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Surgent’s Required Minimum Distributions: Compliance and Planning (SU0956/22)
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August 16, 2022 @ 9:00 am - 12:30 pm
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.
Any tax practitioner that desires to improve customer service related to required minimum distribution compliance and planning
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 Use case studies to reinforce the learning objectives
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, including the new life expectancy tables and transition rules 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 and the relationship between deductible IRAs and QCDs under the anti-abuse rules Taxation of distributions Penalties for missed required minimum distributions and reasonable cause for abatement of penalties
A basic understanding of retirement plan distributions and taxation of distributions