Surgent's Introduction to Required Minimum Distributions
2.00 Credits
Member Price $99
Non-Member Price $119
Overview
Required minimum distributions (RMDs) must be taken from certain tax-deferred retirement accounts, starting when the account owner reaches their applicable age.
The RMD rules are complex and must be simplified to help ensure clients understand them. Accounting and finance professionals must understand the basics of RMDs for IRAs and employer plan accounts so as to help IRA owners, plan participants, and beneficiaries meet their RMD obligations and avoid penalties that apply to RMDs not taken by their applicable deadline. Accounting and finance professionals should also be able to demonstrate tax-efficient solutions for RMDs.
This course will walk accounting and finance professionals through the fundamental concepts and rules that apply to RMDs, demonstrate how to calculate RMDs, and explain how to correct RMD errors. It can be taken by anyone, including those without any experience working with RMDs.
The course will include cases to promote understanding of the rules.
Highlights
- How SECURE Act 1.0 and SECURE Act 2.0 changed the RMD rules
- What is an RMD?
- Who is subject to RMDs?
- The types of accounts subject to RMDs
- How to calculate an RMD
- How to determine if a distribution can be an RMD
- How to determine which life expectancy table must be used when calculating an RMD
- The rollover and transfer rules during an RMD year
- IRS penalties for non-compliance with RMD regulations
- Applying RMD strategies to different plan types
- When RMDs can and cannot be aggregated
- How to correct an RMD shortfall
- How to get a waiver of the excise tax on an RMD failure
- The tax implication of an RMD
- How to donate an RMD tax-free
- How to determine the RMD rules that apply to a beneficiary
Prerequisites
None
Designed For
Accounting and finance professionals who want to understand RMD concepts and how RMDs work
Objectives
- Understand what Required Minimum Distributions (RMDs) are, why they exist, and the accounts to which they apply
- Recognize the important deadlines for starting and taking RMDs, including the consequences of missing an RMD deadline and how to avoid penalties
- Calculate RMDs using IRS tables, account balances, and other impacting data
- Recognize common scenarios where RMDs apply for IRA owners, employer plan participants, and beneficiaries.
Preparation
None
Leader(s):
Leader Bios
Deborah Phillips, Discussion Leader, Surgent McCoy CPE, LLC
Deborah A. Phillips, MST, CPA, is a Senior Manager in the Flow Through Issue Practice Group (IPG) in Pre-filing Technical Guidance (PFTG) in the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS). This IPG specializes in S corporation and partnership tax issues in LB&I.
Ms. Phillips began her career with the IRS more than 31 years ago and has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations Executive Assistant to the Deputy Commission International, the Technical Executive Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. She taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a respected instructor within the IRS.
Ms. Phillips earned her master’s degree in taxation from Widener University.
Non-Member Price $119
Member Price $99