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
• Understand eligibility criteria for various filing statuses
• Recognize standard deduction amounts for different filing statuses
• Recognize filing scenarios affecting eligibility for EIC
• Differentiate between refundable and non-refundable tax credits
• Identify tax benefits for dependent care expenses
• Recognize capital gains tax rates based on income brackets
• Identify the correct form for reporting capital gains and losses
• Understand how self-employment tax adjustments are calculated
• Recall IRA contribution limits
• Understand penalties for late filing
• Understand the requirements for deducting rental property losses
• Identify passive activity loss deduction limits
• Understand penalties associated with excess IRA contributions
• Differentiate between retirement plan contribution limits
• Recall the penalty-free withdrawal age for retirement accounts
• Identify required documentation for charitable contributions
• Recall AGI limits for charitable contribution deductions
• Recognize income items considered preferences under AMT
• Identify the correct form for AMT calculations
• Recall the maximum American Opportunity Credit amount
• Understand the eligibility duration for the American Opportunity Credit
• Differentiate between education-related tax benefits
• Identify the AGI threshold for deducting medical expenses
• Recognize deductible taxes under Schedule A
• Recall limits on the mortgage interest deduction
• Identify HSA contribution limits for self-only coverage
• Understand penalties for nonqualified HSA distributions
• Apply the Qualifying Child Test to determine dependent eligibility
• Identify qualifying expenses for the Child and Dependent Care Credit
• Recall the maximum Section 179 deduction limit
• Understand the eligibility criteria for the Work Opportunity Tax Credit
• Recognize penalties for early withdrawals from retirement accounts
• Recall the threshold for applying the Net Investment Income Tax
• Identify the adoption credit limits for 2024
• Determine the income range for Premium Tax Credit eligibility
• Understand calculation methods for the Premium Tax Credit
• Identify the correct form for household employment tax reporting
• Recall the requirements for issuing Form 1099-NEC
• Identify exclusion limits on primary residence gains
• Recall the HSA contribution limits for family plans in 2024
• Identify catch-up contribution limits for HSAs
• Understand the calculation of the Premium Tax Credit
• Recognize the form for reconciling Premium Tax Credit payments
• Recall AMT exemption amounts for single filers
• Understand which deductions are disallowed under AMT
• Recognize the elements of the Qualifying Relative Test
• Recall the gross income limit for qualifying dependents
• Identify accounts requiring minimum distributions and their ages
• Understand penalties for failing to take RMDs
• Identify the types of income subject to the Net Investment Income Tax
• Differentiate between qualified and nonqualified dividends
• Recall gain exclusion limits for principal residences
• Understand the tax treatment of vacation home sales
• Recognize documentation requirements for large non-cash donations