Course Description
At least 1.5 million Americans become widows or
widowers per year. What are the tax consequences when a spouse passes away?
What decisions need to be made?
The death of
one's spouse is typically an extremely difficult emotional trauma. When one
loses a spouse, the last thing on the surviving spouse’s mind is the tax issues
to be addressed. Nonetheless, the passing of one’s spouse will likely lead to
certain federal income tax tasks and responsibilities. Among other things,
you'll need to learn the proper procedure for filing and signing your spouse's
final income tax return, and you'll need to review the applicable filing status
rules.
When one of the
two spouses dies, there is generally a decrease in income, but it’s typically
somewhat modest as a percentage of the household’s overall income — especially
for retired couples who have managed to accumulate significant assets. What
generally happens is that the smaller of the two Social Security benefits
disappear when one spouse dies, but the portfolio income is largely unchanged.
And beginning in the year after the death, the surviving spouse will only have
half the standard deduction that the couple used to have. In addition, there
will only be half as much room in each tax bracket, and many various
deductions/credits will have phaseout ranges that apply at a lower level of
income.
In other words,
there’s half the standard deduction and half as much room in each tax bracket,
but the surviving spouse is left with more than half as much income. The
result: their marginal tax rate generally increases relative to the period of
retirement during which both spouses were alive.
This CE/CPE tax webinar will help you with tax planning after the
death of a spouse.
Learning Objectives
- To review the importance of filing for portability of the deceased spouse's unused exemption (DSUE).
- To review the rules for step-up on a basis.
- To discuss what should be done with retirement accounts.
- To review estate planning considerations for the surviving spouse.
- To explore the consequences of selling the home.
Recommended For
- This Online Education Tax Course is recommended for CPA, EA, AFSP,
CRTP, MRTP, ORTP, CFIRS, CWS, and any other tax professionals who help their
clients in tax planning after the death of a spouse.
- This CE/CPE webinar is also helpful for taxation professionals who
want to review estate planning considerations for the surviving spouse.
Who Should Attend?
- Bookkeepers & Accountants & Tax Preparers
- California Registered Tax Professional
- Certified Public Accountant (CPA)
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Maryland Tax Preparers
- Oregon Tax Preparers
- Tax Attorney
- Tax Practitioners
- Tax Professionals
- Young CPA
