Retirement Income

Although the federal income tax laws are uniform across the country, the same cannot be said for the 50 states. Taxpayers in 43 states and the District of Columbia incur some form of state income tax while taxpayers in seven states incur no state income tax. In addition, some states have different rules on the treatment of contributions to, distributions from, and exclusion amounts to an IRA, SIMPLE IRA, and an SEP. States also have different tax rules that apply to the IRA’s basis that a taxpayer has in one state and then moves to another state, and to a beneficiary inheriting an IRA from a decedent. And of course, penalties may differ across states when a taxpayer takes an early distribution from their IRAis taken.

In this session, we introduce and illustrate the general issues associated with the various state tax treatments to a taxpayer and their IRA transactions. We do not cover all the rules applicable to each state.

Participants will understand:

Discuss the general rules associated with investing in an IRA, ROTH IRA, SIMPLE IRA, and SEP IRA.
Introduce the states with IRA rules that differ from the general group of states.
Present the state tax rules associated with inherited IRAs.
Discuss the retirement or pension exemptions amounts applicable in some states.
Identify the SECURE 2.0 provisions applicable to IRAs.
Discuss the status of pending legislation.

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
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

Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Speaker Profile:

Tony Curatola is the Joseph F. Ford Professor of Accounting and Tax at Drexel University in Philadelphia. Tony’s area of research is the taxation of individuals, small businesses owners, and retirement income. He has authored over 200 articles in his field and has completed sponsored research for external groups. His findings have appeared in media such as Forbes, The Washington Post, Wall Street Journal, and The New York Times.

He is the former editor of the tax column for Strategic Finance, and the author of several interactive education courses for CeriFi (formerly Thomson Reuters courses). He holds a variety of leadership positions in accounting associations, including the Institute of Management Accountants. Dr. Curatola earned his B.S. in Accounting ’75 and MBA in Finance ‘77 from Drexel University, M.A. in Accounting ’79 from The Wharton School of the University of Pennsylvania, and Ph.D. in Accounting ‘81 from Texas A&M University.

State Tax Consequences on Retirement Income after Relocating

EVENT DATE:

PRESENTER(s): Tony Curatola

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