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Social Security Disability Income: Taxation and Reporting Requirements

Gain a better understanding of how to advise on tax planning and social security disability benefits, as well as important reporting requirements.

Professionals such as financial planners, accountants, and attorneys are asked by clients about rules and regulations in many different areas. Statistics published in 2018 from the Council for Disability Awareness states that one in four can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age. They go on to state that about 13% of the U.S. population, about 43 million people, are classified as disabled. Odds are; that you have clients, family members, or friends asking about disability issues. This topic will give you the facts you need to know to be able to answer Social Security disability questions confidently and accurately. This material will give you the knowledge you need to expand and improve your professional advisory practice.

57 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Who Qualifies for Disability?

  • How Long Do You Need to Work Before Being Eligible?
  • What Benefit Are You Eligible for?
  • When Do Your DBI Benefits End?

Family Benefits Available

  • Spouse
  • Children
  • Others

Children With Disabilities

  • What Benefits Are Available?
  • What Happens When Child Reaches Age 18?
  • What Benefits Are Available From the Parents?

Taxation of Disability Benefits

  • Single, Married Filing Jointly, Married Filing Separate, Head of Household
  • Collection of Multiyear Benefits in a Lump Sum
  • Exemptions
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on May 12, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.0
     
  • This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • CT CLE 1.0
     
  • HI CLE 1.0
     
  • ME CLE 1.0
     
  • NJ CLE 1.2
     
  • VT CLE 1.0
     
  • WV MCLE 1.2
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Theodore J. Sarenski, CPA/PFS, CFP, AEP

Theodore J. Sarenski, CPA/PFS, CFP, AEP

Blue Ocean Strategic Capital, LLC

  • CEO of Blue Ocean Strategic Capital, LLC
  • Recognized locally and nationally as an expert providing financial planning advice
  • Currently appears on WSTM-3, Syracuse’s NBC affiliate, taking viewers’ calls and offering planning concepts to viewers; appeared on the PBS affiliate in Syracuse as a permanent guest host of the program “Financial Fitness” which aired live for one-half hour every Thursday at 8 PM EST
  • Received the 2013 Distinguished Service Award by the American Institute of Certified Public Accountants (AICPA) Personal Financial Planning Division for contributions to further financial planning within the CPA community, industry-related publications, and speaking engagements across the country; in 2016, he was selected to be on the Wolters Kluwer Financial and Estate Planning Advisory Board
  • Has presented to regional Estate Planning Councils from Seattle to Syracuse on financial planning topics and Social Security
  • Has been interviewed by hundreds of radio stations across the U.S. on tax and financial planning topics since 2005; also speaks on financial planning topics at major professional national conferences for organizations such as the American Institute of Certified Public Accountants and the Financial Planning Association, and for private groups
  • Written articles on financial planning that have appeared in The Journal of Accountancy, The CPA Journal, The Journal of Taxation, and the AICPA Wealth Management Insider; wrote a CPAs Guide to Social Security for the American Institute of CPAs in 2011, and is responsible for its update annually
  • Has been interviewed and quoted in many publications including; USA Today, The Wall Street Journal, Consumer Reports, The Christian Science Monitor, Investment News, Kiplinger Personal Finance Report, Financial Planning magazine (cover photo February 2013), Accounting Today, and The Practical Accountant
  • Can be contacted at 315-471-2672, [email protected], www.boscllc.com, or on Twitter® @tjsPlanner
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408658
Published 2021
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