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Learn MoreIndividual Retirement Accounts (IRAs) & Taxes
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Individual Retirement Accounts (IRAs) & Taxes
Individual Retirement Accounts (IRAs)-Traditional IRA & Roth IRA Income Tax Benefits & Retirement Planning
Created byRobert (Bob) Steele
Last updated 9/2019
English
English [Auto],
What you'll learn
- Individual Retirement Account (IRA) Tax Benefits
- How to Report IRA Deduction On Tax Return Using Real Tax Forms
- Roth IRA Tax Benefits
- Traditional IRA and Roth IRA Contribution Limits
Explore related topics
Course content
4 sections • 105 lectures • 6h 43m total length
- Introduction2:47
Explore the traditional IRA and Roth IRA, compare differences, and learn how tax forms and tax software illustrate planning strategies and credits for employer retirement accounts.
- Documents to Download for Reference0:01
- PDF - 205 (IRA) Individual Retirement Account0:08
Download a PDA file to supplement the instructional video for the IRAs and taxes course.
- 205 (IRA) Individual Retirement Account4:37
Demonstrate how IRA deductions appear as schedule 1 adjustments to income, reducing taxable income above the line and contrasting with standard deduction and 4 1 k plan considerations.
- PDF - 210 What's New & Reminders0:08
Downloadable PDA file provides a supplement to the instructional video for the next presentation in the Individual Retirement Accounts (IRAs) & Taxes course.
- 210 What's New & Reminders12:07
Explore the latest IRA updates, including traditional and Roth IRA contribution rules, MAGI-based limits for 2018 and 2019, rollovers, recharacterizations, and disaster relief provisions.
- PDF - 214 Introduction0:08
Access a downloadable pda file that accompanies the next presentation for use as a supplement to the instructional video.
- 214 Introduction7:44
Introduce IRAs, covering contributions, earnings, and distributions, and explain upfront tax deductions and tax-deferral benefits of traditional and Roth IRAs, while outlining penalties for early withdrawal.
- PDF - 217 Table How Are a Traditional IRA and a Roth IRA Different0:08
Access a downloadable file that supplements the instructional video and clarifies how a traditional IRA differs from a Roth IRA.
- 217 Table How Are a Traditional IRA and a Roth IRA Different10:16
Explain how traditional and Roth IRAs differ, including the traditional 70 and a half age limit, 2018 caps of 5,500/6,500, upfront deductions, and forms 8606 and Schedule 1.
- Accounting Comic Break0:13
Explore a lighthearted accounting comic break that clarifies essential IRAs and tax concepts for practical retirement planning.
- PDF - 305 Traditional IRAs Introduction & What Is Compensation0:08
Access a downloadable PDA file to supplement the instructional video for PDF 305 traditional IRAs introduction and what is compensation.
- 305 Traditional IRAs Introduction & What Is Compensation10:50
Discover traditional IRAs and how compensation affects eligibility, deductions on Schedule 1, and tax-deferred earnings inside the IRA.
- PDF - 308 How Can a Traditional IRA Be Opened0:08
Discover how a traditional IRA can be opened, supported by a downloadable PDA file that supplements the instructional video.
- 308 How Can a Traditional IRA Be Opened4:17
Learn how to open a traditional IRA at banks or brokers and take tax-deductible advantages. Explore investment options and how withdrawals are restricted under IRS rules.
- PDF - 310 How Can a Traditional IRA Be Opened Individual Retirement Account0:08
Access a downloadable file that supplements the instructional video, guiding you on how to open a traditional IRA and understand related tax implications.
- 310 How Can a Traditional IRA Be Opened Individual Retirement Account7:14
Learn how to open traditional IRA with a custodian using cash contributions and a document. Explore contribution limits, rollovers, and taxation and timing of distributions, including age 70.5 required distributions.
- PDF - 314 Individual Retirement Annuity0:08
Download a supplementary PDA file to accompany the presentation and the instructional video on individual retirement annuity.
- 314 Individual Retirement Annuity4:07
Learn how to open a traditional ira through an individual retirement annuity with life insurance company contracts, balance tax deductions, and meet distribution requirements.
