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2018 Distributions from Individual Retirement Arrangements (IRAs)

In this tax subject, we will review some tax rules that relate to distributions from IRAs. Distributions from individual retirement arrangements (IRAs) are very common. An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. As a tax professional, you should be very aware of IRAs such as how to setup an IRA and how one treats distributions from an IRA. You should be well versed in the distribution rules and try to encourage your tax clients to do tax planning to avoid paying penalties and fines.

We will also look at the the penalties and additional taxes that apply when the distribution rules aren’t followed. The worksheets and forms can help you in complying with the tax rules for IRAs.

Once you complete this 2018 distributions from individual retirement arrangements course, you will have satisfied 3 hours of continuing education which satisfies 3 hours of tax law towards your total continuing education required hours.

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Student Instructions: Follow the following 2 steps:

	Instructions - You should do all of the following (steps 1 - 2)	Links:

Step 1	Read the reading material and answer the questions on this page (scroll down). So before you go to the reading material look at steps 1 and 2 here and at the questions on this page.	Reading Material
Step 2	Take each question below (scroll down) and write a paragraph for each question as part of an essay. Include one paragraph for an introduction and a paragraph for a conclusion. Each paragraph should have at least three complete sentences. Once you have your essay prepared, click on Submit Essay to submit your work one paragraph at a time. You should not go to submit essay until your essay is prepared.	Submit Essay
		Click on Reading Material for the multiple choice exam option

Tax Interview

Question

Introduction - For the introduction part of this essay, you may want to first answer the following three questions with one paragraph each and then come back to fill in the introduction and mention something from each of the three paragraphs.

What is a deemed IRA? What contributions can be permitted as a deemed IRA?

When can you start withdrawing your assets? When must you withdraw your retirment account assets? Are they the same date?

4

Who can be a designated beneficiary? When is the designated beneficiary determined?

Conclusion - For the conclusion part of this essay, you may mention something from the three previous paragraphs and offer an opinion. What do you think about all this?

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Revised: 04/02/18

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