Description
Making sure regular IRA contributions meet applicable deadlines is only one of the many factors that practitioners must consider when discussing IRA savings this season. Other critical rules include correcting excess contributions, ensuring RMD deadlines are met, and ensuring clients do not pay income taxes and penalties they do not owe.
In this program, national IRA expert Denise Appleby will explain the rules that apply to the Top 10 areas we should focus on during the 2024 IRA season.
Key topics include:
How to determine eligibility and deductibility for traditional and Roth IRA contributions
The new SECURE Act 2.0 rules for excess IRA contributions
IRS update on 529 to Roth conversions.
What to do when an IRA custodian's tax reporting does not accurately reflect the taxability of an IRA distribution.
Learning Objectives
Upon completion of the webcast, viewers will have an understanding of the following:
Explain the eligibility requirements for making contributions to traditional IRAs and Roth IRAs.
Determine the requirements for avoiding the 6% excise tax on excess IRA contributions.
Demonstrate the rules and limitations that apply to back-door Roth IRA contributions.
Explain fundamental changes under SECURE Act 2.0 that affect IRA contributions.