Spousal Retirement Account Tax Issues and Problems

General Description:

This course covers the tax rules for spousal IRAs including contribution limits and rollover options for retirement accounts such as IRAs, §401(k) accounts, and §457 accounts. This course also covers the effects of divorce and property settlement agreements.

Learning Objective:

After completing this course, the participant will be able to:

• List the contribution limits for spousal IRAs.
• Determine compatible accounts for spousal transfers and rollovers.
• Discuss possible transfer options during divorce.
• Discuss the effects of taxable and non-taxable agreements.
• List the inheritance options for spouses of deceased owners of retirement accounts.
• Explain the advantages and disadvantages of inheritance options for spouses of deceased retirement account owners.
• Calculate RMDs for a surviving spouse of an IRA acting as the account owner.

Instructors:

Richard L. Russell, Jr. has been an associate professor of accounting at Metropolitan State University of Denver (MSU Denver) for more than 10 years, teaching Tax I & II in the undergraduate program and Tax Research, Tax Practice & Procedure, and Partnership Taxation in the graduate Master of Professional Accountancy program. He earned his bachelor’s degree in accounting and Master of Professional Accountancy from Jackson State University and J.D. from the University of Iowa College of Law. He is licensed as a CPA in Mississippi and Colorado and licensed as an attorney in Colorado. He has served as a member of the AICPA’s Regulation Subcommittee, which votes on CPA exam questions related to tax and business law, and is licensed to practice before the United States Tax Court.

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