Individual Retirement Accounts – Kinds of IRAs and Prohibited Transactions
This handout discusses the various types of IRAs and the tax benefits and implications of each. It also discusses the effect of the taxpayer’s participation in prohibited transactions within these types of accounts.
HIGHLIGHTS:
- Traditional IRAs.
- Simplified employee pensions (SEP).
- SIMPLE IRAs.
- Roth IRAs.
Individual_Retirement_Accounts_-_Kinds_of_IRAs_and_Prohibited_Transactions_2021.pdf
Individual Retirement Accounts – Qualified Charitable Dist
This handout highlights the Qualified Charitable Distribution (QCD)
HIGHLIGHTS:
- Qualified Charitable Distribution (QCD).
- Qualifications and Rules.
Individual_Retirement_Accounts_-_Qualified_Charitable_Distribution_QCD_2021.pdf
Individual Retirement Accounts – Required Minimum Distributions (RMDs)
This handout is answer the all questions about Qualified Charitable Distribution (QCD)
HIGHLIGHTS:
- Required Minimum Distributions (RMDs).
- Uniform Lifetime Table.
- Joint Life and Last Survivor Expectancy Table
Individual_Retirement_Accounts_-_Required_Minimum_Distributions_RMDs_2021.pdf
Individual Retirement Accounts – Roth IRAs
This handout discusses the tax advantages of a Roth IRA. It includes information on contribution and conversion rules.
HIGHLIGHTS:
- Contribution limits.
- Rules of a Roth IRA.
- Phaseout amounts.
- Conversion rules.
- Distribution rules.
Individual_Retirement_Accounts_-_Roth_IRAs_2021.pdf
Individual Retirement Accounts – Traditional IRAs
This handout discusses the tax advantages and rules of traditional IRAs. It also includes the phaseouts for deducting contributions for taxpayers who are also covered by an employer-sponsored plan.
HIGHLIGHTS:
- Contribution limits.
- Rules of a traditional IRA.
- Reduced IRA deductions.
- Required minimum distribution rules.
Individual_Retirement_Accounts_-_Traditional_IRAs_2021.pdf
Individual Retirement Accounts – Backdoor Roth IRA
HIGHLIGHTS:
- Backdoor Roth IRA
Individual_Retirement_Accounts_-_Backdoor_Roth_IRA_2021.pdf
Individual Retirement Accounts – Beneficiaries of IRAs and Qualified Plans
HIGHLIGHTS:
- Inherited Traditional IRAs
- Inherited Roth IRA
- Designated Beneficiary Not Determined
- Beneficiaries of Qualified Plans
Individual_Retirement_Accounts_Beneficiaries_of_IRAs_and_Qualified_Plans_2021.pdf
Retirement Income
This handout discusses a taxpayer’s various sources of retirement income including Social Security, pension, and IRA distributions. Age-specific requirements and tax implications are highlighted.
HIGHLIGHTS:
- Social Security full retirement age.
- Social Security early retirement reduced benefits.
- Pension income.
- IRA distributions including required minimum distribution rules.
Saving for Retirement
This handout highlights the various types of retirement accounts along with the contribution limits and rules. The handout also includes information on qualifying for the Retirement Savings Contribution Credit.
HIGHLIGHTS:
- Traditional IRA rules and limits.
- Roth IRA rules and limits.
- SIMPLE IRA rules and limits.
- Defined contribution plan rules and limits.
- Retirement Savings Contribution Credit (Saver’s Credit) rules and limits.
Saving_for_Retirement_2021.pdf
Early Retirement Distributions – SEPP
This handout highlights the rules regarding the exception to the 10% penalty for early retirement distributions. The handout also discusses the possible risks involved in implementing this strategy.
HIGHLIGHTS:
- Early retirement (before age 59 1/2) rules.
- Calculation of substantially equal periodic payments.
- Changes to the plan.
- Changes to the account balance once the plan is implemented.
Early_Retirement_Distributions_-_SEPP_2021.pdf
Social Security and Medicare
This handout highlights the components of Social Security retirement and disability benefits. It also provides an Overview of Medicare eligibility and benefits.
HIGHLIGHTS:
- Full retirement age.
- Delayed and early retirement.
- Qualifying for Social Security benefits.
- Social Security disability and survivor’s benefits.
- Medicare plans and eligibility.
Social_Security_and_Medicare_2021.pdf
Taxable Social Security Benefits
This handout explains the calculation of income to determine what amount, if any, of Social Security benefits are taxable. It also provides strategies to prevent Social Security benefits from becoming taxable.
HIGHLIGHTS:
- Taxable benefits.
- Worksheet to determine if benefits are taxable.
- How much is taxable?
- Planning tips and strategies.
Taxable_Social_Security_Benefits_2021.pdf
Pension Income Planning
HIGHLIGHTS:
- Pension Income Planning
- Tax Summary
- Possible Risks