Individual Retirement Accounts

Individual Retirement Accounts examines the rules governing traditional and Roth IRAs, Education IRAs (now called Coverdell Education Savings Accounts), simplified employee pensions and SIMPLEs. With respect to traditional IRAs, the course considers the issues of eligibility, contribution limits and investment vehicles. Tax treatment of traditional IRA funds is discussed, including the treatment of contributions, accumulations, transfers and distributions.  The premature distribution penalties and its exceptions are addressed. Roth IRAs are also discussed, including eligibility, contribution limits and distributions. Conversions from traditional to Roth IRAs are examined and the tax consequences discussed. 

Upon completion, the student should be able to:

• Compare traditional and Roth IRA rules with respect to eligibility, contributions, distributions and tax treatment;
• Explain the benefits of tax-deferred accumulation;
• Describe the rules governing traditional IRA, rollovers, transfers and conversions to Roth IRAs;
• The rules applicable to Coverdell Education Savings Accounts; and
• The contribution and distribution rules governing SEPs and SIMPLE IRAs.

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