- NY Credits : 3.0
- TX Credits : 3.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 3.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 3.0
Tax Strategies for Clients During their Golden Years
There are different types of strategies available to assist clients who are entering or who are currently in their retirement years, such as asset repositioning strategies, cash management strategies, and tax-advantaged strategies. This course focuses on tax-advantaged strategies. Retirees often receive income from a variety of sources, including Social Security benefits, and distributions from pensions, annuities, IRAs, and other retirement plans. This course focuses on how the more common types of retirement income are taxed and strategies that may be implemented to reduce the taxpayer's federal income taxes. Chapter 1 reviews the computation of taxable Social Security Benefits and strategies to minimize taxes. Chapter 2 covers exemptions to the early distribution tax on distributions from qualified retirement arrangements before age 59-1/2. Chapter 3 covers how the minimum required distribution rules affect retirement income and strategies for delaying distributions or minimizing taxes. Chapter 4 reviews tax strategies for lump-sum distributions.
The final exam for this course includes many hands-on, scenario based questions that may require calculations.
This intermediate level course is most appropriate for the professional with detailed knowledge in federal income taxation of individuals or the professional seeking to expand his or her knowledge base and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
determine the percentage of Social Security benefits to be included in taxable income and identify the strategies that may minimize taxes;
identify the exemptions to the early distribution tax;
identify the required beginning dates prescribed for each type of plan or IRA, how minimum required distributions are calculated, how the minimum required distributions affect beneficiaries, and strategies to postpone distributions and the resulting taxes; and
recognize lump-sum distributions and determine if they qualify for favorable tax treatment.