As Americans live longer and increasingly move away from traditional pensions, Social Security has become the main source of retirement income for many clients. Meanwhile, concerns about solvency and a lack of understanding of key rules have led to confusion and sometimes misguided decisions.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
Tax practitioners who anticipate advising clients on any aspect of the Social Security system, especially regarding when a client can or should initiate Social Security income benefits
BENEFITS
- Evaluate client eligibility for various benefits
- Explain how deemed filing and dual entitlement impact benefit selections and amounts
- Analyze key factors that influence optimal claiming decisions
- Advise married clients regarding their options with respect to maximizing Social Security benefits for the couple and for a surviving spouse
- Assess how earned income and taxation may impact benefits and Medicare premiums
- Apply planning concepts to help clients make more informed and strategic decisions
HIGHLIGHTS
- Eligibility rules for retirement, spousal, divorced spouse, survivor, and family benefits
- Understanding the new age of deemed filing
- How dual entitlement is calculated and how it affects benefit outcomes
- Key factors in deciding when to claim Social Security benefits
- Coordinating work and benefits, including the earnings test and its effect on income
- Managing Social Security to maximize after-tax cash flow, avoid higher Medicare premiums, and protect the survivor
- Updates related to recent legislation, including the SSFA and the OBBBA
PREREQUISITES
Basic knowledge of individual income taxation
ADVANCE PREPARATION
None