- PDF - 321 SIMPLE IRAs0:08
A downloadable PDA file provides a supplement to the instructional video for the IRAs topic, supporting review and study.
- 321 SIMPLE IRAs2:35
Explore how simple IRAs provide tax-advantaged retirement options for small employers and employees, and how they relate to traditional and Roth IRA contributions and 401(k) plans.
- PDF - 324 Simplified Employee Pension (SEP)0:08
Download a pdf supplement to the instructional video on the Simplified Employee Pension (SEP) within IRAs and taxes.
- 324 Simplified Employee Pension (SEP)2:51
Discover the simplified employee pension (sep), allowing employers to make deductible contributions to a traditional ira for employees. Learn sep rules, disclosures, revocation periods, and sponsor responsibilities for small businesses.
- PDF - 327 How Much Can Be Contributed0:08
Access a downloadable PDA file to supplement the instructional video on how much can be contributed to IRAs.
- 327 How Much Can Be Contributed1:38
Learn the contribution limits for traditional IRAs, including compensation rules, community property implications, and how broker commissions and trustee fees affect deductions.
- PDF - 331 General Limit0:08
Access a downloadable PDA file to supplement the instructional video for the pdf - 331 general limit lecture.
- 331 General Limit6:59
Learn 2018 limit for traditional IRAs: deductible contribution is the smaller of 5,500 or 6,500 if you are age 50 or older, reduced by contributions to a section 501(c)(18) plan.
- PDF - 334 Kay Bailey Hutchison Spousal IRA Limit0:08
Access a downloadable PDA file that serves as a supplement to the instructional video on the spousal IRA limit.
- 334 Kay Bailey Hutchison Spousal IRA Limit2:58
Learn how Kay Bailey Hutchinson spousal IRA limits apply to joint filers, detailing age-based caps and the total combined contributions up to thirteen thousand when both are older.
- PDF - 337 Filing Status0:08
Download a PDA file to supplement the instructional video for pdf 337 filing status in ira taxation.
- 337 Filing Status4:46
Explain how filing status affects traditional IRA contributions, including the Kay Bailey Hutchinson spousal IRA limit, separate contributions for each spouse, and age-based increases for over 50.
- PDF - 341 Less & More Than Maximum Contributions0:08
download the pdf file to supplement the instructional video on less and more than maximum contributions.
- 341 Less & More Than Maximum Contributions3:48
Examine less than or more than maximum contributions to a traditional IRA, including due date rules for the deduction, and penalties for excess contributions.
- PDF - 344 When Can Contributions Be Made0:08
Access a downloadable PDA file that supplements the instructional video, clarifying when contributions can be made for IRAs and taxes.
- 344 When Can Contributions Be Made12:27
Open a traditional IRA and contribute cash through your sponsor by the due date, with designation of the year and distributions starting at age 70 and a half.
- PDF - 347 How Much Can You Deduct0:08
Access a downloadable PDA file to supplement the instructional video for the lecture pdf 347 how much can you deduct in the IRAs & taxes course.
- 347 How Much Can You Deduct6:21
Learn how traditional ira deductions work, including the deduction limit, income and employer plan restrictions, and how contributions reduce taxable income and may yield credits.
- PDF - 351 Are You Covered by an Employer Plan0:08
Grab a downloadable pdf file to supplement the instructional video for the lecture on whether you are covered by an employer plan.
- 351 Are You Covered by an Employer Plan13:48
Assess whether you are covered by an employer retirement plan using your W-2 box 13, and understand how coverage affects IRA contributions and defined contribution vs defined benefit plans.
- PDF - 354 Limit if Covered by Employer Plan0:08
Access a downloadable pdf file that serves as a supplement to the instructional video, enhancing learning for the course on individual retirement accounts and taxes.
- 354 Limit if Covered by Employer Plan17:49
Learn how employer plan coverage limits traditional IRA deductions, with phase-outs based on modified AGI and filing status, and how to use tables 1-2-3 to determine deductions.
- PDF - 354 Tax Software Limit if Covered by Employer Plan0:08
Explore the tax software limit if covered by an employer plan, and access a downloadable file to supplement the instructional video.
