Surgent's Introduction to Required Minimum Distributions
Overview
Required minimum distributions (RMDs) must be taken from certain tax-deferred retirement accounts, starting when the account owner reaches their applicable age.
The RMD rules are complex and must be simplified to help ensure clients understand them. Accounting and finance professionals must understand the basics of RMDs for IRAs and employer plan accounts so as to help IRA owners, plan participants, and beneficiaries meet their RMD obligations and avoid penalties that apply to RMDs not taken by their applicable deadline. Accounting and finance professionals should also be able to demonstrate tax-efficient solutions for RMDs.
This course will walk accounting and finance professionals through the fundamental concepts and rules that apply to RMDs, demonstrate how to calculate RMDs, and explain how to correct RMD errors. It can be taken by anyone, including those without any experience working with RMDs.
The course will include cases to promote understanding of the rules.
Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Basic
This course is being offered by a 3rd party vendor and will not be accessible on your My CPE page. Webinar access information will be emailed directly to you by Surgent McCoy.
Highlights
- How SECURE Act 1.0 and SECURE Act 2.0 changed the RMD rules
- What is an RMD?
- Who is subject to RMDs?
- The types of accounts subject to RMDs
- How to calculate an RMD
- How to determine if a distribution can be an RMD
- How to determine which life expectancy table must be used when calculating an RMD
- The rollover and transfer rules during an RMD year
- IRS penalties for non-compliance with RMD regulations
- Applying RMD strategies to different plan types
- When RMDs can and cannot be aggregated
- How to correct an RMD shortfall
- How to get a waiver of the excise tax on an RMD failure
- The tax implication of an RMD
- How to donate an RMD tax-free
- How to determine the RMD rules that apply to a beneficiary
Prerequisites
None
Designed For
Accounting and finance professionals who want to understand RMD concepts and how RMDs work
Objectives
- Understand what Required Minimum Distributions (RMDs) are, why they exist, and the accounts to which they apply
- Recognize the important deadlines for starting and taking RMDs, including the consequences of missing an RMD deadline and how to avoid penalties
- Calculate RMDs using IRS tables, account balances, and other impacting data
- Recognize common scenarios where RMDs apply for IRA owners, employer plan participants, and beneficiaries.
Preparation
None
Leader(s):
Leader Bios
Denise Appleby, Surgent McCoy CPE, LLC
Denise Appleby, APA, CISP, CRPS, CRC, owns and operates Appleby Retirement Consulting. With more than 10 years of experience in the IRA and defined contribution plans field, Denise has held several senior retirement plans-related positions with Pershing LLC, including vice president of Retirement Plans Products and Services, retirement plans manager and training manager. In addition, she has written more than 200 articles for many newsletters, including the Pershing LLC’s SixtySomething and The Pershing Press, Ed Slott’s IRA Advisor and www.Investopedia.com. As well as writing, Denise has edited “Quick Reference to IRAs” by Gary Lesser and Don Levy (2003); “SIMPLE, SEP and SARSEP Answer Book” by Gary Lesser and Susan Diehl (Ninth Edition) and “Parlay Your IRA Into a Family Fortune” (Viking; 2005) by Ed Slott. Denise’s wealth of knowledge in retirement plans led to her make appearances on CNBC’s Business News and be quoted in the Wall Street Journal, Investor’s Business Daily, CBS Marketwatch’s Retirement Weekly and other financial publications, where she gave insights on retirement planning. Her expertise and knack for explaining complex retirement plans’ rules and regulations, created a demand for her to speak at various conferences and seminars around the country as well as to provide training to staff of financial advisor firms around the country.
Non-Member Price $104.00
Member Price $99.00