The learning objective of this course is to review retirement plans for small business and the rules and regulations for IRA's. Covered are retirement plans that can be set up and maintained by an employer and their employees. Also covered are Individual Retirement Arrangements (IRA's) rules and regulations.
Lesson and Objectives |
Reading
Assignment |
| Retirement Plans for Small Business |
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| 1. Updates and Introduction |
Updates & Introduction |
The learning objectives for this lesson are to gain an understanding of:
- What's new
- Key retirement plan rules
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2. Definitions You Need to Know |
Chapter 1 |
The learning objectives for this lesson are to gain an understanding of:
- Definitions related to retirement plans for small business
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| 3. Simplified Employee Pension (SEPs) |
Chapter 2 |
The learning objectives for this lesson are to gain an understanding of:
- Setting up a SEP
- How much you can contribute
- Deducting contributions
- Salary Reduction Simplified Employee Pension (SARSEPs)
- Distributions
- Additional taxes
- Reporting and disclosure requirements
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| 4. SIMPLE Plans |
Chapter 3 |
The learning objectives for this lesson are to gain an understanding of:
- SIMPLE IRA plan
- SIMPLE 401(k) plan
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| 5. Qualified Plans |
Chapter 4 |
The learning objectives for this lesson are to gain an understanding of:
- Kinds of plans
- Setting up a qualified plans
- Minimum funding requirements
- Contributions
- Employer deduction
- Elective deferrals
- Distributions
- Prohibited requirements
- Qualification rules
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| Individual Retirement Arrangements (IRAs) |
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1. Introduction |
Introduction |
The learning objectives for this lesson are to gain an understanding of:
- Important changes for this year and next year
- Tax advantages of IRAs
- How are a traditional IRA and a Roth IRA different
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2. Traditional IRAs |
Chapter 1 |
The learning objectives for this lesson are to gain an understanding of:
- What is a traditional IRA
- Who can set up a traditional IRA
- When can a traditional IRA be set up
- How can a traditional IRA be set up
- How much can be contributed
- When can contributions be made
- How much can you deduct
- What if you inherit an IRA
- Can you move retirement plan assets
- When can you withdraw or use assets
- When must you withdraw assets
- Are distributions taxable
- What acts result in penalties or additional taxes
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3. Roth IRAs |
Chapter 2 |
The learning objectives for this lesson are to gain an understanding of:
- What is a Roth IRA
- When can a Roth IRA be set up
- Can you contribute to a Roth IRA
- Can you move amounts into a Roth IRA
- Are distributions taxable
- Must you withdraw or use assets
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4. Savings incentive match plans for employees (SIMPLE) |
Chapter 3 |
The learning objectives for this lesson are to gain an understanding of:
- What is a SIMPLE plan
- How are contributions made
- How much can be contributed on your behalf
- When can you withdraw or use assets
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5. Retirement savings contributions credit |
Chapter 4 |
The learning objectives for this lesson are to gain an understanding of:
- Who is eligible to take a tax credit
- Maximum eligible contributions
- How to figure and report the credit
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6. How to get tax help |
Chapter 5 |
The learning objectives for this lesson are to gain an understanding of:
- How you can get help with unresolved tax issues
- How to order free publications and forms
- How to ask the IRS tax questions
- How to get more information from the IRS in several ways
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38. If you make a withdrawal from your Roth IRA that is not a qualified distribution, there is a set order in which contributions and earnings are considered to be withdrawn from your Roth IRA. Which of the following is not considered in this order of withdrawal.
a. Conversion contributions on a FIFO basis.
b. Earnings on contributions.
c. Rollover contributions from other Roth IRAs.
d. Regular contributions to your Roth IRA.
39. John is a self-employed landscape designer who has a SEP IRA he wants to contribute to. For SEP purposes, his net earnings from self-employment must take into account his deduction for contributions to his SEP-IRA. John plans to contribute 10½ % to his SEP-IRA, so his reduced contribution rate, as calculated in Worksheet 3-1, would be:
