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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. Learn how to navigate the rules as well as address compliance issues and planning opportunities regarding required minimum distributions (RMDs) from employer retirement plans and IRAs. Support your clients by understanding planning opportunities that exist in certain situations to minimize distributions and special rules exist for inherited retirement funds.

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 1099R Discuss how distributions are taxed when the retirement account has basis that can be returned free of tax

Highlights

Minimum distribution requirement changes by the Secure Act of 2019 Latest guidance issued by the IRS, whether by way of regulations or administrative announcements related to required minimum distributions The calculation of required minimum distributions using the Uniform Life Table Required minimum distributions from multiple accounts Form 1099R and codes Inherited employer retirement accounts and IRAs: Spousal and non-spousal beneficiary distribution options Limitations on stretch IRAs imposed by the Secure Act of 2019 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 Qualified charitable distributions (QCDs) from IRAs and the relationship between deductible IRAs and QCDs under the new anti-abuse rules Taxation of distributions Penalties for missed required minimum distributions and reasonable cause for abatement of penalties

Who Will Benefit

Any tax practitioner that desires to improve customer service related to required minimum distribution compliance and planning

Credits

Category Amount
Tax 4.00

Leaders

  • William Taylor

    William (Bill) F. Taylor is president of Benefit Solutions, Ltd., a benefit consulting firm, and a CPA in private practice. Since retiring as Community Bank President of Renasant Bank in Water Valley, MS, he has served as an adjunct assistant professor in the MBA program at the University of Mississippi. Bill has worked in the employee benefit and investment fields for over 20 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS, office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations, and other organizations. He was the recipient of the James L. McCoy Excellence in Education award for 2015 and awarded the Outstanding Discussion Leader award for 2014 and 2016. Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.

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