RMD Rules Post-SECURE Act 2.0: Key Updates and Tax Benefits of U.S. Savings Bonds
Registration Begins 07:30 AM PT
Session Begins 08:00 AM PT
Session Concludes 1:00 PM PT
Session 1: RMD Rules After the SECURE Act and SECURE 2.0 Legislation
This course introduces Tax Professionals to the changes made by the original SECURE Act, enacted on December 20, 2019, and the proposed and finalized regulations concerning when an owner of an employer pension plan and an owner of an IRA must begin receiving distributions. More importantly, the session discusses when the “ surviving beneficiaries” of those plans must begin to receive their “inherited distributions”.
Topics discussed will include:
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Spousal RMDs.
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Life Expectancy Rules,
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10-year Distribution Rule,
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Eligible Designated Beneficiaries, and
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Non-Eligible Designated Beneficiaries,
In addition, the course will address the SECURE 2.0 Legislation enacted on December 29, 2022, and the proposed and final regulations attributable to those provisions. The presentation will also address the issues that arise when a Trust is a “designated beneficiary” of an employer pension plan or a decedent’s IRA.
Session 2: U.S. Savings Bonds: Federal Income Tax Benefits
This course provides Tax Professionals with an introduction and review of the federal income tax benefits of investing in U.S. Savings Bonds. The session will first discuss the benefits of the “deferral” of recognition of U.S. Bond interest for purposes of federal income tax which pushes the recognition of income into a future period. Secondly, the presentation will discuss a taxpayer’s ability to “elect” to include the interest in a current tax year even though the income will not be received until a future year. Thirdly, the session will also discuss the possibilities available for complete “exclusion” of U.S. Bond interest from federal income tax, by crafting a well-planned course of action.
The course will discuss issues pertaining to:
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Co-owners of Bonds.
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Deceased Bond Owners,
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Transfer of Bond Ownership During Life,
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Use of Bond Proceeds for Qualified Educational Expenses under §135, for “Qualified Series EE and Series I Bonds”
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Use of “Qualified U.S. Savings Bond Proceeds” to Create a §529 College Educational Savings Plan,
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Use of “Qualified U.S. Savings Bond Proceeds” to Create a §530 Coverdell Educational Savings Plan,
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Use of a “Long-term §529 Plan” to a §408A Roth IRA Plan,
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§454 Accounting Period Elections,
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Planning Opportunities for the “Decedent’s Final Form 1040”,
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Planning Opportunities for the “Decedent’s Surviving Beneficiaries”, and
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Planning Opportunities for the “Decedent’s Estate and Trust filing of Form 1041”.
Session 1:
At the conclusion of the session, participants will have attained a better working understanding of the provisions in both the “original SECURE Act of 2019” and the “SECURE Act 2.0” Legislation, and the layers of proposed and finalized regulations pertaining to §401(a)(9) required minimum distribution provisions. In addition, the participants will be able to better advise clients on the challenging issues surrounding the planning of pension and IRA distributions for themselves, surviving spouses and their “eligible designated beneficiaries” and the “non-eligible designated beneficiaries”, as well as when designating a Trust as a beneficiary.
Session 2:
At the conclusion of the session, participants will have enhanced their knowledge of the federal income tax benefits available for both “deferral” and “exclusion” of federal income tax from the investment in U.S. Savings Bonds. Tax Professionals will be able to better advise clients on the federal income tax benefits of an investment in U.S. Savings Bonds as a tax savings vehicle at various periods of their tax lives.
- Special Topics Course Disclaimer
Special Topics Disclaimer
- Special Topics materials and Special Topics presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
- Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual’s reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials, and during the seminar presentation, before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
- Special Topics materials & presentations are fully protected under copyright law. Any attempt to copy for resale, distribution, or use other than personal use for tax preparation will be fully prosecuted of the law.
