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Course Details

Fast Track Retirement Planning from a Tax Perspective (Course Id 114)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 158 ||| Review Questions: 120 ||| Final Exam Questions: 120
CPE Credits : 24.0
IRS Credits : 24
Price : $145.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents
Technical Designation: Technical
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 114

Description :

We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This course is essential for participants who wish to attain a comfortable retirement for themselves and their clients by maximizing tax-saving strategies. Retirement income needs are calculated; net after-tax Social Security benefits are determined; and distribution options from IRAs and retirement plans are explored. Special consideration is given to the tax treatment of the home and business on retirement. Buy-sell agreements are discussed and eldercare planning is examined.

Usage Rank : 22857
Release : 2023
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 21-Nov-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 114

Keywords : Taxes, Fast, Track, Retirement, Planning, from, Tax, Perspective, cpe, cpa, online course
Learning Objectives :

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

Chapter 1                How Much Do You Need To Retire?

       At the start of Chapter 1, participants should identify the following topics for study:

    * Mapping mechanics
    * Common pitfalls
    * Popular retirement myths
    * Defining retirement
    * Developing a plan
    * Savings
    * Assets
Learning Objectives:

       After reading Chapter 1, participants will be able to:
    1. Recognize the importance of personal retirement maps to suit client objectives & lifestyles and summarize the basic guidelines of retirement planning, including common pitfalls and misconceptions of retirement.
    2. Determine retirement using the major levels of retirement and key questions that have financial and personal ramifications.
    3. Identify retirement costs and income needs of clients based on their current budget, recognize tax savings strategies, and identify guidelines when purchasing investment assets.
Chapter 2                Social Security Benefits & Retirement Planning

       At the start of Chapter 2, participants should identify the following topics for study:

    * Will Social Security be there?
    * How Social Security works
    * Social Security participants
    * Social Security benefits
    * Retirement benefits
    * Direct deposit
    * Social Security tax
    * Total disability benefits
    * Survivors’ benefits
    * Medicare
Learning Objectives:

       After reading Chapter 2, participants will be able to:
    1. Determine how Social Security funds are assessed and then paid, specify the system’s mechanics, and select qualified Social Security participants determining their benefit eligibility.
    2. Identify the requirements to receive Social Security retirement benefits, and determine clients’ retirement benefits following a multi-step calculation process.
    3. Recognize Social Security taxes, their tax rates, and covered earnings allowing better retirement planning.
    4. Specify the eligibility requirements of Social Security disability benefits and survivors’ benefits, and determine what constitutes Medicare Part A and Medicare Part B recognizing their qualifications.
Chapter 3                Retirement Plans

       At the start of Chapter 3, participants should identify the following topics for study:

    * Qualified deferred compensation
    * Basic requirements of a qualified pension plan
    * Basic types of corporate plans
    * Types of defined contribution plans
    * Self-employed plans - Keogh
    * Distribution & settlement options of IRAs
    * Tax-free rollovers for IRAs
    * Roth IRAs
    * Simplified employee pension plans (SEPs)
    * SIMPLE plans
Learning Objectives:

       After reading Chapter 3, participants will be able to:
    1. Identify nonqualified and qualified deferred compensation plans specifying their benefits and contributions limits and recognize the current and deferred advantages and disadvantages of corporate plans including fiduciary responsibilities and prohibited transactions.
    2. Specify the requirements of the basic forms of qualified pension plans.
    3. Determine the differences between defined contribution and defined benefit retirement plans and specify several types of defined contribution plans recognizing their impact on retirement benefits.
    4. Recognize self-employed plans from qualified plans for other business types and owners.
    5. Identify the requirements of IRAs, SEPs, and SIMPLEs and tax-free Roth IRA distributions specifying strategies to maximize plan bene
Chapter 4                Distributions from Retirement Plans

       At the start of Chapter 4, participants should identify the following topics for study:

