Join Larry Pon, CPA to learn how to take advantage of the various exceptions to the early distribution penalty from IRAs and retirement accounts. These exceptions may be triggered by any one of several scenarios, including: a spouse's death, total and permanent disability of the participant/IRA owner, extraordinary large medical expenses and more.
Larry will also review how to request a waiver for missed or incorrect required minimum distributions (RMDs), preparing the Form 5239 for multiple years for excess contributions to qualified plans, and requesting abatement of penalties for early distributions from IRAs and retirement plans. The penalty for a missed or incorrect RMD is among the highest in the tax code at 50%. Excess contributions are subject to a six percent excise tax that continues annually until the overfunded amount is withdrawn. Note that some of these exceptions only apply to IRAs and not employer retirement plans.
*CE/CPE Eligible: 1 CE credits are available to subscribers with these designations: CFP, CLU, ChFC and RICP. CPA subscribers will earn 1 CPE credits.
Field of Study: Specialized Knowledge
Prerequisites: There are no prerequisites for this session.
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
NASBA Approved
Financial Experts Network (Sponsor Id#: 145173) 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.