Constant changes to the tax code make Form 1040 preparation an ongoing adventure. This self-study webinar gives you the confidence to:
- Prepare tax forms, schedules and worksheets using the most recent forms available
- Gain a working knowledge of tax law
- Understand recent developments affecting individual tax returns
To give financial professionals a thorough review of, and an update on, Form 1040s. You will survey expiring tax law provisions. You will also examine areas of the form that can cause confusion.
- Impact of the Tax Cuts and Jobs Act on preparation of Form 1040
- Treatment and outlook for expiring tax law provisions
- 3.8% net investment income tax
- 0.9% additional Medicare tax
- Premium tax credit and individual responsibility
- Dependency exemptions and phaseouts
- Kiddie tax and child tax credit
- Education credits and education-related expenses
- Itemized deductions, limitations and phaseouts
- Capital gains tax
- Sale of principal residence
- Treatment of rental activities
- Employee business expenses
- Miscellaneous deductions limitation and exceptions
- Tax credits for adoption, dependent care and other personal tax credits
- Alternative minimum tax and credits
- Pension, retirement and IRA basics
• Identify the requirements for filing MFJ
• Identify the characteristics of filing MFS and HOH
• Recognize the brackets in which taxpayers suffer from the “marriage penalty”
• Recognize taxpayers potentially subject to the kiddie tax
• Recognize the latest measurement of inflation
• Recognize the limitations of itemizing SALT
• Determine the requirements of the qualifying child’s residency test
• Recognize the IRS position when a qualifying child spends equal amounts of time as a resident of divorced parents
• Identify the ability of a taxpayer to claim dependency exemptions when claimed as a dependent by another taxpayer himself
• Identify the basic mechanism by which Congress attempted to lower the tax rate for pass-through income
• Recognize the implications of the Section 199A deduction to both lower and higher earning taxpayers
• Identify the monetary limits of the child tax credit
• Identify the circumstances under which a taxpayer must make estimated tax payments
• Identify the additional Medicare tax rate imposed on taxpayers with earned income in excess of their applicable threshold
• Calculate the Medicare surcharge tax due on net investment income in excess of the applicable threshold
• Identify items of income which would be included in determining net investment income
• Identify the levels of insurance coverage representing the minimum coverage under the Affordable Care Act
• Recognize the out-of-pocket cost associated with the different levels of insurance coverage
• Identify the overall effect of the TCJA on the ACA’s shared responsibility payments
• Recognize the capital gains tax rate for those in the lower tax brackets
• Recognize the entities from which a taxpayer could receive dividends taxed at the reduced capital gains tax rates
• Recognize the amount of income a taxpayer must recognize when renting out their home for fewer than 15 days a year
• Recognize the number of days a taxpayer can use a second home for personal use and still have it characterized as investment property
• Recognize the order in which expenses are allocated when a home is used for both vacation and personal use
• Recognize the depreciation ramifications when a residential property is converted to a rental property
• Identify the amount a taxpayer can exclude from the gain on the sale of a personal residence
• Identify the time frame a surviving spouse is given to fully utilize the residential gain exclusion
• Identify the amount of the allowable passive loss deduction available for taxpayers who actively participate in a rental property
• Recognize the rules for deducting suspended passive activity losses
• Recognize examples of passive losses
• Recognize the implications of alimony for agreements entered into both before 2019 and after 2018
• Identify the IRA contribution limit for individuals past the age of 49
• Identify early IRA withdrawals not subject to penalty
• Identify the characteristics of a Roth IRA
• Identify the monetary limits of deductible interest payments on student loan debt
• Identify the monetary limits of deductible tuition/fees
• Recognize the increased AGI limitations of charitable gifting under the TCJA
• Recognize the threshold at which a taxpayer must obtain contemporaneous, written acknowledgement of charitable contributions
• Recognize the threshold at which a taxpayer must obtain an appraisal for charitable contributions of property
• Identify the advantages of making IRA distributions directly to a charity
• Recognize the time frame within which a taxpayer may claim the American Opportunity Tax Credit