    * Prior law for annuity payments
    * Mandatory basis rule for annuity payments
    * Nonqualifying lump-sum distributions
    * Treatment options for lump-sum distributions
    * Eligible rollover distributions
    * 20% withholding
    * Rollover period
    * Premature distributions
    * Minimum distribution rules
    * Making charitable gifts with plan balances
Learning Objectives:

       After reading Chapter 4, participants will be able to:
    1. Identify popular ways to receive distributions from a retirement plan or an IRA, specify types of annuities citing their effect on how and when participants receive payments, and determine the tax on annuity payments under the general rule or the simplified general rule.
    2. Determine what constitutes a lump-sum distribution permitting clients to receive special tax treatment on such distributions.
    3. Recognize the key components of rollovers that can be used to reinvest cash or other assets without including the amount in income.
    4. Specify the tax consequences of taking premature distributions stating how to avoid the 10% penalty.
    5. Identify the minimum distribution rules and ways to avoid the 50% penalty associated with either taking smaller distributions than required or with taking distributions after the required beginning date for minimum distributions.
Chapter 5                Nonqualified Plans

       At the start of Chapter 5, participants should identify the following topics for study:

    * Postponement of income
    * Purposes & benefits
    * Constructive receipt
    * Economic benefit
    * Funded company account plan
    * Segregated asset plan
    * Tax consequences
    * Accounting
    * Estate planning considerations
    * Withholding, Social Security & IRAs
Learning Objectives:

       After reading Chapter 5, participants will be able to:
    1. Recognize the postponement of income with a nonqualified plan by:
      a. Identifying nonqualified plan advantages including ways to design the plans and specifying the IRS’s position on such arrangements stating the impact of constructive receipt and economic benefit concepts;
      b. Specifying deferred compensation patterns set forth in R.R. 60-31 citing the taxability of each; and
      c. Determining unfunded and funded plans stating the use of company assets or bookkeeping accounts to avoid employee taxation.
    2. Identify the set up of a segregated asset plan where the account is not subject to the claims of the employer’s creditors and still avoids employee taxation and specify the tax consequences of establishing a nonqualified plan.
Chapter 6                Life Insurance, Annuities & Buy-sell Agreement

       At the start of Chapter 6, participants should identify the following topics for study:

    * Taxes
    * Types of life insurance
    * Life insurance trusts
    * Annuities
    * Buy-sell agreements
    * Purchase price & terms
    * Community property
    * Professional corporations
    * S corporations
    * Sole shareholder planning
Learning Objectives:

       After reading Chapter 6, participants will be able to:
    1. Specify reasons to purchase life insurance and the parties with rights in a life insurance policy.
    2. Recognize the tax treatment of life insurance proceeds by:
      a. Identifying the tax treatment of premiums and lifetime benefits stating several exceptions to the transfer for value rule and specifying variables that influence whether life insurance is taxable for federal estate tax purposes; and
      b. Determining the gift tax associated with transfers of life insurance policies.
    3. Identify the pros and cons of types of life insurance policies to help clients choose a suitable policy.
    4. Specify the reasons for using an irrevocable life insurance trust in an estate plan identifying trust considerations and the differences between deferred and private annuities.
    5. Determine what constitutes entity purchase and cross-purchase buy-sell agreements recognizing tax and legal advantages.
Chapter 7                Home Sales & Moving Expenses

       At the start of Chapter 7, participants should identify the following topics for study:

    * Capital gains rates
    * Rate groups
    * AMT
    * Home sales under §121
    * Special rules for ownership & use requirements
    * Prorata exception
    * 1099-S reporting
    * Distance & time tests for moving expenses
    * Deductible moving expenses
    * Reporting moving expenses
Learning Objectives:

