As more people start retirement planning early and reach retirement age, tax professionals need to help clients with investment, retirement, and benefit income on their tax filings. This course covers reporting investment income (interest and dividends), income for retirees or those unable to work due to illness or injury, tax treatment of sickness and injury benefits, retirement plans, pensions, annuities, and the taxability of Social Security and Railroad Retirement Benefits.

Learning Objectives

• Identify the tax treatment given to benefits received under disability income plans, workers compensation; and other sickness and injury benefit plans
• Identify interest income that is taxable and nontaxable, and recognize the correct method for reporting taxable interest on a tax return
• Identify the tax treatment given to dividends, capital gain distributions and other distributions received from a corporation or mutual fund
• Identify the tax treatment given to employee pension and annuity benefits, disability retirement benefits and periodic payments received under a privately-purchased commercial annuities
• Calculate the amount of a taxpayers Social Security or Railroad Retirement benefits that may be subject to income taxation and identify any deductions that may be taken in connection with those benefits