Objective
- 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
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 benefitsPrerequisite
Basic knowledge of individual income taxationAdvanced Preparation
None