We are all getting older and the need for effective retirement planning has never been greater. If your wish to attain a comfortable retirement for yourself and your clients by maximizing tax saving strategies, this course is essential. Retirement income needs are calculated, net after tax social security benefits are determined, and distribution options from IRAs and retirement plans are explored. Topics covered include life insurance, annuities, and buy-sell agreements as well as estate and eldercare planning. Special consideration is given to the tax treatment of the home and business on retirement.
Learning Objectives
- Identify federal revenue tax sources citing the definitive role of gross income and, determine a client's tax liability using current rates, tables, exemptions, and statutory amounts and their withholding and/or estimated tax responsibility
- Specify the various filing statuses and their filing requirements recognizing the advantages and disadvantages of each
- Determine what constitutes gross income under 61 stating the tax treatment of compensation, fringe benefits, rental income, Social Security benefits, alimony, prizes, and awards, identify dividend and distribution types and their tax differences, and specify how debt discharge can result in taxable income
- Identify the mechanics of income exclusions such as education-related exclusions, gift and inheritance exclusions, insurance, personal injury awards, interest on state and local obligations, and the foreign earned income exclusion
Major Topics
- Popular retirement myths
- Defining retirement & determining retirement income needs
- Savings
- Assets
- Social Security
- Retirement plans
- Distributions from retirement plans
- Nonqualified deferred compensation
- Life insurance
- Estate planning