- 354 Tax Software Limit if Covered by Employer Plan6:38
Explore how to determine IRA deduction limits using tax software, considering AGI, and whether you have a retirement plan. See how filing status and spouse's retirement plan coverage trigger phase-outs.
- PDF - 357 Figure Reduced IRA Deduction & Reporting Deduction Contributions0:08
Access a downloadable PDF that supplements the instructional video on IRA deduction and reporting deduction contributions.
- 357 Figure Reduced IRA Deduction & Reporting Deduction Contributions4:02
Calculate the reduced IRA deduction and report deductible contributions using publication 590-a worksheets and Form 10 40 or Schedule 1, with employer plans and Social Security benefits.
- PDF - 361 Nondeductible Contributions0:08
Access a downloadable pdf file to supplement the instructional video, focusing on nondeductible contributions in the IRA and taxes course.
- 361 Nondeductible Contributions11:22
Explore non deductible contributions to traditional IRAs, deduction limits, and Form 8606 designations, including tax deferral, distributions, cost basis, penalties, and Roth alternatives.
- PDF - 364 Examples—Worksheet for Reduced IRA Deduction for 20180:08
Provide a downloadable PDA file to supplement the instructional video on the 2018 reduced IRA deduction worksheet.
- 364 Examples—Worksheet for Reduced IRA Deduction for 20187:57
- PDF - 367 What if You Inherit an IRA0:08
Access a downloadable PDA file to supplement the instructional video on inheriting an IRA as part of the course on IRAs and taxes.
- 367 What if You Inherit an IRA9:29
Explore how spouses and other beneficiaries handle inherited traditional IRAs, including options to treat as your own, rollovers, RMD rules, and associated tax implications.
- PDF - 371 Can You Move Retirement Plan Assets0:08
A downloadable file supplements the instructional video, guiding learners on how to move retirement plan assets within the IRA and taxes context.
- 371 Can You Move Retirement Plan Assets2:31
Learn how to move retirement plan assets between traditional IRAs and other retirement programs through tax-free transfers and rollovers, including trustee-to-trustee transfers and divorce incidents.
- PDF - 374 Trustee-to-Trustee Transfer0:08
Access a downloadable PDA file that serves as a supplement to the instructional video on trustee-to-trustee transfers.
- 374 Trustee-to-Trustee Transfer2:33
- PDF - 377 Can You Move Retirement Plan Assets Rollovers0:08
Access a downloadable PDA file to supplement the instructional video on retirement plan asset rollovers.
- 377 Can You Move Retirement Plan Assets Rollovers13:11
Explore how to roll over retirement plan assets, including direct transfers, 60-day timing, 1099 reporting, and the tax treatment of rollover contributions between traditional IRAs and other eligible plans.
- PDF - 381 Time Limit for Making a Rollover Contribution0:08
Explore the time limit for making a rollover contribution, guided by a downloadable pdf that supplements the instructional video on iras and taxes.
- 381 Time Limit for Making a Rollover Contribution14:30
Learn how to complete a rollover within 60 days of distribution from an IRA or employer plan, explore waivers, self-certification, and private letter rulings.
- PDF - 383 Rollover From One IRA Into Another0:08
Access a downloadable PDF titled 383: rollover from one IRA into another to supplement the instructional video.
- 383 Rollover From One IRA Into Another15:28
Learn how a traditional IRA rollover to another IRA can be tax-free within 60 days, without deduction, and note the one-year limit and Form 1099-R reporting.
- PDF - 387 Rollover From Employer's Plan Into an IRA0:08
Access a downloadable pdf that supplements the instructional video on the rollover from an employer's plan into an IRA.
- 387 Rollover From Employer's Plan Into an IRA17:38
Learn how to roll over an eligible distribution from an employer plan into a traditional IRA, including tax treatment, withholding, and direct rollover options.
- PDF - 391 Rollover Chart0:08
Download the pdf rollover chart to accompany the instructional video, providing a practical supplement for understanding IRA rollover concepts.
- 391 Rollover Chart9:08
Explore a rollover chart from publication 590-A that shows which rollovers are possible between Roth IRAs, traditional IRAs, and other retirement plans.
