|Author :||Danny C Santucci, JD|
|Course Length :||Pages: 36 ||| Review Questions: 15 ||| Final Exam Questions: 15|
|CPE Credits :||3.0|
|IRS Credits :||3|
|Passing Score :||70%|
|Course Type:||NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents|
|Primary Subject-Field Of Study:||
Taxes - Taxes for Course Id 244
We are all (including tax practitioners) getting older, and the need for effective retirement planning has never been greater. This mini-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 analyzed; Social Security benefits are determined, and distribution options from IRAs and retirement plans are explored.
|Usage Rank :||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 :||13-Sep-2022|
|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 - Technical - NASBA Registry - IRS Enrolled Agents - 244
|Keywords :||Taxes, Fast, Track, Retirement, Planning, Mini, Course, cpe, cpa, online course|
|Learning Objectives :||
As a result of studying the assigned materials, you should be able to meet the objectives listed below.ASSIGNMENT
* Defining retirement & determining retirement income needs
* Social Security
* Retirement plans
* Distributions from retirement plans
* Nonqualified deferred compensation
* Life insurance
* Estate planning
2. Determine retirement costs and income needs of clients based on their current budget, select tax savings strategies, and identify basic guidelines to use when purchasing assets to attain financial independence.
3. Recall the qualifications for Social Security retirement & disability benefits, specify a client’s retirement benefits, and determine the difference between Medicare Part A and Medicare Part B.
4. Identify basic types of qualified corporate plans and other sources of retirement income such as SIMPLE plans and individual retirement accounts.
5. Determine the difference between annuity payments and lump-sum distributions, specify key components of rollovers, premature distributions & required distributions, and identify nonqualified deferred compensation.
6. Cite the benefits, uses, and types of life insurance, and specify how three basic estate planning tools can be incorporated into tax practice.
|Course Contents :||
Chapter 1 - Fast Track Retirement Planning
Popular Retirement Myths
Plan For 10 to 15 Retirement Years
Stay With One Company to Retire With the Best Benefits
Housing Costs Are Less
Just the Spouse and Me
Social Security Will Gap Any Savings or Pension Benefits Shortfall
Company Insurance & Medicare Will Cover Medical Bills
Retirees End Up In a Nursing Home
When Do I Want To Retire?
What Kind Of Lifestyle Do I Want?
Do I Want To Move?
Determining Retirement Costs & Income Needs
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
Average Indexed Monthly Earnings (AIME)
Primary Insurance Amount (PIA)
Cost of Living Adjustment Using Dollar Bend Points
Adjustment for Retirement Date
Effect of Late Retirement
Social Security’s Payroll Tax or FICA - §3111 & §3121
Total Disability Benefits
HIV & AIDS
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?
Sources of Retirement Income
Qualified Corporate Programs
Defined Contribution Plans
Money Purchase Pension Plan
Stock Bonus Plan
Employee Stock Ownership Plan
Defined Benefit Pension
Individual Retirement Accounts
Roth IRA - §408A
Simplified Employee Pension (SEP) Plan
Participant Loan Regulations
Additional Loan Requirements
Distributions from Retirement Plans
Annuity Payments - §72
Mandatory Basis Rule
Annuity Benefits Paid Over Two Lives
Withholding & Estimated Tax
Employer Securities - Net Unrealized Appreciation (NUA)
Capital Gain Treatment
Eligible Rollover Distributions
Qualified Domestic Relations Order Rollover
Premature Distributions - 10% Penalty
Required Beginning Date for Minimum Distributions
Minimum Distribution Rules
Nonqualified Deferred Compensation
Unfunded Bare Contractual Promise Plan - Type I
Funded Company Account Plan - Type II
Segregated Asset Plan - Type III
Types of Life Insurance
Whole Life (Permanent) Insurance
Life Insurance Trust
Portability – Deceased Spousal Unused Exclusion Amount
Danger for Larger Estates
Living “A-B” Revocable Trust
Living “A-B-C” (QTIP) Trust
Impact of Spousal Portability on Trust B under TUIRJCA