Critical Issues Relating to IRAs and Retirement Accounts (IRRA)

The technical issues associated with IRAs and qualified plans can present tax practitioners with challenges, particularly when life-changing events such as birth, death, marriage, or incompetence of the owner arise. This program will discuss critical planning and tax saving strategies for IRAs, 401(k)s and other employer plans, as well as SECURE 2.0 Act changes to the IRA and qualified plan rules.

• Changes resulting from the SECURE Act 2.0 that impact IRAs and qualified plans, taking effect in 2024
• Death of an IRA owner and subsequent distributions to beneficiaries
• Required minimum distributions to IRA and plan owners and beneficiaries
• How the 10-year rule works
• Dealing with beneficiaries, designated beneficiaries, and eligible designated beneficiaries
• Critical steps to protect clients and beneficiaries from RMD mistakes that could interfere with the tax efficiency of IRAs, 401(k)s, 403(b)s, and 457(b)s
• Transferring an interest in an IRA or qualified plan to a divorcing spouse

• Be familiar with the rules relating to IRAs and qualified plans, particularly those taking effect in 2024
• Advise clients on new rules regarding required minimum distributions for beneficiaries of IRAs and qualified plans