       After reading Chapter 7, participants will be able to:
    1. Determine the relationship between home sales and the capital gains rates and specify the rate “baskets” created by the capital gain provisions stating the tax treatment of capital assets in each category.
    2. Recognize the key elements and application of the §121 home sale exclusion and identify safe harbor regulations associated with the home sale exclusion.
    3. Identify when a taxpayer meets distance and time tests for pre-2018 deductible moving expenses under §217.
Chapter 8                Estate Planning

       At the start of Chapter 8, participants should identify the following topics for study:

    * Unlimited marital deduction
    * Applicable exclusion amount
    * Stepped-up basis
    * Basic estate planning goals
    * Simple will
    * Types of trusts
    * Charitable trusts
    * Insurance trusts
    * Family documents
    * Private annuities
Learning Objectives:

       After reading Chapter 8, participants will be able to:
    1. Determine what constitutes estate planning for clients by:
      a. Identifying elements of estate tax planning that have remained unchanged by recent legislation;
      b. Recognizing the unlimited marital deduction and its effect on the gross estate of the value of property; and
      c. Specifying the applicable exclusion amounts for various years of death.
    2. Identify the concepts of “stepped-up basis” and “modified carryover basis” for estate tax purposes.
    3. Specify basic estate planning goals, and recognize the benefits and drawbacks of the primary dispositive plans.
    4. Identify various types of estate trusts and family documents that every taxpayer should consider, and determine the advantages and disadvantages of the former private annuity format.
Course Contents :

Chapter 1 - How Much Do You Need To Retire?

Mapping Mechanics

Pitfalls & Myths

Common Pitfalls

Popular Retirement Myths

Plan For 10 to 15 Retirement Years

Stay With One Company to Retire With the Best Benefits

Pension Benefits Are Guaranteed by the Government

Preserve Capital

Retirees Are Taxed Less

Housing Costs Are Less

Just the Spouse and Me

Social Security Will Gap Any Savings or Pension Benefits Shortfall

Medicare Will Cover Medical Bills

Retirees End Up In a Nursing Home

Defining Retirement

When Do I Want To Retire?

What Kind Of Lifestyle Do I Want?

Do I Want To Move?

Determining Retirement Costs & Income Needs

Developing a Plan


Strategies for Savings


Stay Liquid - Be Able To Get Your Money Back

Grow - Make Money on Your Money

Shelter - Get Tax Benefits

Build - Don’t Spend Your Benefits

Avoid Linking - Each Investment Must Stand On Its Own

Analyze - Investigate the Investment

Chapter 2 - Social Security Benefits & Retirement Planning

Will Social Security Be There?

How Social Security Works

Social Security Participants

Social Security Benefits

Retirement Benefits



Average Indexed Monthly Earnings (AIME)

Primary Insurance Amount (PIA)

Cost of Living Adjustment Using Dollar Bend Points

Adjustment for Retirement Date

Early Retirement

Effect of Late Retirement

Earnings Reduction Formula

Annual Report of Earnings

Special Monthly Rule

Personalized Benefit Estimate

Impact of Private Pension

Direct Deposit

Social Security’s Payroll Tax or FICA


Covered Earnings

Multiple Employers

Covered Employment


Tax after Retirement

Social Security as a Retirement Planning Element

Total Disability Benefits

Family Members




Survivors Benefits



Who Is Eligible For Hospital Insurance (Part A)?

Who Can Get Medical Insurance (Part B)?

Prescription Drug Coverage (Part D)

How Do You Get Medicare?

What Does Medicare Pay For?

What Medicare Does Not Pay For?

