About This Chapter
Retirement Income Taxation - Chapter Summary
In this helpful chapter, our instructors present retirement income taxation. You'll study the benefits and rules of traditional and Roth IRAs, the limits of a Roth IRA conversion and the options available in a qualified retirement plan. Additional topics include NUA retirement accounts and how special types of retirement income are taxed. This chapter is designed to help you:
- Differentiate between a Roth IRA and a traditional IRA
- Give an example of a non-qualified retirement plan
- List the rules of a rollover IRA
- Outline the tax considerations on retirement income
- Detail the required minimum distributions for a retirement savings account
- Explain how loans from 401(k)s and other plans are taxed
- Discuss the benefits associated with social security and railroad retirement
- List retirement income withdrawal strategies
Our learning materials are made up of easy-to-follow lessons and multiple-choice quizzes you can review as many times as you need to. We've made our tools accessible 24 hours a day on your mobile device or computer so you'll have flexible study options. If you require any assistance along the way, reach out to one of our professional instructors for help.
1. Traditional IRA: Definition & Benefits
This lesson covers the definition of Traditional Individual Retirement Account (IRA), features of a traditional IRA and its benefits for retirement planning and taxes.
2. What Is a Roth IRA? - Definition, Rules & Benefits
Explore the concept of a Roth IRA - an account that can potentially lead to tax-free growth. This lesson will define a Roth IRA and explain the associated rules and benefits.
3. Traditional IRAs vs Roth IRAs
Many working people have what are called IRAs. In this lesson, you'll learn about the two major types of IRAs and the different tax benefits that each brings. You'll also learn what needs to be reported on tax returns and which form to use.
4. What is a Roth IRA Conversion? - Rules & Limits
Explore the concept of a Roth IRA conversion - a concept that can potentially turn future taxable income into tax-free income. This lesson will define a Roth IRA conversion and explain the associated rules and limits.
5. What is a Qualified Retirement Plan? - Rules & Options
This lesson includes an overview of qualified retirement plans, including explanations of the two types (defined benefit plan and defined contribution plan), rules, and options regarding withdrawals, and penalties.
6. Non-Qualified Retirement Plan: Types & Examples
In this lesson we will define and give examples of the four common types of non-qualified retirement plans available to corporate executives and other highly compensated employees.
7. What is a Rollover IRA? - Definition, Rules & Sample
This lesson will define a rollover IRA, or an individual retirement account. This lesson will also explain the rules associated with a rollover IRA and a sample will be given.
8. Retirement Income: Tax Considerations & Reporting
Some retirees think that when they retire from full-time work they retire from paying taxes. They couldn't be more wrong! Let's review some of the primary sources of retirement income and the tax implications for each.
9. Required Minimum Distributions for Retirement Savings Accounts
In this lesson we will review when a retiree must withdraw funds from a retirement savings account, and how much they must withdraw, as part of the required minimum distributions mandated by law.
10. Social Security & Railroad Retirement: Benefits & Taxation
Social Security has been around since 1935 as a stable source of income for older Americans. This lesson will show you how benefits are calculated and how much of your Social Security and Railroad Retirement income might be taxable.
11. Retirement Income Withdrawal Strategies
In this lesson, we will discuss various retirement income withdrawal strategies that can be used to generate the most income and minimize the impact of taxes.
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Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Real & Personal Property Taxes
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards