Understand Tax Implications of IRAs, SEPs, 401(k)s to Meet Your Clients’ Retirement Planning Needs
More and more practitioners are expanding their practices by offering retirement planning advisory services. Taxpayers face limits on how much they can contribute to their individual retirement accounts (IRAs), as well as how much of their IRA contributions are tax-deductible. The IRS also sets limits on when and how much can be withdrawn from retirement plans. The IRS publishes two publications, 590-A and 590-B, that specify the contributions and distributions applicable to IRAs, as well as other guidance. Depending on the type of IRAs your clients use, they will face differing tax implications for contributions and withdrawals. Your clients may also be eligible for a tax credit if they make eligible contributions to an IRA.
This session with tax attorney Arthur Werner will focus on a variety of issues dealing with IRAs and qualified retirement plans. Understanding the advantages and disadvantages of IRAs and qualified retirement plans, as well as the tax implications and designs of these plans, will help you be better equipped to meet your clients’ needs and ensure you’re following all the proper guidance from the IRS.
At the end of this session you will be able to:
Define the different IRAs
Coverdell Education Savings Accounts
Recognize SEPs, qualified plans and contribution plans
Arthur Joseph Werner, JD, MS (Taxation), received his B.S. in Accounting and his M.S. in Taxation from Widener University. He holds a J.D. in Law from the Delaware Law School. His lecture topic specialties extensively include the areas of Estate Planning, Financial Planning, and Estate and Gift Taxa...