Medigap Insurance

Chapter 3 - Retirement Plans

Deferred Compensation

Qualified Deferred Compensation

Qualified v. Nonqualified Plans

Major Benefit

Current Deduction

Timing of Deductions

Part of Total Compensation

Compensation Base

Salary Reduction Amounts

Benefit Planning

Corporate Plans





Employee Costs

Comparison with IRAs & Keoghs

Basic ERISA Provisions

ERISA Reporting Requirements

Fiduciary Responsibilities

Bonding Requirement

Prohibited Transactions

Additional Restrictions

Fiduciary Exceptions


Employer Securities

Excise Penalty Tax

PBGC Insurance

Sixty-Month Requirement

Recovery Against Employer

Termination Proceedings

Plans Exempt from PBGC Coverage

Basic Requirements of a Qualified Pension Plan

Written Plan





Exclusive Benefit of Employees

Highly Compensated Employees

Reversion of Trust Assets to Employer

Participation & Coverage

Age & Service


Percentage Test

Ratio Test

Average Benefits Test

Numerical Coverage

Related Employers


Full & Immediate Vesting

Minimum Vesting

Nondiscrimination Compliance

Contribution & Benefit Limits

Defined Benefit Plans (Annual Benefits Limitation) - §415

Defined Contribution Plans (Annual Addition Limitation) - §415

Limits on Deductible Contributions - §404

Assignment & Alienation

Miscellaneous Requirements

Basic Types of Corporate Plans

Defined Benefit


Defined Benefit Pension

Defined Contribution



Favorable Circumstances

Types of Defined Contribution Plans


Requirements for a Qualified Profit-Sharing Plan

Written Plan


Deductible Contribution Limit

Substantial & Recurrent Rule

Money Purchase Pension

Cafeteria Compensation Plan

Thrift Plan

Section 401(k) Plans

Death Benefits

Defined Benefit Plans

Money Purchase Pension & Target Benefit Plans

Employee Contributions


Life Insurance in the Qualified Plan


Universal Life


Plan Terminations & Corporate Liquidations

10-Year Rule

Lump-Sum Distributions

Asset Dispositions

IRA Limitations

Self-Employed Plans - Keogh

Contribution Timing

Controlled Business

General Limitations

Effect of Incorporation


Parity with Corporate Plans

Figuring Retirement Plan Deductions For Self-Employed

Self-Employed Rate

Determining the Deduction

Individual Plans - IRAs

Deemed IRA



Special Spousal Participation Rule - §219(g)(1)

Spousal IRA


Contributions & Deductions

Employer Contributions

Retirement Vehicles

Distribution & Settlement Options

Life Annuity Exemption

Minimum Distributions

Pandemic Provisions

Required Minimum Distribution


Required Minimum Distributions During Owner’s Lifetime

Sole Beneficiary Spouse Who Is More Than 10 Years Younger

Required Minimum Distributions in Year of the Owner's Death

Beneficiaries - Distributions after the Owner’s Death

Estate Tax Deduction

Charitable Distributions from an IRA

Post-Retirement Tax Treatment of IRA Distributions

Income In Respect of a Decedent

Estate Tax Consequences

Losses on IRA Investments

Prohibited Transactions

Effect of Disqualification


Borrowing on an Annuity Contract

Tax-Free Rollovers

Rollover from One IRA to Another

Waiting Period Between Rollovers

Partial Rollovers

Rollovers from Traditional IRAs into Qualified Plans

Rollovers of Distributions from Employer Plans

Withholding Requirement

Waiting Period Between Rollovers

Conduit IRAs

Keogh Rollovers

Direct Rollovers From Retirement Plans to Roth IRAs

Rollovers of §457 Plans into Traditional IRAs

Rollovers of Traditional IRAs into §457 Plans

Rollovers of Traditional IRAs into §403(B) Plans

Rollovers from SIMPLE IRAs

Roth IRA - §408A


Contribution Limitation

Roth IRAs Only

Roth IRAs & Traditional IRAs




Taxation of Distributions

No Required Minimum Distributions

Simplified Employee Pension Plans (SEPs)

Contribution Limits & Taxation



Employee Limit

Other Qualified Plan

Set up

Contribution Limits

Salary Reduction Contributions

Employer Matching Contributions

Deduction of Contributions


SIMPLE §401(k) Plan

Chapter 4 - Distributions from Retirement Plans

Annuity Payments - §72

General Rule - Prior Law

Exclusion Ratio

Investment in Contract (Cost)

