Distributions from Retirement Plans

Overview

Compared with earlier years when a taxpayer's income during retirement was largely funded by Social Security and a company pension, longer life expectancies are now causing Americans to shoulder more of the risks and responsibilities for ensuring that their futures are financially secure. Most taxpayers have saved for their retirement through various individual and employer-sponsored retirement plans to ensure that they’ll have sufficient income during retirement. They may be surprised, however, to discover that they can’t simply take money out whenever they like, nor can they leave it in a plan indefinitely, hoping to pass the assets on to their heirs.

The purpose of this course is to provide a comprehensive and detailed review of the rules surrounding the most common types of distributions from taxpayer retirement plans. This in turn will help tax preparers in assisting their clients in understanding what they can and what they must do with respect to taking distributions from qualified plans.

Learning Objectives

After completing this course students will be able to:

  • identify how distributions from retirement plans are taxed, including distributions taken before age 59½
  • correctly apply the required minimum distribution rules that apply to qualified employer plans and individual retirement accounts
  • correctly apply the distribution at death rules that pertain to qualified plans and IRA funds left to spousal and non-spousal beneficiaries

Designed For

CPAs, EAs, and other tax professionals
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