IRS Releases Final RMD Regulations: Understand Tax Issues and Planning
EVENT DATE:
Oct 17,2024
PRESENTER(s): Klaralee R. Charlton
1:00 PM ET | 12:00 PM CT | 10:00 AM PT |
120 Minutes
This program has been approved NASBA & IRS CPE Credit 2(Taxes)
On July 18, 2024, IRS issued final regulations to update the required minimum distribution (RMD) rules for changes made by the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) and certain changes made by the SECURE 2.0 Act
The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries. At the same time, Treasury and IRS issued proposed regulations, addressing additional RMD issues under the SECURE 2.0 Act. Understanding the new-mortem IRA distribution regime is critical for everyone advising clients with large retirement accounts and especially those who provide estate administration services.
Session Highlights:
- RMDs from designated Roth accounts
- IRS Form 5305 series documents
- Required minimum distributions under section 401(a)(9)
- Purchase of annuity contract with a portion of the participant’s account
- Nonspouse beneficiary distribution withholding requirements
- Multiple beneficiaries and satisfying the year of death RMD
- Roth IRA distribution rules
- RMDS for clients who die before or after their RBD
- The eligible designated beneficiary rules
- SECURE 2.0 Section 327 Election & planning for the surviving spouse
- Planning for disabled beneficiaries, including SNTS
- Rules for minor children as beneficiaries
- IRAS payable to trust
- Post-mortem division of retirement assets including funding sub-trusts & in-kind distributions
- Decanting and reforming IRA trusts
- Powers of Appointment for IRA trusts
Learning Objectives:
- Should I put my annual contributions into a regular (tax-deductible) account or a Roth account?
- What should my target savings goal be for retirement? (Hint: It is NOT $ 1 million).
- Can younger Americans ever afford to retire if they don’t buy a house?
- A review of mathematically smart strategies for managing 401(k)s, 403(b)s, and Roth and Regular IRAs
- How does estate planning work for retirement plan assets after SECURE 2.0?
- Should leaving a regular IRA to children be classified as a generous act or a kind of prank on the kids?
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS-T-00102-24-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Speaker Profile:
Klaralee Charlton is an estate and tax attorney at 3i Law working with clients to effectively plan for the future transfer of assets and efficiently administer assets post-death. She works with clients to visualize their estate planning goals while capturing opportunities to mitigate risk, administrative burdens, and unnecessary tax liability.
After a death, Klaralee works alongside family members to accomplish necessary transfers and ensure reporting obligations are met. Klaralee also partners with legal and accounting professionals on case strategies to minimize tax liability and meet reporting requirements.
She is a frequent speaker on the topics of estate and fiduciary income tax and is an adjunct professor in the University of Denver, Graduate Tax Program.
