This course reviews the following types of IRA accounts: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This course will also describe who is allowed to open and contribute to an IRA account during the taxable year as well as when taxpayers are permitted to take distributions from an IRA account.

Learning Objectives
  • Identify the requirements for serving as a trustee for an IRA account.
  • Recognize the requirements for opening a traditional IRA account.
  • Recognize the maximum contribution that can be made by a taxpayer to an IRA account.
  • Discover and calculate the amount of a partial deduction to an IRA account.
  • Identify when a taxpayer must start receiving distribution from an IRA account.
  • Discover and calculate the amount of minimum distributions from an IRA account.
  • Recognize prohibited transactions for an IRA account.
  • Recognize the maximum contribution that can be made by a taxpayer to a Roth IRA account.
Last updated/reviewed: August 13, 2023
65 Reviews (255 ratings)

Reviews

5
Anonymous Author
Good coverage of the various types of IRAs. I chose this course as I've been surprised recently by both my personal financial advisor's and tax-preparing CPA's lack of foresight on filings regardging IRAs (strategic advice is plentiful, but very hard to determine what forms to file when, especially for a non-taxable transaction). I'm not a tax practitioner, but I'm hoping those that are will not only give strategic advice but also tell their clients what forms to file and when.

2
Anonymous Author
The instructor chose to cut in what seemed to be year over year changes in the audio rather than re-record slides and it was truly hard to listen to and follow. Additionally, there were examples of calculations and scenarios but none of the steps or numbers were included in the slides which made following the example unnecessarily difficult and confusing.

3
Anonymous Author
Some of the verbal examples were not clear, audio kept cutting off, making it difficult to follow. Also, the age for mandatory distribution has changed in ample time for this course to have been updated with the new requirement. This course could have been updated for new age requirement since distribution is a significant component of this topic.

2
Member's Profile
Some or your review questions had wrong answers. At 73k, a taxpayer is just under the phase out range for 2023. and can make a full contribution. Also, an individual over age 50 can make a 7500 contribution in 2023, not 7k. Also, it was hard to follow verbal examples. Please write these out so we can visualize them.

3
Member's Profile
This would be a good course except for two deficiencies: 1. Voiceovers were done to update for changes in the current year. Some were garbled and some left out information. 2. There were no slides to assist the student in understanding the examples. That would go a long way towards retention of the knowledge.

4
Anonymous Author
The course has great information and good substance, but I was disappointed that the review and final exam questions had some outdated information. For example- the question was updated to 2023, but the options only included answers applicable to 2022 limits.

2
Anonymous Author
The audio quality was not particularly good. I could tell when updated information was spliced into the clip because there was a noticeable pause. Additionally, the instructor seemed like he was just reading from a prompt in a very monotone manner.

4
Anonymous Author
This course provided a very good overview of the different types of retirement accounts. It provided details of contribution limits, compensation limits, as well as rules for who could contribute to the particular retirement account plans.

4
Anonymous Author
This course covers a lot of information. I think it could have been organized more effectively to cover all of a situation in one place. I felt at times the answer was in a different section than I expected.

4
Member's Profile
The course was very informative. It was easy to understand and the slides were easy to follow. I think the instructor could have given a few more example especially the IRA calculation examples.

4
Anonymous Author
I enjoyed this course and would recommend it to anyone who prepares tax returns. But at least one of the exam questions needs to be updated with the correct information for 2022.

5
Member's Profile
Thorough discussion on IRA's, ROTH's, SIMPLEs, SEPS and even SAR-SEPS. What would have improved the course would have been having it geared to 2021 and not 2020.

4
Member's Profile
Lots of information in this one. I wonder if it could even be broken up to cover the different retirement options to allow the learner to focus on certain ones.

5
Anonymous Author
very good discussion on the basic knowledge relating to Retirement accounts: Trad IRA, Roth IRA, SEP IRA & Simple IRA. Well worth the listening.

3
Member's Profile
It would be helpful to show slides when the instructor is giving an example. It is a bit challenging trying to follow when there is no visual.

5
Anonymous Author
This instructor organizes the material really well. Dry topic but I prefer these in-depth ones. Best comprehensive instruction in my opinion.

4
Member's Profile
Good for retirement planning and updating on rules and current amounts. A bit challenging to recall some amounts, but overall a good course.

4
Member's Profile
Some of the answers to the review questions were based on a different year than the scenario. Course was very informative and worthwhile.

3
Member's Profile
Course was great. Nice to have examples, but the examples are not displayed on the slides so they are of limited use and hard to follow.

3
Anonymous Author
Lots of good current information. Just wish recordings weren’t a little more interesting and less like reading straight from text.

5
Anonymous Author
Great course, very informative. I would highly recommend it as an intro to IRA. The instructor was very clear and to the point.

