Preconference: Essential IRA Tips for Saving Taxes and Avoiding Penalties

Retirement account balances hit a record high of $37+ trillion as of June 30, 2023 (ICI). But sadly, much of this could be lost to avoidable taxes and penalties because of mistakes and unfamiliarity with the governing rules. With an increasing number of Americans leaning on IRA-savvy professionals to help them avoid mistakes, advisors must learn how to steer clients along the path that avoids errors such as unintended distributions, tax-increasing missteps, and making costly irrevocable elections. .

Learning Objectives:

1. Identify the steps clients should take to avoid unintended distributions when moving IRAs and employer plan assets
2. Explain key tax-mitigation strategies for IRAs and employer plan accounts
3. Help clients avoid restrictions that could further limit tax-planning strategies for their beneficiaries
4. Identify traditional and nontraditional tax-saving fixes for IRA mistakes