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Webcast

Guide to Early Distribution Penalty Exceptions for Distributions from Retirement Accounts

Identify exceptions to 10% additional tax on early retirement account distributions.

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CPE Credits

2 Credits: Taxes
Course Level
Basic
Format
Webcast

Course Description

Distributions from retirement accounts that occur before the account owner reaches age 59½ 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.

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Learning Objectives

Upon completing this course, participants will be able to:

  • To be able to identify distributions that might be subject to the 10% early distribution penalty;
  • To 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;
  • To understand the tax reporting requirements that apply to early distributions; and
  • To determine suitability for the substantially equal periodic payment program.
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Course Specifics

Course ID
WC1824379431
Revision Date
March 28, 2024
Prerequisites

None

Advanced Preparation

None

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02476-24-O
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-2027

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.

Meet The Experts

Denise Appleby, MJ, CISP, CRC, CRPS, CRSP, APA

Denise Appleby is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA technical consultation, training and resources for financial, tax and legal professionals. Her primary focus is protecting retirement savings from costly mistakes. She has over 20 years of experience in the retirement plans field. Denise writes and publishes booklets and marketing tools for advisors. She has provided training to thousands of advisors about the rules and regulations, as well as compliance and operational requirements that apply to IRAs and retirement plans for small businesses. Denise co-authors books that include The Roth IRA Answer Book, The SEP, SIMPLE, …

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