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Introduction to Retirement
IRS Program #: X9QQU-T-01037-23-O
CTEC #: 6257-CE-0207
Speaker: Sandra Turner
Retirement is a season of life that most workers look forward to. Fortunate taxpayers have multiple financial sources to help carry them through retirement. The challenge for the retiree is to coordinate the use of those funds to maximize their collective effectiveness. Often our clients will turn to us as their trusted advisor with the hope that we can give them the clarity that they need to make critical decisions. Given that it is after-tax results that mean the most to our clients, we may well be one of their best advisors. To fulfill their hopes, we need to understand the programs, associated tax reporting, and how they are taxed.
- List the breadth of retirement programs most used by our clients, including Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, traditional 401(k) plans, Roth 401(k) plans, 403(b) plans, 457 plans, annuities, and Social Security or Railroad Retirement benefits.
- Describe the 1099-R information reporting form and what is communicated in each box.
- Explain the 1099-R Box 7 codes and the impact of each.
- Dramatize the failure to update beneficiaries on various accounts and the impact of a disagreement between what is shown on an account and what is listed in estate documents.