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1040 Individual Tax - 2020 Self Study  

CATEGORY: Taxation
COURSE ID: 20-G402, VERSION 1.01
  Print Self-Study
16 CPE Credits
Level: Basic

This interactive self-study course covers issues and changes affecting the 1040 brought about by recent tax acts. Topic covered include itemized deductions, kiddie tax, penalties and abatements, personal and business tax credits, IRS issues, IRC Sec. 199A, retirement savings and account distributions, and education planning.

Learning Objectives:

  • Determine if payments to a spouse (or former spouse) constitute alimony.
  • Determine whether a child is subject to the kiddie tax.
  • Recognize the penalties that can apply to a 1040 return.
  • Apply statutory limits to medical expenses, taxes, and qualified residence interest.
  • Identify documentation requirements for charitable contributions.
  • Identify tax credits for which clients may qualify and which tax credits are refundable.
  • Describe proper reporting on Form W-2.
  • Identify other taxable income and available exclusions.
  • Identify the deduction, credits, exclusions, and investments allowable for education expenses.
  • Describe savings opportunities and planning strategies related to financing the cost of college.
  • Determine if debt forgiveness results in taxable income.
  • Calculate excludable income and reductions in tax attributes if required.
  • Determine requirements and allowable IRA contributions, both traditional and Roth.
  • Calculate allowable contributions.
  • Determine when IRA distributions are taxable or subject to a penalty.
  • Identify RMD requirements and penalties.
  • Determine if the exclusion applies.
  • Apply rules for nonqualified use of a principal residence.
  • Identify changes associated with the recently enacted IRS Reform Law, the mailbox rule and the transcript process.
  • Determine the excess business loss threshold for 2020.
  • Describe the desirability of a Section 1031 exchange.
  • Identify the provisions of IRC Sec. 199A.
  • Identify a specified service trade of business.
  • Identify material participation requirements.
  • Determine when to use elections for grouping activities and real estate professionals.
  • Apply rules for passive and rental activities for self-charged interest income.

Self study product available December. CPE credits expire 1 year from availability date.

Attention: Our Video DVD and Audio CD supplements are transitioning from optical disk mailed delivery to internet streaming access. While the graphics and labels for these supplements still indicate “optical disk”, purchases will no longer result in disks being shipped. Instead, purchasers will receive access to stream recorded presentations that will be sent via email.

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