Required Minimum Distributions: Compliance and Planning (RMD4)
4.00 Credits
Member Price $180
Non-Member Price $230
Overview
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.
Highlights
- Minimum distribution requirement changes by the SECURE Act 2.0
- Latest IRS guidance, including final regulations
- The calculation of required minimum distributions using the Uniform Life Table
- Required minimum distributions from multiple accounts
- §401(k) rules of SECURE Act 2.0 Inherited employer retirement accounts and IRAs: Changes to spousal and non-spousal beneficiary distribution options and stretch IRAs under the SECURE Act
- 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
- Section 529 rollovers to Roth accounts under SECURE Act 2.0
- Qualified charitable distributions from IRAs and the relationship between deductible IRAs and QCDs under the anti-abuse rules.
- Includes SECURE Act 2.0 rollovers to CRUTs and CRATs Taxation of distributions
- Penalties for missed required minimum distributions and reasonable cause for abatement of penalties.
Prerequisites
A basic understanding of retirement plan distributions and taxation of distributions
Designed For
Any tax practitioner that desires to improve customer service related to required minimum distribution compliance and planning
Objectives
- 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 1099-R
- Discuss how distributions are taxed when the retirement account has basis that can be returned free of tax
- Understand the changes to RMD, penalty, and rollover rules under SECURE Act 2.0
Preparation
None
Leader(s):
Leader Bios
Curtis Quickel, AICPA
Curtis J. Quickel, CPA, MBA, is an individual practitioner in Little Rock, Arkansas. Before establishing his own practice, he worked several years in industry as a corporate controller. As a retired Lieutenant Colonel from the U.S. Army Reserves, he taught courses at the U.S. Army Command and General Staff College in Ft. Leavenworth, Kansas. He also completed three combat tours in Iraq, Kuwait and Afghanistan. He is a past president of the Central Chapter of the Arkansas Society of CPAs and Past Chairman of the Industry and Commerce Committee. Quickel is also a past recipient of the Arkansas Society of CPAs Outstanding CPA in government award.
Non-Member Price $230
Member Price $180