Required Minimum Distributions: Compliance and Planning

Overview

You could pay $0 for this course!
This course qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% of the cost of training reimbursed. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks before the start date of the course to be eligible. The course code for this program is C-3097. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org..

This course qualifies for EA/IRS and CFP credit. If you need EA/IRS credit, please contact Tyler Dion (tdion@masscpas.org) after you have registered and provide him your PTIN number.

Highlights

Minimum distribution requirement changes by the SECURE Act 2.0 Latest guidance issued by the IRS related to required minimum distributions The calculation of required minimum distributions using the Uniform Life Table Required minimum distributions from multiple accounts New 401(k) rules of SECURE Act 2.0 Inherited employer retirement accounts and IRAs: Changes to spousal and non-spousal beneficiary distribution options and stretch IRAs under the SECURE Act 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 Section 529 rollovers to Roth accounts under SECURE Act 2.0 Qualified charitable distributions from IRAs and the relationship between deductible IRAs and QCDs under the new anti-abuse rules. Includes SECURE Act 2.0 rollovers to CRUTs and CRATs Taxation of distributions Penalties for missed required minimum distributions and reasonable cause for abatement of penalties. Includes SECURE Act 2.0 changes

Prerequisites

A basic understanding of retirement plan distributions and taxation of distributions

Designed For

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

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 1099-R Discuss how distributions are taxed when the retirement account has basis that can be returned free of tax Understand the changes to RMD, penalty, and rollover rules under SECURE Act 2.0

Preparation

None