Description:

This book is for preparing 2024 taxes. 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 in the later stages of retirement.  Finally, the course wraps up by discussing the pros and cons of creating a lift estate.

• Evaluating certain credits and deductions available to senior taxpayers
• Reporting long-term care expenses and insurance benefits
• Determining the taxable amount of various payments received in retirement
• Solving unique tax problems when receiving Social Security benefits in certain circumstances
• Identifying tax benefits children may claim for elderly parents
• Summarizing the rules for required minimum distributions
• Listing the advantages and disadvantages of life estates
  
  

Product Details:

Item Number: 24352

Level: Intermediate

Authors: NATP Staff

Published: 2024

Format: Print - 120 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2024 course.