- NY Credits : 5.0
- TX Credits : 5.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 5.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 5.0
When individuals retire or separate from a company, they will often receive retirement income from one or more sources (e.g., Social Security, retirement plans, and individual retirement accounts). This course reviews the basics concerning the federal taxation of Social Security income and amounts distributed from qualified retirement plans, including IRAs. The enactment of the Economic and Growth Tax Relief Reconciliation Act of 2002 (EGTRRA), Job Creation and Worker Assistance Act of 2002 (JCWAA), Jobs and Growth Reconciliation Act of 2003 (JGTRRA), Working Families Tax Relief Act of 2004 (WFTRA), American Jobs Creation Act of 2004 (AJCA), Tax Reform Act of 2005 (TRA 05), Pension Protection Act of 2006 (PPA), the Worker, Retiree, and Employer Recovery Act of 2008, and more recently, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 made a number of changes to the taxation of retirement income. This course has been updated to reflect any changes applicable for the 2012 tax filing year, including recently released private letter rulings and changes in compensation limits applicable to the various retirement plans. This course provides you an opportunity to review in detail the issues associated with mandatory distribution, lump-sum distributions, and the relaxed rollover and direct transfer rules to IRAs and direct transfer rules to other qualified retirement plans.
Upon successful completion of this course, the user should be able to:
identify retirement plans,
identify the tax credit for the elderly or the disabled,
recognize Social Security benefits,
identify lump-sum distributions,
determine annuity distributions,
identify deferring tax on distributions, and
identify pension and IRA provisions.