To provide a practical, line-by-line understanding of Form 1040 and related schedules, equipping CPAs and other finance professionals with the knowledge and confidence to accurately prepare, review, and file individual income tax returns.

• Filing status, individual tax rates, tax calculations, and child credits
• Additional Medicare tax and net investment income tax (3.8% healthcare surtax)
• Schedule D: capital gains and certain dividends
• Schedule E and supplemental income and loss
• Other adjustments:
  – Alimony
  – IRA deductions
  – Higher education expenses
  – Self-employed health insurance
• Charitable contributions and itemized deductions
• Individual tax credits, exclusions, and non-business energy property credits
• Miscellaneous itemized deductions and employee business expenses
• The Pease limitation and personal exemption phase-outs
• Credit and deduction changes under the OBBBA
• Alternative minimum tax
• Family-related tax credits

To provide a practical, line-by-line understanding of Form 1040 and related schedules, equipping CPAs and other finance professionals with the knowledge and confidence to accurately prepare, review, and file individual income tax returns.

DETAILED LEARNING OBJECTIVES

• Understand the overall structure and flow of Form 1040 and accompanying schedules

• Identify the correct filing status based on taxpayer facts and circumstances

• Determine eligibility for dependency exemptions using Qualifying Child and Qualifying Relative tests

• Apply the standard deduction and recognize situations when itemizing may be advantageous

• Calculate taxable income considering above-the-line and below-the-line deductions

• Recognize which types of income are reported on each schedule including wages, dividends, interest, capital gains, and business income

• Report capital gains and losses using Schedule D and Form 8949

• Calculate self-employment income and self-employment tax using Schedule C and Schedule SE

• Determine allowable adjustments to income such as IRA contributions HSA contributions and educator expenses

• Apply rules for passive activity losses and rental real estate reporting

• Determine eligibility for the Child Tax Credit Earned Income Credit and education credits

• Compute the Child and Dependent Care Credit using Form 2441

• Apply rules for the Premium Tax Credit and reconcile advance payments using Form 8962

• Identify which taxes are reported on Schedule 2 including AMT self-employment tax and additional taxes on retirement accounts

• Determine which credits are reported on Schedule 3 including foreign tax credit education credits and energy credits

• Apply rules for itemized deductions including medical expenses, taxes paid, interest, charitable contributions, and casualty losses

• Calculate allowable medical expense deductions considering the AGI floor

• Determine limitations on state and local tax deductions

• Apply mortgage interest deduction rules including OBBBA updates where applicable

• Identify required documentation for charitable contributions including noncash contributions over 5000

• Apply the exclusion of gain on the sale of a principal residence under Section 121

• Determine when gains from second homes or vacation property are taxable

• Identify retirement distribution rules including RMD requirements and penalties for noncompliance

• Recognize which income is subject to the Net Investment Income Tax

• Determine proper reporting requirements for household employment taxes

• Apply OBBBA updated limits where applicable to deductions credits adjustments and thresholds

• Navigate the instructions and updated forms for the 2025 Form 1040 filing season

• Accurately follow the IRS process for completing each relevant schedule

• Identify common errors in preparation of Form 1040 and how to avoid them

• Strengthen practical tax compliance skills through hands-on form-based exercises

• Filing status, individual tax rates, tax calculations, and child credits
• Additional Medicare tax and net investment income tax (3.8% healthcare surtax)
• Schedule D: capital gains and certain dividends
• Schedule E and supplemental income and loss
• Other adjustments:
  – Alimony
  – IRA deductions
  – Higher education expenses
  – Self-employed health insurance
• Charitable contributions and itemized deductions
• Individual tax credits, exclusions, and non-business energy property credits
• Miscellaneous itemized deductions and employee business expenses
• The Pease limitation and personal exemption phase-outs
• Credit and deduction changes under the OBBBA
• Alternative minimum tax
• Family-related tax credits