Expected Return

Simplified Alternative Rule - Prior Law

Mandatory Basis Rule - Current Law

Annuity Benefits Paid Over Two Lives

Withholding & Estimated Tax

Lump-Sum Distributions

Nonqualifying Distributions

Treatment Options

5-Year Averaging - Repealed

Employer Securities - Net Unrealized Appreciation (NUA)

Capital Gain Treatment

“Grandfather” or Transition Rules


Eligible Rollover Distributions

20% Withholding


Direct Rollover

Rollover Period

Annual Usage

Rollover of Noncash Distributions

Qualified Domestic Relations Order Rollover

Surviving Spouse Rollover

Premature Distributions - 10% Penalty




Equal Periodic Payments

Total Value & Aggregation Requirement

Five-Year Requirement

Medical Expenses

Qualified Domestic Relations Order

Recapture Tax

Minimum Distribution Rules

2009 Waiver of Required Minimum Distribution Rules

Required Beginning Date for Minimum Distributions

Minimum Distribution Rules

Making Charitable Gifts with Plan Balances

Chapter 5 - Nonqualified Plans

Postponement of Income


IRS Scrutiny & Approval




No Immediate Cash Outlay

Annual Report

Notice Requirement

Purposes & Benefits

Benefit Formula


Deferred Bonuses

Contractual Arrangement

Necessary Provisions

Tax Status

Service’s Position


Congressional Moratorium

No Ruling or Regulation Policy

Constructive Receipt

Beyond Actual Receipt

Simple Set-Asides Are Not Possible

Revenue Ruling 60-31


Time & Control Concept



After-the-Fact Contract

Amendment to Existing Contract

Economic Benefit

Has Something of Value Been Transferred?

Insurance Coverage Has a Calculable Value

Segregated Funds Have Immediate Economic Value

Value v. Control

Revenue Ruling 60-31

Situation 1

Situation 2

Situation 3

Situation 4

Situation 5

General Principles

Unfunded Bare Contractual Promise Plan - Type I


Funded Company Account Plan - Type II

Ownership & Segregation

Bookkeeping Reserve or Separate Account

Employee Still Bears Economic Risk

Limited Protection

Investment of Deferred Amounts

Life Insurance


Third Party Guarantees

Segregated Asset Plan - Type III

Section 83 Approach

Tight Rope Format

Transferable or Not Subject To A Risk of Substantial Forfeiture

Substantial Restrictions

Redemption or Forfeiture

Condition Related to a Purpose of the Transfer



Time Alone is Not Enough

Realization & Taxation

30-Day Election Period

Deduction Allowed



Tax Consequences

Reciprocal Taxation/Deduction Rule

No Difference for Cash or Accrual

Separate Accounts for Two or More Participants

Employer Deduction Traps

Income Tax on Employer-Held Assets

Inclusion in Income Under §409A

State Tax Issues


Two Sets of Rules

Financial Accounting Rules

IRS Rules

Estate Planning Considerations

Death During Deferral

Income Tax Consequences

Estate Tax Consequences

Gift Tax Consequences

Withholding, Social Security & IRAs

Other Payroll Taxes

Social Security Benefits


Chapter 6 - Life Insurance, Annuities & Buy-Sell Agreements


Tax Overview

Income Tax

Transfer-for-Value Rule

Employee Death Benefit - §101(b) (Repealed)


Lifetime Benefits

Section 72

Estate Taxes - §2042 & §2035(a)


