About This Chapter
Specialized Tax Returns for Individuals - Chapter Summary
Get an in-depth explanation of specialized tax returns for individuals by exploring our fun lessons. Our instructors make it easy to understand gift taxes, marital deductions in state planning, generation skipping transfer tax (GSTT) and more. Study the lessons at your own pace. By the end of this chapter, you should be able to do the following:
- List types of planning for estate taxes
- Calculate estate and gift tax
- Share the duties of financial planners and discuss practical aspects of life insurance
- Discuss rules and strategies of marital deductions in estate planning
- Explain how jointly held properties, IRAs and retirement plans are taxed
- Define and discuss the limits and exclusions of gift tax
- Describe the purpose and components of generation skipping transfer tax
- Provide the definition of the Report of Foreign Bank and Financial Accounts (FBAR)
This chapter offers a unique opportunity to study for your test anywhere and anytime your schedule permits. All lessons are available 24/7 and can be viewed using any computer or mobile device. Quizzes accompanying the lessons are also available around-the-clock and can assess your comprehension of specialized tax returns for individuals. If you have questions about topics covered in the lessons, feel free to submit them to our experts.
1. Planning for Estate Taxes: Types & Overview
In this lesson, you will learn about estate planning. Specifically, you'll learn about estate, inheritance and gift taxes, and how certain tax credits can save you a lot of money when it comes to transferring your wealth to the next generation.
2. Calculating Gift & Estate Tax: How-To & Example
This lesson focuses on the definitions of estate and gift taxes and lifetime limits. The lesson also includes examples of how each applies to individuals subject to gift and estate tax rules.
3. Marital Deductions in Estate Planning: Rules & Strategies
When a person dies, the last thing the family wants to figure out is how much taxes they need to pay. In this lesson we will learn how a spouse can pass along an estate to reduce some of the tax burden.
4. Gift Tax: Definition, Limits & Exclusions
In this lesson we will take a look at what the gift tax is and the limits that apply to making gifts before tax consequences come up. We will also review certain gifts that specifically excluded from those situations.
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Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Income & Asset Tax for Individuals
- Retirement Income Taxation
- Real & Personal Property Taxes
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards