Individual Retirement Accounts (IRAs) & Taxes

Individual Retirement Accounts (IRAs) & Taxes

Individual Retirement Accounts (IRAs) & Taxes

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

Language: english

Note: 4.4/5 (15 notes) 8,152 students

Instructor(s): Robert (Bob) Steele

Last update: 2019-03-25

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

 

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

 

Course content

  • Introduction
    • Introduction
    • Documents to Download for Reference
    • PDF – 205 (IRA) Individual Retirement Account
    • 205 (IRA) Individual Retirement Account
    • PDF – 210 What’s New & Reminders
    • 210 What’s New & Reminders
    • PDF – 214 Introduction
    • 214 Introduction
    • PDF – 217 Table How Are a Traditional IRA and a Roth IRA Different
    • 217 Table How Are a Traditional IRA and a Roth IRA Different
    • Accounting Comic Break
  • Traditional (IRAs) Individual Retirement Account
    • PDF – 305 Traditional IRAs Introduction & What Is Compensation
    • 305 Traditional IRAs Introduction & What Is Compensation
    • PDF – 308 How Can a Traditional IRA Be Opened
    • 308 How Can a Traditional IRA Be Opened
    • PDF – 310 How Can a Traditional IRA Be Opened Individual Retirement Account
    • 310 How Can a Traditional IRA Be Opened Individual Retirement Account
    • PDF – 314 Individual Retirement Annuity
    • 314 Individual Retirement Annuity
    • PDF – 321 SIMPLE IRAs
    • 321 SIMPLE IRAs
    • PDF – 324 Simplified Employee Pension (SEP)
    • 324 Simplified Employee Pension (SEP)
    • PDF – 327 How Much Can Be Contributed
    • 327 How Much Can Be Contributed
    • PDF – 331 General Limit
    • 331 General Limit
    • PDF – 334 Kay Bailey Hutchison Spousal IRA Limit
    • 334 Kay Bailey Hutchison Spousal IRA Limit
    • PDF – 337 Filing Status
    • 337 Filing Status
    • PDF – 341 Less & More Than Maximum Contributions
    • 341 Less & More Than Maximum Contributions
    • PDF – 344 When Can Contributions Be Made
    • 344 When Can Contributions Be Made
    • PDF – 347 How Much Can You Deduct
    • 347 How Much Can You Deduct
    • PDF – 351 Are You Covered by an Employer Plan
    • 351 Are You Covered by an Employer Plan
    • PDF – 354 Limit if Covered by Employer Plan
    • 354 Limit if Covered by Employer Plan
    • PDF – 354 Tax Software Limit if Covered by Employer Plan
    • 354 Tax Software Limit if Covered by Employer Plan
    • PDF – 357 Figure Reduced IRA Deduction & Reporting Deduction Contributions
    • 357 Figure Reduced IRA Deduction & Reporting Deduction Contributions
    • PDF – 361 Nondeductible Contributions
    • 361 Nondeductible Contributions
    • PDF – 364 Examples—Worksheet for Reduced IRA Deduction for 2018
    • 364 Examples—Worksheet for Reduced IRA Deduction for 2018
    • PDF – 367 What if You Inherit an IRA
    • 367 What if You Inherit an IRA
    • PDF – 371 Can You Move Retirement Plan Assets
    • 371 Can You Move Retirement Plan Assets
    • PDF – 374 Trustee-to-Trustee Transfer
    • 374 Trustee-to-Trustee Transfer
    • PDF – 377 Can You Move Retirement Plan Assets Rollovers
    • 377 Can You Move Retirement Plan Assets Rollovers
    • PDF – 381 Time Limit for Making a Rollover Contribution
    • 381 Time Limit for Making a Rollover Contribution
    • PDF – 383 Rollover From One IRA Into Another
    • 383 Rollover From One IRA Into Another
    • PDF – 387 Rollover From Employer’s Plan Into an IRA
    • 387 Rollover From Employer’s Plan Into an IRA
    • PDF – 391 Rollover Chart
    • 391 Rollover Chart
    • PDF – 394 Transfers Incident to Divorce
    • 394 Transfers Incident to Divorce
    • PDF – 397 Converting From Any Traditional IRA Into a Roth IRA
    • 397 Converting From Any Traditional IRA Into a Roth IRA
    • PDF – 407 When Can You Withdraw or Use Assets
    • 407 When Can You Withdraw or Use Assets
    • PDF – 411 Contributions Returned Before Due Date of Return
    • 411 Contributions Returned Before Due Date of Return
    • PDF – 414 Prohibited Transactions
    • 414 Prohibited Transactions
    • PDF – 417 Prohibited Transactions
    • 417 Prohibited Transactions
    • PDF – 421 Exempt Transactions
    • 421 Exempt Transactions
    • PDF – 424 Investment in Collectibles
    • 424 Investment in Collectibles
    • PDF – 427 Excess Contributions
    • 427 Excess Contributions
    • PDF – 434 Reporting Additional Taxes
    • 434 Reporting Additional Taxes
    • Accounting Comic Break
  • Roth (IRAs) – Roth Individual Retirement Account
    • PDF – 505 Roth IRAs Introduction
    • 505 Roth IRAs Introduction
    • PDF – 510 What Is a Roth IRA
    • 510 What Is a Roth IRA
    • PDF – 514 Can You Contribute to a Roth IRA
    • 514 Can You Contribute to a Roth IRA
    • PDF – 517 How Much Can Be Contributed
    • 517 How Much Can Be Contributed
    • PDF – 521 Table Effect of Modified AGI on Roth IRA Contribution
    • 521 Table Effect of Modified AGI on Roth IRA Contribution
    • PDF – 524 When Can You Make Contributions & What if You Contribute Too Much
    • 524 When Can You Make Contributions & What if You Contribute Too Much
    • PDF – 527 Can You Move Amounts Into a Roth IRA
    • Accounting Comic Break
  • Retirement Savings Contributions Credit
    • PDF – 610 Contributions Credit What’s New & Introduction
    • 610 Contributions Credit What’s New & Introduction
    • PDF – 615 Contributions Credit Can you claim the credit
    • 615 Contributions Credit Can you claim the credit
    • Accounting Comic Break

 

Individual Retirement Accounts (IRAs) & Taxes

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