Gift Taxes

Community Property Gift Danger

Types of Life Insurance

Term Insurance

Whole Life (Permanent) Insurance

Straight Life v. Limited Payment

Modified v. Preferred

Endowment Insurance

Universal Life


Premium Payment

Variable Life

Investment Accounts


Survivor Life

Single Premium Whole Life


Life Insurance Trust



Deferred Annuity

Private Annuity

Unsecured Promise

Regulations Restrict Private Annuity Income

Buy-Sell Agreements


Contractual Format


Life Insurance Funding

Term vs. Whole Life

Policy Ownership & Premium Payment

Entity & Cross-Purchase Agreements

Tax Consequences - Cross-Purchase Agreements

Non-Deductible Premiums

No Dividend Danger

Tax Consequences - Entity Purchase Agreements

Non-Deductible Premiums

Dividend Danger - §302

Exception to Dividend Treatment

Constructive Ownership (Attribution) Rules

“Estate/Beneficiary” Rule

“Family/Trust/Corporation” Rule

No Gain on Sale

Estate Tax Valuation

Using the Buy-Sell Agreement to Set Value

Enforcement of Contract Price

Purchase Price & Terms


Community Property

Professional Corporations

Marketability Problems

Controlled Disposition

S Corporations

Sole Shareholder Planning

Complete Liquidations

Alternative Dispositions

Use of Life Insurance

Estate Valuation

One-Way Buy-Outs

Chapter 7 - Home Sales & Moving Expenses


Capital Gains & Qualified Dividends

Rates - §1

28% Rate Group

25% Rate Group - Unrecaptured §1250 Gain

15% (or sometimes 20%) Rate Group - Adjusted Net Capital Gain

The Hidden Rate - Net Investment Income Tax - §1411

Former 18% & 8% Rate Group (Repealed)

Deemed Sale Election (Repealed)


Small Business Stock

Netting Capital Gains & Losses


Home Sales - §121

Exclusion Amount


Reduced Home Sale Exclusion for Nonqualified Use


Nonqualified Use

Post-May 6, 1997 Depreciation

Surviving Spouse Home Sale Exclusion

Home Sale Exclusion for Decedent’s Estate

Ownership & Use Requirements

Special Rules

Occasional Absences

Tacking of Prior Holding Period

Rental of Personal Residence


Vacant Land

Mixed Personal & Business Use of Home

Depreciation after May 6, 1997


Prorata Exception

Prorata Clarification

Safe Harbor Regulations

Change in Place of Employment


Unforeseen Circumstances

Two-Year Requirement

Remainder Interests

1099-S Reporting

Revenue Procedure 98-20

Moving Expenses (Suspended) - §217

Distance Test

Time Test

Time Test for Employees

Time Test for Self-employment

Deductible Expenses

Travel Expenses

Travel by Car

Location of Move



Chapter 8 - Estate Planning

Unlimited Marital Deduction

Outright To Spouse

Marital Deduction Trust

Qualified Terminable Interest Property (QTIP) Trust

Applicable Exclusion Amount

Spousal Portability of Unused Exemption Amount - §2010(c)(2)

Stepped-up Basis - §1014

Former Modified Carryover Basis Rules - §1022

Property to Which the Former  Modified Carryover Basis Rules Applied

Limited Basis Increase for Certain Property

2010 Special Election

Basic Estate Planning Goals

Primary Dispositive Plans

Simple Will

Danger for Larger Estates


Assets Not Subject to a Will

Assets Subject to a Will


Types of Trusts

Living Trusts

Testamentary Trusts

Revocable & Irrevocable

Living “A-B” Revocable Trust

Living “A-B-C” (QTIP) Trust

Impact of Spousal Portability on Trust B under TUIRJCA

Charitable Trusts

Charitable Remainder Trusts

Charitable Income Trusts

Insurance Trusts

Family Documents

Living Will

Property Agreement & Inventory

Durable Power Of Attorney

Power of Attorney for Health Care


Funeral Arrangements

Anatomical Gifts

Private Annuity?

Advantages to the Transferor

Disadvantages to the Transferor

Advantages to the Transferee

Disadvantages to the Transferee

Regulations Restrict Private Annuity Income



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