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ACCOUNTING & AUDIT

FRAUD

MANAGEMENT ADVISORY SERVICES

TAXATION

ENROLLED AGENT










 

Tax Guide for the Elderly or Disabled

Course materials

CPE hours

Cost

Online materials

4

$15


Overview:

The learning objective of this course is to review the tax laws related to the elderly or disabled.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Online study

Recommended hours: 4

Summary of Contents:

  • Can You Take the Credit?

  • Qualified Individual Income Limits

  • Excess Adjusted Gross Income Filing Requirements

  • Taxable and Nontaxable Income

  • Adjustments to Income

  • Deductions

  • Estimated Tax

Lesson and Objectives

Reading
Assignment

1. Do You Qualify?

BestCPE Tax Guide for the Elderly or Disabled

The learning objectives for this lesson are to review and gain an understanding of:

  • Who is a qualified individual
  • Income limits

 

2. Filing Requirements for Seniors

BestCPE Tax Guide for the Elderly or Disabled

The learning objectives for this lesson are to gain an understanding of:

  • The general filing requirements for most senior taxpayers
 

3. Taxable and Nontaxable Income

BestCPE Tax Guide for the Elderly or Disabled

The learning objectives for this lesson are to gain an understanding of:

  • Compensation for Services
  • Retirement Plan Distributions
  • Social Securitty and Equivalent Railroad Retirement Benefits
  • Sickness and Injury Benefits
  • Life insurance proceeds
  • Sale of home
 

4.. Taxable and Nontaxable Income

BestCPE Tax Guide for the Elderly or Disabled

The learning objectives for this lesson are to gain an understanding of:

  • Compensation for services
  • Retirement plan distributions
  • Social Security and equavalent railroad retirement benefits
  • Sickness and injury benefits
  • Life insurance proceeds
  • Sale of home
  • Reverse Mortgages
  • Other items
 

5.Adjustments to Income

BestCPE Tax Guide for the Elderly or Disabled

The learning objectives for this lesson are to gain an understanding of:

  • Individual Retirement Arrangement (IRA) contributions and deductions
  • The standard deduction
  • Itemized deductions
 

7. Credits

BestCPE Tax Guide for the Elderly or Disabled

The learning objectives for this lesson are to gain an understanding of:

  • Child and dependent care credit
  • Earned income credit
 

8. Estimated Tax

BestCPE Tax Guide for the Elderly or Disabled

The learning objectives for this lesson are to gain an understanding of:

  • Who must make estimated tax payments
 

Sample Exam Questions:

1. Samantha is under 65, single, and disabled. Based on her filing status how much can she subtract from her adjusted gross income to figure her excess adjusted gross income?

a. $5,000

b. $7,500

c. $3,750

d. Because she is under age 65, she cannot subtract any amount.

2. Worker's Compensation is not taxable when:

a. It reduces social security benefits.

b. It is paid as wages when you return to light duty.

c. It is paid for a permanent loss, disfigurement, or death.

d. It is paid as a continuation of pay up to 45 days while the claim is being processed.

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