Individual Retirement Accounts (IRAs) & Taxes

Name: Individual Retirement Accounts (IRAs) & Taxes
Rating: 3.8 (41 reviews)

Individual Retirement Accounts (IRAs)-Traditional IRA & Roth IRA Income Tax Benefits & Retirement Planning

Created byRobert (Bob) Steele

Last updated 9/2019

English

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

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
205 (IRA) Individual Retirement Account4:37
PDF - 210 What's New & Reminders0:08
210 What's New & Reminders12:07
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
PDF - 217 Table How Are a Traditional IRA and a Roth IRA Different0:08
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

PDF - 305 Traditional IRAs Introduction & What Is Compensation0:08
305 Traditional IRAs Introduction & What Is Compensation10:50
PDF - 308 How Can a Traditional IRA Be Opened0:08
308 How Can a Traditional IRA Be Opened4:17
PDF - 310 How Can a Traditional IRA Be Opened Individual Retirement Account0:08
310 How Can a Traditional IRA Be Opened Individual Retirement Account7:14
PDF - 314 Individual Retirement Annuity0:08
314 Individual Retirement Annuity4:07
PDF - 321 SIMPLE IRAs0:08
321 SIMPLE IRAs2:35
PDF - 324 Simplified Employee Pension (SEP)0:08
324 Simplified Employee Pension (SEP)2:51
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
PDF - 331 General Limit0:08
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
334 Kay Bailey Hutchison Spousal IRA Limit2:58
PDF - 337 Filing Status0:08
337 Filing Status4:46
PDF - 341 Less & More Than Maximum Contributions0:08
341 Less & More Than Maximum Contributions3:48
PDF - 344 When Can Contributions Be Made0:08
344 When Can Contributions Be Made12:27
PDF - 347 How Much Can You Deduct0:08
347 How Much Can You Deduct6:21
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
PDF - 354 Limit if Covered by Employer Plan0:08
354 Limit if Covered by Employer Plan17:49
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
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
361 Nondeductible Contributions11:22
PDF - 364 Examples—Worksheet for Reduced IRA Deduction for 20180:08
364 Examples—Worksheet for Reduced IRA Deduction for 20187:57
PDF - 367 What if You Inherit an IRA0:08
367 What if You Inherit an IRA9:29
PDF - 371 Can You Move Retirement Plan Assets0:08
371 Can You Move Retirement Plan Assets2:31
PDF - 374 Trustee-to-Trustee Transfer0:08
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
PDF - 381 Time Limit for Making a Rollover Contribution0:08
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
383 Rollover From One IRA Into Another15:28
PDF - 387 Rollover From Employer's Plan Into an IRA0:08
387 Rollover From Employer's Plan Into an IRA17:38
PDF - 391 Rollover Chart0:08
391 Rollover Chart9:08
PDF - 394 Transfers Incident to Divorce0:08
394 Transfers Incident to Divorce6:42
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
411 Contributions Returned Before Due Date of Return5:52
PDF - 414 Prohibited Transactions0:08
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
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
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
424 Investment in Collectibles5:39
PDF - 427 Excess Contributions0:08
427 Excess Contributions14:33
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
Accounting Comic Break0:13

PDF - 505 Roth IRAs Introduction0:08
505 Roth IRAs Introduction7:22
PDF - 510 What Is a Roth IRA0:08
510 What Is a Roth IRA11:55
PDF - 514 Can You Contribute to a Roth IRA0:08
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
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
524 When Can You Make Contributions & What if You Contribute Too Much8:54
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.

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

Individual Retirement Accounts (IRAs) & Taxes

What you'll learn

Explore related topics

Course content

Introduction11 lectures • 38min

Traditional (IRAs) Individual Retirement Account75 lectures • 4hr 53min

Roth (IRAs) - Roth Individual Retirement Account14 lectures • 52min

Retirement Savings Contributions Credit5 lectures • 20min

Requirements

Description

Who this course is for: