Inherited IRAs: Understand Tax Issues and Planning
EVENT DATE:
PRESENTER(s): Klaralee R. Charlton
This program has been approved NASBA & IRS CPE Credit 2(Taxes)
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Conference Material (Password Required)On July 19, 2024, the IRS issued new regulations clarifying the rules surrounding inherited IRAs, providing essential guidance for beneficiaries and financial planners. These updates primarily focus on implementing the SECURE Act’s provisions and the adjustments beneficiaries must make to comply with the new requirements.
Inheriting an IRA comes with its own tax nuances not only for individual beneficiaries but also for estates or trusts claiming an IRA after the death of the owner. When clients make mistakes or circumstances change, practitioners can help their clients by identifying ways to administer or transfer inherited retirement accounts after the death of the original owner. In this course we will review the inherited retirement account rules as modified by the Secure Act and identify methods of administering or transferring retirement accounts after death to minimize income tax and meet client goals.
Session Highlights:
- Roth IRA distribution rules
- Describe the distribution options for inherited retirement accounts for individual beneficiaries, estates, and trusts
- Understand the methods for administering a retirement account as an asset of a trust
- Identify opportunities to distribute income to charitable beneficiaries
- Analyze an estate or trust’s ability to distribute a retirement account to charitable and individual beneficiaries
- Recommend ideal transfer methods for retirement accounts to minimize administration complexity and income taxes
- RMDs for clients who die before their RBD
- RMDs for clients who die after their RBD
- The eligible designated beneficiary rules
- Rules for minor children as beneficiaries
- Decanting and reforming IRA trusts
- Powers of Appointment for IRA trusts
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS-T-00088-24-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
