Tax Issues for Seniors Self-Study

Summary

As taxpayers enter retirement, tax professionals can offer tax planning guidance, so their clients receive all the tax benefits available to them in their new stage of life. For the early years of retirement, this course explains the taxability of Social Security benefits and distributions from different types of retirement plans, including how to plan for required minimum distributions (RMDs). It also covers the tax consequences of long-term care insurance, as well as the deductibility of long-term care expenses in the later stages of retirement. Finally, the course wraps up by discussing the pros and cons of creating a life estate.

Objectives

Upon completion of this course, you will be able to:

• Evaluate certain credits and deductions available to senior taxpayers
• Report long-term care expenses and insurance benefits
• Determine the taxable amount of various payments received in retirement
• Solve unique tax problems when receiving Social Security benefits in certain circumstances
• Identify tax benefits children may claim for elderly parents
• Summarize the rules for required minimum distributions
• List the advantages and disadvantages of life estates

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.