Denise Appleby- Author, Speaker on IRAs & Employer Retirement Plans; Consultant, and Trainer of Choice for Financial and Tax Professionals
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Date: Thursday, April 19, 2018
Time: 11:00 AM Central - 12:40 PM Central
Continuing Education Credits: 2.00 NIPA CPE; 2.00 ERPA CPE
The cost of mistakes made with rollovers of retirement assets range from loss of tax planning opportunities to loss of tax deferred status. Join this NIPA webcast to learn how you can help clients protect their retirement assets from these mistakes, including:
Program Name: Appleby’s Guide to Avoiding Tax Traps for Beneficiary Distributions from IRAs and Employer Sponsored Retirement Plans
The primary reason for saving in an IRA or employer plan account is tax deferral of earnings. Beneficiaries can continue to enjoy this benefit, within certain limitations. In order to do so, beneficiaries must understand the distribution options that are available to them and make sure that any election made or transaction processed does not result in unintended distributions, which would lead to loss of tax-deferral and other tax saving opportunities.
Tax professionals can provide retirement account owners and beneficiaries with the guidance needed to ensure the protection of available benefits.
Program Name: Appleby’s Top 20 Roth Rules to Tax Free Retirement Income through Roth Accounts
Since becoming available in 1998, Roth accounts have become increasingly popular. This is primarily because of the opportunity for tax-free distributions; unlike traditional accounts, for which tax-deferred amounts would be taxable when distributed. Those who want to take advantage of Roth accounts should understand the different ways in which contributions can be made, the different types of contributions, and limitations that apply to such contributions.
Program Name: Appleby’s Guide to the Fundamental Rules of Tax-Free Roth 401(k)s
Like Roth IRAs, contributions to designated Roth accounts (DRA) - including Roth 401(k)’s - are made with funds that have already been taxed and qualified distributions are tax-free. Roth 401(k)s are becoming increasingly attractive to small business owners and plan participants who are looking to capitalize on the potential tax-free nature of growth and Roth IRA contributions.
Interested parties can help to maximize the Roth benefits and avoid pitfalls by ensuring that the applicable rules are followed.
Program Name: Appleby’s Guide to Avoiding the Top 10 IRA Distribution Mistakes
Distributions from retirement accounts is inevitable, and distributions can be taxable. However, the tax code includes provisions that can be taken to minimize income taxes that would be due on retirement account assets and avoid penalties. Being aware of these provisions is the first step to taking advantage of these tax benefits. Of course, understanding the steps that should be taken is equally as important.
Program Name: Appleby’s Top 20 Effective Strategies for Avoiding RMD Mistakes and Penalties
Required minimum distribution (RMD) must begin for the year in which the account owner reaches age 70½, unless an exception applies. Failure to comply with the RMD rules will result in the account owner owing the IRS a 50% excess accumulation penalty on any RMD shortfall. RMDs must also be taken from inherited accounts, and the process for determining RMDs for these accounts are more complex than those that apply to RMDs for non-inherited accounts. Interested parties must understand the compliance requirements that apply to RMDs, to be able to assist in ensuring that penalties are avoided.
Program Name: Appleby’s Guide to the Early Distribution Penalty Exceptions for Distributions from Retirement Accounts
Distributions from retirement accounts that occur before the account owner reaches age 59½ are subject to a 10% additional tax, unless an exception applies.
Eligibility for any of these exceptions is determined by several factors, including the type of account from which the distribution is made. Making a wrong move can result in a retirement account owner losing eligibility for an exception. In some cases, exceptions can only be claimed through proper reporting on the individual's tax return.
Program Name: Appleby’s Top 10 Factor for Choosing Between a SEP IRA and a SIMPLE IRA
SEP IRAs and SIMPLE IRA plans are easy to establish and operate and have little administrative cost. They are also easy to communicate to employees and are often considered to be ideal starter plans for small businesses. Both plans have competing and similar features and benefits that would make them suitable for the small business.
Years of savings in an IRA or other tax deferred retirement account can be lost to avoidable income tax, IRS penalties and poor tax planning. In many cases, these costs can be avoided by following the provisions in the Internal Revenue Code, IRS regulations and other IRS guidance. These sources, however, are often very complex and can be easily overlooked or misunderstood. This webinar covers 20 tax saving tips that can help account owners avoid pitfalls that frequently cost them a great deal of money.
Tax advisors counseling clients with IRAs
A basic understanding of individual income tax
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