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Decisions When Retiring (301)
Author: Holmes F. Crouch
Pages: 224
List Price: $19.95
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  • Summary

    DECISIONS WHEN RETIRING (T/G 301) covers the major preparatory changes ahead when retiring early (pre-60), regularly, or late (post-70), and the financial options (such as working part-time, "home equity conversion," etc.) for easing dependency on social security, employers' plans, and medicare. Also covered:

    • Taxation of social security benefits
    • The "exclusion ratio" of annuity payments
    • The 18 code symbols on Form 1099-R
    • Precautions with IRA rollovers/withdrawals
    • Acclimating to estimated tax prepayments
    • Twilight year "MUST DO" tasks

    Table of Contents
    Decisions When Retiring
    Book:  301
    
    Table of Content
    
    1.  PRE-RETIREMENT PREPARATION                  1-1
        
        Start Talking to Retirees                   1-2
        Set a Target Age                            1-3
        Prepare for Lower Income                    1-4
        Max Out Employer Plans                      1-6
        Consolidate Your IRAs                       1-7
        Prepare for Higher Taxes                    1-9
        Stay Put for Two Years                      1-11
        Study Your Actuarial Odds                   1-13
        Inflation Reality                           1-15
    
    2.  PREMATURE RETIRMENT WOES                    2-1
    
        “Premature” is under 59 ½                   2-2
        Commence a 3-IRA Plan                       2-3
        Apply for Unemployment Benefits             2-5
        Apply to Temporary Hire Agencies            2-7
        Seek Overseas Employment                    2-10
        Try Being Self-Employed                     2-11
        Seek Government Employment                  2-13
        Delay Sale of Residence                     2-14
        Tap Into Your Inheritance                   2-15
        
    3.  SELF-EMPLOYED PERSONS                       3-1
            
        “Net Earnings” Explained                    3-2
        Delay Plan Setups 3 Years                   3-3
        Requirements for Qualification              3-5
        Master & Prototype Plans                    3-6
        Defined Contribution Plans                  3-8
        Ways to Avoid Employees                     3-10
        SEP/IRA: 408 (k) Plans                      3-13
        The “Differential Vesting” Game             3-14
        Importance of Supplemental Savings          3-16
        Be Aware of Form 5500-C/R                   3-18
    
    4.  PLAN DISTRIBUTION OPTIONS                   4-1
    
        Where the Confusion Starts                  4-2
        Distributions Taxable as Annuities          4-4
        Rollover Option Requires Care               4-6
        Rollovers Other Than Money                  4-8
        Required Explanation of Rollovers           4-9
        Lump-Sum Tax Treatment                      4-11
        Form 4972: Lump-Sum Averaging               4-12
        Three Annuity-Type Choices                  4-13
        Figuring Your “Expected Return”             4-15
        Figuring Your “Exclusion Percentage”        4-17
        Tax-Sheltered Annuities                     4-19
        401 (k) Plan Distributions                  4-21
        Early Distribution Penalties                4-23
    
    5.  DISTRIBUTIONS FROM IRAs                     5-1
    
        Introduction to the IRA Concept             5-2
        Keep Spousal IRAs Separate                  5-4
        Contributory Confusion: Deductible IRAs     5-5
        Nondeductible IRAs: New Concept             5-7
        Rollovers:  The Real IRA Virtue             5-8
        Distributions of Excess Contributions       5-10
        Treatment of Ordinary Distributions         5-11
        Nonannuity Distributions                    5-12
        Premature Distributions                     5-15
        Over 70 ½ : Distributions Required          5-17
        Figuring Minimum Distributions              5-18
        
    6.  UNDERSTANDING FORM 1099-R                   6-1
        
        Introduction to Form 1099-R                 6-2
        The 4 Spaces on Form 1040                   6-4
        Boxes 1, 2a and 2b on 1099-R                6-7
        Box 7: Must Read                            6-8
        Correcting Form 1099-R                      6-10
        Other Boxes on Form 1099-R                  6-11
        IRA Distributees: Get Pub. 590              6-14
        IRA Basis & Form 8606                       6-15
        State Taxables May Differ                   6-17
    
    7.  SOCIAL SECURITY OPTIONS                     7-1
    
        Full Benefits Age                           7-2
        Complex Formula for Benefits                7-3
        Official Estimate Requests                  7-5
        Application Age Comparisons                 7-6
        Working After Benefits Start                7-7
        SSA to IRS: Form 1099                       7-9
        Two Tiers of Retirement Wealth              7-10
        Overview of IRC Sec. 86                     7-11
        “Modified” Adjusted Gross Income            7-12
        Read Your Form 1040 Instructions            7-14
    
    8.  HOME EQUITY CONVERSION                      8-1
    
        Common Mistakes Made                        8-2
        Supplement to Social Security               8-3
        Reconstruct Your Tax Records                8-4
        The Former $125,000 Exclusion               8-6
        The New $500,000 Exclusion                  8-7
        Outright Sale Options                       8-8
        Reverse Mortgage Loan (RML)                 8-10
        Home Equity Loan (HEL)                      8-11
        Life Estate Sale                            8-12
        Exchange for Life Care                      8-14
        
    9.  MEDICAL EXPENDITURES                        9-1
    
        Allowance of Deduction                      9-2
        “Medical Care” Tax Defined                  9-3
        Subtract Insurance Reimbursement            9-6
        The 7.5% AGI Threshold                      9-7
        Medicare A: Tax Prepaid                     9-9
        Medicare B: You Pay                         9-11
        Medicare Supplements:  A-J                  9-12
        Nursing Home Care                           9-14
        Private Home Nursing                        9-15
        Durable Power of Attorney                   9-16
    
    10. ESTIMATED TAX:  1040-ES                     10-1
        
        Who Must File ES Forms                      10-2
        Format & Filing Dates                       10-4
        Confusion Over Due Dates                    10-5
        Statutory Backhandedness                    10-7
        A Simple Estimating Way                     10-9
        Penalty Is Foregone Interest                10-11
        Self-Crediting Your Return                  10-13
    
    11. NONRESIDENT STATE RETURNS                   11-1
    
        State Residency Principles                  11-2
        Spouses in Different States                 11-3
        Part-Year Residency                         11-5
        When leaving a State                        11-7
        Residency Questions                         11-8
        When You Become “Nonresident”               11-10
        Nonresident Taxation Principles             11-12
        How the Ratio Works                         11-13
        Other State Tax Credit                      11-15
    
    12. YOUR FULFILLMENT YEARS                      12-1
    
        Clear Out Household Junk                    12-2
        Update Basis in Investments                 12-4
        Sell All Portfolio Clutter                  12-5
        Reduce Realty Holdings                      12-7
        The Sanity “Rule of Three”                  12-9
        Routinize Tax Filings                       12-11
        Minimize Trusts & Attorneys                 12-12
        Prepare for Own Demise                      12-14
        Build a Cash Hoard                          12-15
        Pursue a Consuming Project                  12-17

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