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Retirement Plans - Mini CourseCode: 22-RETIRE2
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Course description and objectives:
We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax saving strategies. Designed to improve the quality of services to clients and the profitability of engagements, this presentation integrates federal taxation with retirement planning. The emphasis is on practical simplicity in dealing with the self-employed and highly compensated individual. Distribution options from IRAs and other retirement plans are explored.
After reading the materials, participants will be able to:
1. Differentiate between qualified and nonqualified deferred compensation plans listing the tax advantages and disadvantages of each, explain the requirements of a qualified pension plan, and discuss how the basic ERISA provisions define the elements of qualified plans.
2. Compare defined contribution plans with defined benefit plans naming the five types of defined contribution plans and describing their effect on retirement benefits.
3. Discuss the elements of Roth IRAs and traditional IRAs by explaining how distributions work, how to set up the various IRAs, when tax-free rollovers can be utilized, designating beneficiaries, distributing to beneficiaries, contribution limits for various IRAs, and recharacterizations of Roth IRA contributions.
Presentation Method: Self-Study
CPE credit: 3 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase