Course Level: Intermediate
Summary
This course will explore the ins and outs of social security benefits, including lump sum payments, repaid benefits, and the earnings test. It will also examine the tax treatment and reporting requirements for beneficiaries, such as the basis of inherited property, required minimum distributions, and income in respect of a decedent.
Objectives
Upon completion of this seminar, you will be able to:
- Determine the taxability of social security benefits.
- Explain the tax treatment of repaid social security benefits.
- Discuss the earnings test for social security benefits.
- Determine the taxable portion of tier 2 railroad retirement benefits.
- Explain how to report Schedule K-1 items from an estate.
- Determine the basis and holding period of inherited property.
- Determine income in respect of a decedent.
- Explain the required minimum distribution rules for inherited IRAs.