- PDF - 394 Transfers Incident to Divorce0:08
Access the upcoming presentation's downloadable PDA file to supplement the instructional video for the 394 transfers incident to divorce topic in the IRAs & taxes course.
- 394 Transfers Incident to Divorce6:42
Explain how transfers incident to divorce affect traditional IRAs, including changing the name on the IRA and direct transfers, with considerations for tax implications and reporting.
- PDF - 397 Converting From Any Traditional IRA Into a Roth IRA0:08
Learn how to convert from any traditional IRA into a Roth IRA, with a downloadable PDA file that supplements the instructional video.
- 397 Converting From Any Traditional IRA Into a Roth IRA9:45
Explore converting a traditional IRA to a Roth IRA via 60-day rollovers and conversion contributions to minimize taxes and avoid the 10% early distribution penalty.
- PDF - 407 When Can You Withdraw or Use Assets0:08
Access a downloadable file that supplements the instructional video on when you can withdraw or use assets in IRAs and taxes.
- 407 When Can You Withdraw or Use Assets3:03
Learn when you can withdraw traditional ira assets, the 10 percent penalty before age 59.5, and how distributions are included in income while you may avoid penalties with certain exceptions.
- PDF - 411 Contributions Returned Before Due Date of Return0:08
Access a downloadable pda file that supplements the instructional video for the lecture pdf 411 contributions returned before due date of return.
- 411 Contributions Returned Before Due Date of Return5:52
Learn how ira contributions returned before the due date and extended due date are withdrawn tax-free when you did not deduct the contribution and include any earnings, with amendments covered.
- PDF - 414 Prohibited Transactions0:08
Access a downloadable PDA file that serves as a supplement to the instructional video for the IRAs & taxes course.
- 414 Prohibited Transactions3:55
Explore prohibited transactions in traditional IRAs, their penalties and extra taxes, and how excess contributions, early distributions, collectibles, and Form 8606 filing affect taxes at distribution.
- PDF - 417 Prohibited Transactions0:08
Access a downloadable PDA file that serves as a supplement to the instructional video for the IRAs and taxes course.
- 417 Prohibited Transactions10:51
Explore prohibited transactions in traditional IRAs, including borrowing, using the IRA as collateral, or buying property for personal use, and learn resulting penalties and distributions.
- PDF - 421 Exempt Transactions0:08
Access a downloadable PDA file that serves as a supplement to the instructional video on exempt transactions.
- 421 Exempt Transactions2:55
Identify exempt transactions for traditional IRAs, describing when sponsor payments or reduced-cost services aren’t prohibited, and note group life insurance exceptions and beneficiary protections.
- PDF - 424 Investment in Collectibles0:08
Access a downloadable PDA file to supplement the instructional video, supporting the investment in collectibles lecture in the IRAs & taxes course.
- 424 Investment in Collectibles5:39
Examine investing collectibles within a traditional IRA, including distribution rules, potential penalties, and IRS skepticism, plus which items qualify (artwork, rugs, stamps, coins, medals, wine) under limits.
- PDF - 427 Excess Contributions0:08
Access a downloadable PDA file to supplement the instructional video on excess contributions, integrating the course material for IRA taxation.
- 427 Excess Contributions14:33
Identify excess contributions to traditional IRAs, including the limits of the smaller of 5,500 or 6,500 and the 70 1/2 rule, and outline withdrawal steps to avoid 6% penalties.
- PDF - 434 Reporting Additional Taxes0:08
Access a downloadable PDF file to supplement the instructional video on reporting additional taxes for IRAs.
- 434 Reporting Additional Taxes8:09
Learn how to report additional taxes on traditional IRAs using Form 5329, including early distributions, excess contributions, and penalties, with instructions to attach to Form 1040 and use Schedule 4.
- Accounting Comic Break0:13
Enjoy an accounting comic break within the IRAs and taxes course, lightening the learning pace. Enter a brief, playful interlude that complements the IRAs and taxes topics.
- PDF - 505 Roth IRAs Introduction0:08
Access a downloadable pdf file to accompany the instructional video, providing a supplemental resource for the introduction to Roth IRAs.
