- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 1.0
One of the issues affecting the baby boomer population today is increasing health care costs as they age. This course focuses on identifying costs that may be deductible as itemized deductions and determining any applicable limitations. Some topics include identifying deductible medical expenses of a dependent, claiming medical deductions for capital expenditures, deducting long-term care expenses and payments to LTC institutions, deducting in-home health care costs, deducting retirement community fees, deducting medical expenses of a deceased taxpayer, and deducting medical care insurance and long-term care insurance. This basic level course is most beneficial to professionals new to federal income taxation of individuals who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic. The final exam for this course includes hands-on, scenario based questions that may require calculations.
Upon successful completion of this course, the user should be able to:
identify expenses that qualify for the medical expense deduction on Schedule A, and
recognize the deductible amount after any applicable limitations.