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Guide to the Early Distribution Penalty Exceptions for Distributions from Retirement Accounts (IRA6) (SUIRA601)

Date:Wednesday, September 18, 2019
Time:1:00 PM - 3:00 PM
(Registration at 12:30PM)
Facility:Webcast or Webinar, Online
CPE Credit:2.0 Technical Business
Instructor: Denise Appleby
Vendor:Surgent McCoy
Course Level:Intermediate
Early Bird Price:$89.00 FICPA Members, $119.00 Non-Members

Distributions from retirement accounts that occur before the account owner reaches age 59« are subject to a 10% additional tax, unless an exception applies. Eligibility for any of these exceptions is determined by several factors, including the type of account from which the distribution is made. Making a wrong move can result in a retirement account owner losing eligibility for an exception. In some cases, exceptions can only be claimed through proper reporting on the individual's tax return.

  • Identify distributions that might be subject to the 10% early distribution penalty
  • Ensure that clients who qualified for the exceptions do not pay the 10% early distribution penalty because of conflicting tax reporting by IRA custodians and plan trustees
  • Understand the tax reporting requirements that apply to early distributions
  • Determine suitability for the substantially equal periodic payment program

Major Topics:
  • Early distribution penalty
  • Exceptions to the age 59½ rule
  • Substantially equal periodic payments
  • Exceptions by plan/account type
  • Transfer and rollover rules and their effects on qualifications for the exceptions
  • Claiming the exception when an IRA custodian's tax reporting shows no exception
  • The rules that apply to the different exceptions

Who Should Attend:
Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans)

A basic understanding of individual income tax

Advanced Preparation:


If listed below, select the appropriate sessions or options to continue with your purchase.

Registration Status: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.