4
Anonymous Author
Thorough course. As others have said in their reviews, it's a lot of information and could be divided into separate courses.

5
Member's Profile
This course was very informative and was presented in a way that is very easy to understand with plenty of helpful examples.

1
Anonymous Author
The exam had old outdated data. The PDF was of little value. The video was mostly just a person reading the PDF slides

5
Anonymous Author
Liked this course. It is more textbook more than anything, would have liked more examples but overall good information.

3
Member's Profile
Good course but believe the answers to questions are not accurate provided questions are based on 2023. Need to update.

2
Anonymous Author
Too much broken speaking. Author just changed the couple words to make applicable to 2023 but changes were not smooth.

4
Anonymous Author
Interesting course. I decided to take to get a better understanding on various investing strategies. I recommend.

4
Anonymous Author
This is a good course if you want to determine various options when looking into retirement accounts and ROTH IRAs.

4
Anonymous Author
This is a fine basic overview of IRA's, but it needs to be updated. For example, the 70.5 RMD rule is now 72.

5
Member's Profile
very informative, will come back to this for references. Would like for it to be updated for 2019 year though.

4
Anonymous Author
The handout materials are 109 pages, but could be improved if more graphics and flowcharts were utilized.

4
Member's Profile
Course material need to be in one file. Otherwise it was a clear presentation of the required facts.

3
Member's Profile
It covered quite a bit of information, but the instructor mostly just read straight from the slides.

5
Anonymous Author
There are some examples he talks about that include threshold numbers, but they aren't in the slides.

1
Anonymous Author
Several amounts were missing. Please include slides for the examples so it's easier to follow along.

4
Member's Profile
great course, thank you for the detail. would have loved to see a more comprehensive study guide.

5
Member's Profile
Good overview especially for individuals new to the industry. Goes into good relevant strategies.

4
Anonymous Author
Great overview of the topic. Tough to do since it is such a large subject with a lot of minutia.

4
Anonymous Author
The course was good but it would be nice to have a PDF with more detail than a glossary/index.

4
Anonymous Author
Good detail and overview of these topics. Definitely a lot of info packed into this course!

3
Anonymous Author
Dull voice, odd voice-over changes from prior year, examples should be included in slides.

4
Anonymous Author
Very detailed outline of different retirement account options and qualifications for each.

5
Member's Profile
Presentation was clear and concise. Supporting material was relevant and well-organized.

4
Member's Profile
Well presented in-depth analysis of all things retirement. Clear and understandable.

5
Member's Profile
Great course. Loved learning about the different retirement accounts. Would recommend

3
Member's Profile
Examples in the presentation did not have slides which made them difficult to follow

3
Anonymous Author
Informative, but the presenter just reads from the slides. Could be more engaging.

4
Member's Profile
Illustrative examples of some of the calculations may be helpful in the slide deck.

3
Member's Profile
Totally cool IRA tips and tricks. Take this course to win the day. You can do it!

5
Anonymous Author
Great intro course to retirement plans. Ton of good information in the slides.

5
Member's Profile
Good topic and presentation of useful information that any CPA should know.

5
Anonymous Author
Great course, clear and concise, would recommend others to take this course

5
Anonymous Author
Great course and very helpful regarding a topic that has always confused me

5
Anonymous Author
It would be beneficial to release the wrong answers for the final exam.

3
Member's Profile
Information and questions are in relation to 2018 IRS regs and filings

5
Member's Profile
Great course, thank you very much! Great content and review. -Jeff

4
Anonymous Author
Would have liked to seen examples rather than just hear about them.

5
Anonymous Author
This course was valuable on both a personal and professional level.

5
Anonymous Author
Pretty good overview of the retirement plan system. good course.

4
Member's Profile
It was a very factual course and presented straight forward.

4
Member's Profile
Exam question 15 does not have correct answer as an option

5
Anonymous Author
EXCELLENT OVERVIEW OF COMPLICATED IRAS AND RELATED TOPICS

3
Member's Profile
I would have liked to had a worksheet for the examples.

5
Member's Profile
helpful, useful, organized, well presented information

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Questions and Answers( Questions)
User picture

Slides for the examples would have been helpful. There were many blanks in the narrative where years and/or dollar amounts were supposed to have been inserted for the current year but were not.

Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Overview of Traditional IRAs and Retirement Planning 21:20
  IRA Contributions and Limits32:58
  Rollovers17:20
  Transfers, Recharacterizations, and Distributions18:06
  Penalties11:36
  Overview of Roth IRAs14:16
  Rollovers and Recharacterizations8:24
  SIMPLE Plans and SEPs27:06
CONTINUOUS PLAY
  2023 Individual Retirement Accounts 2:31:06
SUPPORTING MATERIALS
  Slides: 2023 Individual Retirement AccountsPDF
  2023 Individual Retirement Accounts GlossaryPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam