Pension, Annuity, IRA, and Social Security Income Reporting – 2017 Law – QAS Self-Study
This program covers the reporting of income from retirement plans, education accounts and social security income.
- 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 kinds 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
At the conclusion of this course you should be able to:
- 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
2017 Tax Law
Ends: Monday, November 30, 2020 11:59 PM (PST)
Started: Wednesday, August 15, 2018 11:59 PM (PST)
Ended: Tuesday, November 30, 2021 11:59 PM (PST)
|NASBA CPE||8 Hours|
|IRS (Federal Tax Law)||8 Hours|
|Oregon Tax Board||8 Hours|
|Oregon State Board of Accountancy||8 Hours|
|Texas State Board of Public Accountancy||8 Hours|
|New York State Board of Public Accountancy||8 Hours|
|QAS Self-Study||8 Hours|
Field of Study
Basic tax knowledge
IRS Federal Program Number
Meet Your Instructor
April Gutierrez, Enrolled Agent:
Known for her entertaining speaking style and ability to make a complex subject easy to understand, April is frequently invited to speak to business groups and news media on tax-related topics. She has a B.A. in Communication Studies from Murdoch University in Perth, Australia. She obtained her Oregon LTC in 1995.April resides in Portland, Oregon, with her husband Jess and their two sons. Her pastimes include gardening, travel, and playtime with her Arabian horse, Fancy.
Any Time, Anywhere
Our online Learning Management System (LMS), offers you the flexibility to study at your own pace while still enjoying many of the benefits of a live classroom.
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Disclosures and School Policies
Terms of Enrollment
Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students taking continuing education courses shall have twelve months from date of enrollment to successfully complete the course and receive their Certificate of Completion. Students taking the federal only portion or the Oregon 80 Hour Basic Tax Course students have nine months from the date of enrollment to sucessfully complete the course.
Basic Tax Law
Students taking any Basic Tax Law course, agree to comply with all Terms of Enrollment outlined the enrollment agreement form for that course, a link to which can be found on the catalog page for each Basic Tax course.
Prerequisites & Advance Preparation
Students intending to write the Oregon State Tax Exam, must be at least 18 years of age, and have High School Diploma or GED. Students using our self-paced internet based program should prepare for classes by downloading and printing course materials. For more information including detailed course descriptions and learning objectives, view the details of each course, located on Pacific Northwest Tax School’s catalog pages at: https://www.pnwtaxschool.com/list-of-all-courses/
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