Pension & Social Security Income Reporting

Lecture Content

This lecture covers the reporting of income from retirement plans, education accounts and social security income.

Topics Covered

* Overview of Form 5498 IRA Contribution Information
* Discussion of Form 1099R and distributions codes
* Use of Form W4-P Withholding Certificate for Pension or Annuity Payments
* Overview of the different kids of retirement plans taxpayers may participate in
* Using Form 8606, Nondeductible IRAs, to figure the taxable part of a distribution from an IRA
* Traditional IRA to Roth IRA conversions
* Roth IRA to traditional IRA recharacterization
* Inherited IRAs
* Loans from pension and annuity plans
* Additional tax owed on certain early distributions from retirement plans
* Exceptions to additional tax on early distributions from retirement plans
* Additional tax on certain distributions for education accounts
* Additional tax on excess contributions to certain accounts
* Required minimum distributions
* How to complete Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
* Calculating the taxability of annuity income with the Simplified General Rule
* Lump-sum distributions
* How to report partially taxable distributions from IRAs
* Instructions for Social Security Form SSA-1099 Benefits statement, Form RRB-1099 Tier I Railroad Equivalent Benefit statement, and Form RRB-1099R Tier II Railroad Retirement Benefits statement
* Form W-4V social security Voluntary Withholding Request
* How to calculate the taxability of social security income using the social security benefits worksheets
* Taxation methods to apply to lump-sum social security payments
* Special deductions relating to social security benefits income and repayments

Terms of Use or Enrollment

Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.

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