IRAs: What You Need to Know About Contributions, Conversions and Distributions

Author: Greg White

This course covers the essentials of IRAs. We’ll go well beyond the basics to cover crucial topics: when to convert traditional IRAs to Roth IRAs, how to minimize tax on conversion, and when clients should recharacterize IRA contributions (and how to recharacterize). We’ll also discuss how to get a waiver for clients who fail to take a required minimum distribution.

Publication Date: June 2025

Designed For
Tax professionals who want to sharpen their expertise in the greatest growth field in taxation.

Topics Covered

• Determine clients who are well suited for conversion from traditional to Roth IRAs
• When should clients recharacterize IRA contributions?
• What special traps are present in the IRA area?
• How to receive a waiver for clients who failed to take the proper required minimum distributions (updated for the SECURE Act 2.0)
• Requirement minimum distributions from inherited IRAs (updated for SECURE Act 2.0 and also 2024 IRS guidance)

Learning Objectives

• Identify clients who should convert traditional IRAs to Roth IRAs
• Identify clients who should recharacterize IRA contributions and how to recharacterize
• Determine who are the ideal beneficiaries of a particular IRA
• Explain how to apply the rules for required minimum distributions for both IRA owners and beneficiaries
• Identify the annual IRA contribution limit for individuals 50 or older
• Identify the IRS form used to report nondeductible IRA contributions

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

hod
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None