- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
This program explores farm income and expenses, which are properly reported on Schedule F and Line 6 on Schedule 1 (Form 1040), Additional Income and Adjustments to Income, as well as other types of income properly reported on Line 8 (Other Income) on Schedule 1 (Form 1040).
Upon successful completion of this course, the user should be able to:
properly report items of income and expense generated by a farming activity,
recognize income from the discharge of indebtedness, gambling winnings, and/or illegal activities that should be included in gross income, and
select the proper tax treatment for prizes and awards.