[Tipofga80]

Does anyone know of a good website to practice IRAs? Specifically when it’s withdrawn early and the tax implications. None of my review material have examples.

REG - 77 (will lose in Jan 2016)

BEC - 67 74, 75

AUD - 56, 70, Will try again 🙁

FAR - ??

Save the beast for last.

[aaronmo]

In general…I used investopedia.com as a resource. I found it clearly written and very helpful.

I found (and your mileage may vary) that I usually got questions that tested knowing there was a penalty…or the age in which it occurred…rather than specific “do this IRA” calculation. I guess you could get a sim on it…but I didn't, and found sims were usually more general. IRAs aren't that complicated really…there are 3 MAIN kinds to worry about (I don't count the Coverdell, which isn't really an IRA)…

Traditional
Roth
Non-deductible

The things to remember are that the income phase outs exist…I don't know if you need to memorize exactly what the dollars are, but know they DO phase out and have a rough idea of how/when. Know, roughly, maximum contributions. Know the differences and how/when they're taxed (front end, back end…little of both). Know the ages that the penalties occur and what, roughly they are. I could type it all out in an hour with 10 minutes of research (I know the rough guidelines, but not specific dollar values).

It's less a big deal than it might seem if you aren't comfy with it. IRAs are pretty easy really…you'll get it…it's the defined pension calculations that are annoying. I did get a sim there…an easier one than I had prepped for. DEFINITELY know your defined pensions.

[aaronmo]

I don't THINK that the exam got into, or tested, the minimum distributions…other than that at a certain point they exist. Real world, that's the toughest part. I also forgot to tell you to know the rough guidelines on the exceptions to the IRA penalty…first time home, some medical, school are the biggies.

[Tipofga80]

Thanks but I need it for SIMs purposes. That topic found its way on both my recent exams and I want to make sure I'm doing it right. :/

REG - 77 (will lose in Jan 2016)

BEC - 67 74, 75

AUD - 56, 70, Will try again 🙁

FAR - ??

Save the beast for last.

[aaronmo]

I don't even remember IRAs being in REG. It was a year and a half ago though…

So, from a REG perspective…you should know what I said above. Learn the actual penalty thresholds…it's 10%, but there's a lower penalty closer to the right age. I think 5%. I forget the age it changes. Maybe 57? Look it up. Know the basic differences between the IRAs…how they work. The stuff I said above. Just keep in mind that a Coverdell is sort of its own thing, and more similar to a federal 529 plan. Know how/when the different IRAs are taxed.

I don't recall being prepped for IRA sims having to know exact income thresholds…but they shouldn't be THAT hard to learn if you have to know them.

Here's a good site that I use for IRAs (I usually use it for minimum distributions)…it's a great professional resource…should be able to help for your use as well:

https://www.401khelpcenter.com/

[Tipofga80]

Thx!

REG - 77 (will lose in Jan 2016)

BEC - 67 74, 75

AUD - 56, 70, Will try again 🙁

FAR - ??

Save the beast for last.

[Lentilcounter]

@tipofga80

Have you looked at the AICPA blueprints for REG? Based on the blueprints, I'm pretty sure that the IRA question you received twice as a SIM was a pretest question.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Author]

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