Tax Concerns for Seniors FLEXCAST

Overview

Tax planning for older clients requires more than a review of retirement income. This course examines the issues that commonly arise as clients move through retirement, continue working later in life, coordinate Social Security and Medicare decisions, and manage distributions from IRAs and employer plans. This course also reviews practical deduction planning, including medical expenses, charitable giving, interest expense, and recent senior-focused deduction opportunities. Mary Kay Foss also addresses planning decisions that extend beyond the return itself, including qualified charitable distributions, inherited retirement accounts, required minimum distributions, downsizing, housing transitions, and financial support for children and grandchildren. Accountants and tax professionals will leave this course with a clearer framework for identifying tax risks, spotting planning opportunities, and advising senior clients in a more comprehensive way.

Highlights

Social Security and Medicare. Working as a senior. Self-employment and business structure. Retirement plans and savings options. Tax planning for seniors. Deductions and credits. Retirement distributions. Housing and downsizing decisions. Helping family financially.

Prerequisites

None.

Designed For

CPAs and tax professionals.

Objectives

Identify key tax and planning issues affecting senior taxpayers, including Social Security, Medicare, and continued employment considerations. Distinguish between common entity and retirement plan choices available to seniors engaged in self-employment or post-retirement work. Recognize major categories of income and deductions that commonly affect older taxpayers, including medical expenses, charitable contributions, and interest expense. Determine the basic rules governing required minimum distributions, qualified plan rollovers, and qualified charitable distributions. Identify planning considerations related to inherited retirement accounts and beneficiary distribution requirements. Evaluate common late-life planning issues, including housing changes, mortgage decisions, and financial assistance to family members.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.