Individual Retirement Accounts

Individual retirement accounts are investing tools that permit individuals to set aside money for retirement in a way that is preferential from a tax standpoint.

This course will review the following types of IRA accounts:

• Traditional IRAs
• Roth IRAs
• SIMPLE IRAs
• SEP IRAs

It will describe who is allowed to open and contribute to an IRA account during the tax year; identify when contributions are deductible and when they are not deductible; describe the time allowed to roll over distributions and the ramifications of not completing rollovers within the allotted time; and finally, describe when taxpayers are permitted to take distributions from an IRA account.

Course level: Basic. Prerequisites: None.

Course includes integrated text and study guide, final exam, and grading service.

NASBA field of study: Taxes    Course credit: 4 hours