Pension, Annuity, IRA and Social Security Income Reporting – 2017 Law – Course Manual Only

Course Content

This program covers the reporting of income from retirement plans, education accounts and social security income.

Topics Covered

  • Overview of Form 5498 IRA Contribution Information
  • Discussion of Form 1099R and distributions codes
  • Use of Form W4-P Withholding Certificate for Pension or Annuity Payments
  • Overview of the different kids of retirement plans taxpayers may participate in
  • Using Form 8606, Nondeductible IRAs, to figure the taxable part of a distribution from an IRA
  • Traditional IRA to Roth IRA conversions
  • Roth IRA to traditional IRA recharacterization
  • Inherited IRAs
  • Loans from pension and annuity plans
  • Additional tax owed on certain early distributions from retirement plans
  • Exceptions to additional tax on early distributions from retirement plans
  • Additional tax on certain distributions for education accounts
  • Additional tax on excess contributions to certain accounts
  • Required minimum distributions
  • How to complete Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
  • Calculating the taxability of annuity income with the Simplified General Rule
  • Lump-sum distributions
  • How to report partially taxable distributions from IRAs
  • Instructions for Social Security Form SSA-1099 Benefits statement, Form RRB-1099 Tier I Railroad Equivalent Benefit statement, and Form RRB-1099R Tier II Railroad Retirement Benefits statement
  • Form W-4V social security Voluntary Withholding Request
  • How to calculate the taxability of social security income using the social security benefits worksheets
  • Taxation methods to apply to lump-sum social security payments
  • Special deductions relating to social security benefits income and repayments

Objectives

By the conclusion of this course, you should be able to:Interpret information reported on Forms 1099-R and 5498

  • Identify which taxpayers can receive special tax treatment for lump-sum distributions
  • Use Form 8606 Nondeductible IRAs to figure the taxable part of a distribution from an IRA, including a Roth conversion
  • Explain who is subject to the 10% additional tax on distributions from retirement accounts, and how to claim an exception to the penalty where allowed
  • Determine the taxable amount of a distribution from an education savings account
  • Describe the penalties that apply to excess contributions to IRAs and MSAs
  • Complete Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
  • Use the Simplified Method worksheet to figure the taxable part if a distribution from a retirement account
  • Explain how to report Tier I and Tier II Railroad Retirement
  • Calculate the taxable portion of social security benefits received using the Social Security Benefits Worksheet
  • Explain how to make a lump-sum election on retroactive payments of social security benefits

The course manual is delivered as a PDF document which you can download and print.

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Section 8.1

Course Manual Only

Course Type:

CPE Tax

Term:

2017 Tax Law

Registration Status:

Registration Open
Ends: Thursday, August 15th, 2019 11:59 PM (PDT)

Course Status

Available
Started: Wednesday, August 15, 2018 11:59 PM (PDT)
Ended: Saturday, August 15th, 2020 11:59 PM (PDT)

Course Length:

0 Hours

Course Fees:

Course Materials $7.99
Total $7.99

Course Credits:   0

No CE is awarded with the purchase of this manual. You must enroll in and complete the full version of this course to received CE.

Field of Study

Taxes

Program Level

Intermediate

Prerequisite

Basic tax knowledge

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Manuals distributed and programs sponsored by Pacific Northwest Tax School are designed to teach application of tax laws. Pacific Northwest Tax School works to provide accurate and timely material to students, however the school does not have any responsibility if human and/or mechanical error exists.  Accordingly, no assurance is given by Pacific Northwest Tax School that such information is totally comprehensive or accurate in its coverage of such subject matter. Information published or sponsored by Pacific Northwest Tax School should not be relied upon as a substitute for independent research to original sources of authority such as the Internal Revenue Code, IRS Publications and Internal Revenue Rulings. Pacific Northwest Tax School, its authors, and instructors do not render legal, accounting, or other non-educational professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.  Credit hours are subject to change without notice.

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