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Individual Retirement Account Answer Book, Twenty-Fifth Edition Individual Retirement Account Answer Book, Twenty-Fifth Edition

Individual Retirement Account Answer Book, Twenty-Fifth Edition

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Overview

Individual Retirement Account Answer Book provides clear, concise explanations, numerous examples, and comprehensive coverage of the issues involved in advising clients about investing in traditional IRAs, Roth IRAs, SIMPLE IRAs, SEP IRAs, and Coverdell ESAs. It is an all-in-one guide that covers virtually every IRA issue you’re likely to encounter.

Individual Retirement Account Answer Book’s practical Q&A format provides you with:

  • Answers to virtually every IRA question
  • Explanations of IRA reporting and disclosure requirements
  • Strategies for tax, estate, and retirement planning
  • Guidelines for establishing traditional and Roth IRAs, SIMPLEs, SEPs, and Coverdell ESAs
  • Practice pointers, examples, calculations, and worksheets
  • Conformity of state tax laws and federal tax law governing qualified charitable distributions, qualified distributions for hurricane relief, and qualified reservist distributions
  • And much more!

Note: Online subscriptions are for three-month periods.

Previous Edition: Individual Retirement Account Answer Book, Twenty-FourthEdition ISBN 9781454883586¿

Last Updated 10/22/2018
Update Frequency Published annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781454899679
SKU 10044871-0003
Product Line Wolters Kluwer Legal & Regulatory U.S.
SKU 000000000010048433
Table of Contents

1. Introduction to IRAs

  • Types of IRAs
  • Traditional IRA
  • Roth IRA
  • Roth IRA Versus Traditional IRA
  • Coverdell ESA
  • SIMPLE IRA
  • SEP IRA
  • Health Savings Account
  • Financial Planning
  • Prohibited Transactions
  • Listed Transactions
  • Bankruptcy and Debtor Issues

2. Adopting a Traditional IRA or a Roth IRA

  • Common Account-Opening Questions
  • Trustees and Custodians
  • IRA Documentation
  • Prototypes
  • Certain Provisions
  • Drafting Prototype IRA Agreements
  • Payroll Deduction IRA
  • Deemed IRA

3. Contributions to Traditional and Roth IRAs

  • Contribution Limit
  • Contribution Deadline
  • Direct Deposit of Tax Refunds to IRAs
  • Special Rules for Traditional IRA Contributions
  • Special Rules for Roth IRA Contributions
  • Conversions
  • Recharacterization
  • Excess Contributions
  • Saver's Tax Credit for IRA Contributions

4. Distributions from Traditional IRAs

  • Minimum Distributions During the IRA Owner's Lifetime
  • Distributions After the IRA Owner Dies
  • Distributions After the Beneficiary Dies
  • Post-Mortem Distribution Planning
  • Beneficiary Issues
  • Taxation of Traditional IRA Distributions

5. Roth IRA Distributions

  • Distributions in General
  • Qualified Distributions
  • Nonqualified Distributions
  • Nonqualified Distribution of Conversion Contributions
  • Allocating Roth IRA Distributions for Tax Purposes
  • Post-Death Distributions
  • Miscellaneous Taxation Issues
  • Withholding
  • State Law Issues

6. Rollovers

  • Overview of Rollover Methods
  • 60-Day Rollovers
  • Withholding
  • Eligible Rollover Distributions
  • IRA Rollover Issues
  • Qualified Plan Rollovers to IRAs
  • Divorce
  • Rollovers After Death
  • Conversions
  • Non-Retirement Account Rollovers

7. Disclosure, Filings, Penalties, and Withholding

  • Initial Disclosure
  • Right to Revoke
  • Annual Reports to the IRS and the IRA Owner
  • Payee Reporting of Distributions
  • Withholding
  • Penalties
  • General Filing Information
  • Form 990-T
  • Form 1040
  • Form W-2
  • Form 1099-Q
  • Form 1099-R
  • Form 5329
  • Form 5330
  • Form 5498
  • Form 5498-ESA
  • Form 8606
  • Form 8888
  • Form 8889

8. Income Tax Planning for IRAs

  • Planning Goals
  • Distribution Planning
  • Contribution Planning

9. Conversion Planning

  • The Basics of Conversions
  • Conversion Strategies

10. Estate Planning for IRAs

  • Why Planning Matters
  • Recent Changes in Federal Tax Law
  • Marital Issues
  • Exemption Trust Funded with an IRA
  • QTIP Trust Funded with an IRA
  • Other Issues
  • Minor Beneficiaries
  • Gifts to Grandchildren
  • Charitable Giving
  • Other Uses of the IRA
  • Life Insurance
  • Special Needs Planning
  • Income in Respect of a Decedent

11. Simplified Employee Pension Plans

  • Participants
  • SEP Contributions
  • Compensation Issues
  • Distributions
  • Taxation
  • Rollovers, Conversions, and Recharacterizations
  • Debtor Issues
  • Adopting a SEP
  • Prototype SEPs
  • Individually Designed SEPs
  • Approval for Combined Plans and Prior Plans

12. SIMPLE IRA Arrangements

  • Basic Concepts
  • Establishing a SIMPLE
  • Employer Eligibility
  • Employee Eligibility
  • Compensation
  • Contributions
  • Administrative Matters
  • Distributions
  • Tax Consequences
  • Rollovers, Conversions, and Recharacterizations
  • Miscellaneous Rules

13. Coverdell Education Savings Account

  • Comparison with IRAs
  • Comparison with 529 Plans
  • The Designated Beneficiary
  • Contributions
  • Rollover Contributions
  • Distributions
  • Estate and Gift Tax Consequences
  • Establishing a Coverdell ESA
  • Reporting

14. Health Savings Accounts

  • Comparison with Other Health Savings Vehicles
  • General HSA Requirements
  • High-Deductible Health Plan
  • Eligibility
  • Contributions
  • Tax Treatment of Contributions
  • Annual Contribution Limit
  • Excess Contributions
  • Rollovers and Trustee-to-Trustee Transfers
  • HSA Distributions
  • Qualified Medical Expenses
  • Reporting Requirements

15. State and Other Jurisdiction Tax Rules Regarding IRAs

  • Traditional IRA Contributions
  • Traditional IRA Distributions
  • Tax on Post-1995 Distributions Received from Traditional IRAs by Former Residents
  • Tax on Pre-1996 Distributions Received from Traditional IRAs by Former Residents
  • Roth IRA Distributions
  • Special Purpose Distributions
  • Conversion Rollovers to Roth IRAs
  • SEP IRAs and SIMPLE IRAs
  • Penalties
  • Health Savings Accounts
  • Withholding and Estimated Taxes
  • Future State Legislation
  • Choosing a State for Retirement
  • Certain U.S. Possessions

APPENDIX

  • IRS Publication 590—Individual Retirement Arrangements (IRAs) (2012)

TABLES

  • Internal Revenue Code Sections
  • Treasury Regulations Sections
  • Revenue Procedures and Rulings
  • IRS Announcements, Notices, and General Counsel Memoranda
  • Private Letter Rulings
  • Internal Revenue Service Forms and Publications
  • ERISA Sections and Advisory Opinions
  • Department of Labor Regulations and Advisory Opinions
  • Cases
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