan distributions and taxation of distributions

Advanced Preparation

None

Location
 
Colorado Society Of CPAs
7887 E Belleview Ave
Englewood, CO 80111 US
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Event Information
When
Oct 22, 2021
8:30 am - 12:00 pm MDT
Location
Colorado Society Of CPAs
7887 E Belleview Ave
Englewood, CO 80111 US
Total CPE Credits
4
Format
In-Person + Webcast Live

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$185.00

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$264.00
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Required Minimum Distributions: Compliance and Planning


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