Top 10 RMD Rules for IRA Owner and Plan Participants FLEXCAST

Overview

IRA owners and participants in 401(k), 403(b), and Governmental 457(b) plans must take annual required minimum distributions (RMD) beginning the year they reach their applicable RMD age. Failure to take RMDs will result in the account owner owing the IRS and excise tax of 25% of the RMD shortfall. The RMD calculation formula, the RMD aggregation rules, and the prohibition of rollovers of RMDs are just a few of the rules and regulations that complicate the RMD process. Interested parties must understand these and other compliance requirements that apply to RMDs to ensure that penalties are avoided. This course presents an overview of the RMD rules for account owners. This course provides tips on avoiding pitfalls and implementing tax efficient RMD strategies.

Highlights

Required Minimum Distribution (RMD). SECURE Act 2.0. Who is subject to RMDs by Account Types? How to calculate owner RMDs. Determining the FMV. QCDs as RMDs.

Prerequisites

None.

Designed For

CPAs, EA’s, and other tax professionals

Objectives

Determine who must take an RMD for the year. Determine if a distribution qualifies to be an RMD. Get a waiver of the excise tax for missing an RMD deadline. Coordinate qualified charitable distributions (QCDs), so they satisfy RMDs.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.