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Double Taxation on Medicare and Social Security?
Course: Income Tax PlanningLesson 7: Arriving at Adjusted Gross Income Student Question: Am I correct that this looks like paying taxes over taxes by first adding the 2.9% for Medicare taxes, and then paying Social Security tax over that? “3. Calculate self-employment tax: Instructor Response: Hi This is a really common point of confusion, so…
Earnings Test Calculation
In 2026, Maria, age 63, begins receiving Social Security retirement benefits. She earns $50,000 from employment during the year. The 2026 earnings limit for individuals under full retirement age is $24,480. Approximately how much of Maria’s Social Security benefits will be withheld due to the earnings test? $0 $12,760 $12,240 $25,520 CLICK TO REVEAL ANSWER Expand…
CFP Board Enforcement Trends: What the Discipline Data Actually Signals
CFP® Board Updates Most professionals read CFP Board disciplinary announcements the same way: quickly, casually, and with relief that it wasn’t them. That’s a mistake. Enforcement data is not just reputational housekeeping for the CFP Board. It is a signal. And when you read it closely, it tells you where professional risk is shifting –…
Irrevocable Non-Grantor Trust Clarification
Course: Estate PlanningLesson 9: Income Taxation of Trusts and Estates Student Question: I wanted to make sure I understand this correctly. Irrevocable non grantor tax is on the trust. If it distributes the income, then the tax is on the beneficiaries. The only case in which an Irrevocable non grantor trust doesn’t distribute the entire income is…
Foreign Tax Credit
A U.S. taxpayer earns income from both U.S. and foreign sources and pays income tax to a foreign government. Which of the following limits the amount of foreign tax credit that may be claimed? The taxpayer’s adjusted gross income The taxpayer’s marginal tax bracket The amount of U.S. tax attributable to foreign-source income The taxpayer’s…
CFP Board Opens Public Comment Period on New Code and Standards Proposals
CFP® Board Updates On January 29, 2026, the CFP Board announced a 60-day public comment period for proposed updates to its Code of Ethics and Standards of Conduct, as well as related procedural rules. These proposed changes reflect the Board’s ongoing efforts to strengthen the profession’s ethical framework and respond to the evolving landscape of…
Maximum Family Benefit
Course: Insurance PlanningLesson 10: Social Security Student Question: Does the maximum family benefit apply to a husband and wife that are both fully insured if the combined total between the two exceeds the maximum family limit? If I understand correctly, the maximum family limit only applies if there are beneficiaries within the family receiving benefits…
Roth IRA Contribution Eligibility
In 2026, which of the following taxpayers may make a full Roth IRA contribution, assuming all other eligibility requirements are met? Single filer with MAGI of $270,000 Married filing jointly with MAGI of $255,000 Head of household with MAGI of $130,000 Married filing separately with MAGI of $15,000 CLICK TO REVEAL ANSWER Expand C is…
CFP Board Announces Updates to the Competency Standards
CFP® Board Updates The CFP Board has finalized its updates to the Competency Standards – and while this may sound procedural, the implications for the profession are far-reaching. These changes reflect a fundamental evolution in how the CFP Board defines competence: moving from task-based checklists to judgment-based decision-making. The updates were approved following an open…