Gain a thorough understanding of and inherited retirement accounts and advise your clients with confidence.
Retirement accounts such as 401(k)s and IRAs have become popular vehicles for retirement savings and building wealth. It is inevitable that you or your client will inherit one. Unlike most other inherited assets, retirement accounts have tax consequences. This presentation will help you understand the tax consequences and identify what you need to know about the deceased account owner, the beneficiary, and the type of plan/account to properly determine when distributions must occur. You will also learn how to properly calculate the required minimum distributions and what happens if you miss a required distribution and how to correct.
Learning Objectives
- You will be able to recognize how to determine required distributions from retirement accounts.
- You will be able to identify how to calculate distributions for eligible designated beneficiaries.
- You will be able to identify how to calculate distributions for ineligible designated beneficiaries.
- You will be able to recognize the impact of missing required distributions as well as actions to take when inheriting plan assets other than traditional investments and accounts.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
How to Determine Required Distributions From Retirement Accounts
- The Age of the Deceased Account Owner - Was It Before or After Their Required Beginning Date?
- The Beneficiary - Are They an Eligible Designated Beneficiary?
- The Impact of the 'at Least as Rapidly' Rule
Distributions to Eligible Designate Beneficiaries
- In General - Distributions to Disabled, Chronically Ill, or Not More Than 10 Years Younger Than Deceased
- Distributions to Minor Children
- Distribution to Surviving Spouse
Distributions to Ineligible Beneficiaries
- Prior to Required Beginning Date to Designated Beneficiaries
- After Required Beginning Date to Designated Beneficiaries
- To Beneficiaries Who Are Not Designated Beneficiaries (Estates, Trust, and Charities)
Inheriting Plan Assets Other Than Traditional Investments and Accounts
- Roth Accounts
- Real Estate and Collectibles
- Life Insurance
Impact of Missing Required Distribution
- Excise Taxes and Reporting
- Request for Abatement of Penalty Tax
- Correction
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 14, 2022.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 66 Minutes.
- NJ CLE 1.3
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
CPE/NASBA - QAS Self Study 1.8 including Taxes 1.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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 web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Mary Mlock, CPA
BST
- Partner in charge of BST Retirement Services with 30 years of experience
- Focuses practice on employee benefits, and expertise includes design, implementation consulting, and administration of defined contribution plans and other employee benefit plans
- Member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants
- Bachelor’s degree in business administration, Siena College
- Can be contacted at [email protected] or www.bstco.com
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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