- 505 Roth IRAs Introduction7:22
Discover how Roth IRAs differ from traditional IRAs, including tax treatment, non-deductible contributions, and retirement distribution benefits, and learn how to balance tax planning with future withdrawals.
- PDF - 510 What Is a Roth IRA0:08
Access a downloadable pdf file that serves as a supplement to the instructional video for learners studying Roth IRA within the IRAs and taxes course.
- 510 What Is a Roth IRA11:55
A Roth IRA is an individual retirement account or annuity designated as Roth when opened. Contributions are not deductible, but qualified distributions are tax-free, unlike a traditional IRA.
- PDF - 514 Can You Contribute to a Roth IRA0:08
Access a downloadable pdf file that you can use as a supplement to the instructional video.
- 514 Can You Contribute to a Roth IRA8:59
Learn how to determine Roth IRA eligibility by calculating modified AGI against income limits for different filing statuses and understanding taxable compensation.
- PDF - 517 How Much Can Be Contributed0:08
Downloadable pda file serves as a supplement to the instructional video for the pdf - 517 how much can be contributed.
- 517 How Much Can Be Contributed7:06
- PDF - 521 Table Effect of Modified AGI on Roth IRA Contribution0:08
Access a downloadable PDA file to supplement the instructional video and explore how modified AGI affects the Roth IRA contribution.
- 521 Table Effect of Modified AGI on Roth IRA Contribution6:53
Explore how modified AGI affects Roth IRA contributions across filing statuses, using table 2-1 from publication 590a, detailing income thresholds and reduced or zero contribution limits.
- PDF - 524 When Can You Make Contributions & What if You Contribute Too Much0:08
Access a downloadable PDA file to supplement the instructional video, reinforcing key concepts on when you can make contributions and what if you contribute too much.
- 524 When Can You Make Contributions & What if You Contribute Too Much8:54
Identify when you may contribute to a Roth IRA and how to correct excess contributions, including the 6 percent excise tax and applying excess amounts to the proper tax year.
- PDF - 527 Can You Move Amounts Into a Roth IRA0:08
Access a downloadable pdf that serves as a supplement to the instructional video on moving amounts into a Roth IRA.
- Accounting Comic Break0:13
Explore practical accounting for IRAs and taxes through a comic break that clarifies concepts and keeps learners engaged.
- PDF - 610 Contributions Credit What’s New & Introduction0:08
Download a PDA file to accompany the instructional video as a supplement to the presentation.
- 610 Contributions Credit What’s New & Introduction8:25
Explore the retirement savings contributions credit, what's new, and an introduction. See how modified AGI limits affect eligibility and how the credit reduces federal tax dollar-for-dollar, with Form 8880.
- PDF - 615 Contributions Credit Can you claim the credit0:08
Downloadable pdf resource accompanies the instructional video, supporting the discussion on the 615 contributions credit and determining if you can claim the credit.
- 615 Contributions Credit Can you claim the credit10:51
Determine if you can claim the contributions credit for IRA and other qualified plans. Learn eligibility, income limits, and how to compute the credit with Form 8880.
- Accounting Comic Break0:13
Explore the essentials of individual retirement accounts and taxes, and enjoy a light, engaging accounting comic break.
Requirements
- Some understanding of US income tax law
Description
(IRAs) Individual Retirement Accounts, both traditional IRAs and Roth IRAs will discuss tax planning, concentrating on tax benefits of contributing to IRAs.
The course will discuss the tax benefits of traditional individual retirement accounts (IRAs), including how to record deductions related to traditional IRAs on tax forms, using actual tax forms as examples to demonstrate scenarios.
We will discuss contribution limits to traditional individual retirement accounts (IRAs) and how those contribution limits interplay with other types of retirement accounts like employer-provided retirement plans.
The course will discuss the tax benefits of Roth individual retirement accounts (IRAs) or Roth IRAs.
We will discuss contribution limits to Roth individual retirement accounts (IRAs) or Roth IRAs and how those contribution limits interplay with other types of retirement accounts.
The course will compare and contrast Traditional IRAs and a Roth IRAs.
We will also cover retirement savings contributions credits, including qualification credits and examples of how to report the credit using actual tax forms.
Who this course is for:
- Anybody who wants to save on taxes
- Tax professionals