Social Security and Medicare

Overview

For most Americans the decision to take Social Security is the 2nd biggest financial decision of their life after buying a home. The constantly changing rules, the income tax interaction with benefits, retirement, disability and Medicare makes this an inter-related decision of tax compliance, planning and decision making. This course discusses the taxability of benefits at the beginning, and then examines the myriad rules for qualifying income, divorce, disability, survivors and children’s benefits and how they are determined and taxed. It concludes with a discussion of what kind of taxable income provides Medicare coverage, what Medicare covers (and doesn’t) and tax related deductions for premiums, co-pays and supplemental insurance plans.

Participants will be able to provide married couples with strategies to receive the maximum benefit as well as planning advice on when clients should begin to withdraw their benefits. You will be able to explain divorce issues to clients, as well as when they are eligible for benefits, how their benefit amount is determined, and when they will qualify for survivors benefits. You will be able to walk clients through various scenarios of how adjusting their earnings will affect their benefits. In addition, you will be able to inform clients of any changes to social security in 2025, including terminology, when and how to sign up, dependent’s benefits and survivor benefits. You will obtain a general knowledge of the reduction, taxability, categories, and qualifications of benefits. The course will give you the ability to calculate benefits, as well as understand the effects of divorce or death on social security benefits.

Prerequisites

2-4 years tax preparation experience

Designed For

CPAs and other business professionals

Objectives

This course is the answer for any and all Social Security questions. Beginning with an overview of facts, taxability and benefits, the instructor then examines the individual rules to calculate benefits, when to draw, how to qualify and the tax inter-related aspects of these decisions. We then specifically and carefully discuss survivor and divorce benefits, children and other dependents, and disability. We then conclude with an in-depth and up-to-date explanation of Medicare. In prior years this course was sold to the general public as an Amazon best-seller on Social Security. We include discussion of the 2025 Social Security Fairness Act and all other 2025 changes at manual date.