Retirement Plans and IRAs: Distribution and Repayment Options Under SECURE 2.0

IRS [Internal Revenue Service]

This session provides an overview of new rules that make retirement funds more accessible before retirement. Participants in this seminar should understand how to certify that a distribution meets the distributable event requirements and the 10% additional tax exception. You’ll be able to help your clients access their retirement plan and IRA funds in a time of need using the following expanded distribution options:

• Domestic abuse victim distributions
• Terminal illness distributions
• Emergency savings accounts
• Emergency expense distributions
• Disaster recovery distributions
• Qualified birth and adoption

At the end of the session, you will be able to:

• Determine when an individual can access their funds early due to a distributable event in a retirement plan,
• List the new exceptions to the 10% additional tax for taking a distribution prior to age 59 ½
• Prepare the form 1040 for a distribution when the Form 1099-R does not include the correct code for an exception to the 10% additional tax.
• Define an RMD
• Identify the purpose of Form 5329

No prerequisites or advanced preparation are required for this seminar.

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