Individual Retirement Accounts

After completion of this course, you will be able to: Chapter 1, Describe the general provisions and limits applicable to IRAs at the time of their introduction;, Identify the enhancements made to the early IRA program that currently permit: Spousal IRAs for unemployed spouses, Active participants in employer-sponsored qualified plans to participate in IRAs, Eligible individuals to participate in Roth IRAsthat offer tax-free qualified distributions, and Contributions to be made to Coverdell Education Savings Accounts. Chapter 2, Discuss the limitations imposed on Roth IRAeligibility and contributions; Explain the tax treatment of contributions to and distributions from Roth IRAs; Describe the conditions that must be met for a Roth IRAdistribution to be considered a “qualified distribution”; Explain the distribution rules applicable to Roth IRAdistributions upon the deathof the owner; and Discuss the rules applicable to traditional to Roth IRAconversions. Chapter 3, Discuss the financial vehicles in which IRA assets may be invested; Identify the investments in which IRA assets may not be allocated; Describe the additional benefits provided by investing IRA assets in an annuity; and List the factors that should be considered in determining the suitability of a variable annuity as a client’s IRA investment. Chapter 4, Discuss the tax treatment of ESA earnings and distributions; Explain the eligibility requirements applicable to ESA contributors and beneficiaries; Describe the ESA contribution limits; and Discuss the rules governing ESA rollovers. Chapter 5, Identify the additional employer benefits associated with establishing a Simplified Employee Pension IRA compared to establishing a qualified plan; Explain the rules governing the employees that must be included in, and the employees that may be excluded from, a Simplified Employee Pension IRA; Discuss the rules applicable to employer and employee contributions to a Simplified Employee Pension IRA; Describe the tax treatment of Simplified Employee Pension IRA contributions and distributions; and Explain the rules applicable to Simplified Employee Pension IRA rollovers. Chapter 6, describe the eligibility rules applicable to a SIMPLE IRA for employers and employees; Explain the rules governing SIMPLE IRA contribution sources and the limits applicable to annual additions; Describe the rules and restrictions governing rollovers from a SIMPLE IRA; and Discuss the taxation and rules applicable to SIMPLE IRA distributions.