- 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
This course covers tax and other payments, plus refundable credits reported on Schedule 3, Additional Credits and Payments, and directly on Page 2 of Form 1040. COVID-19-related payments and credits, such as the recovery rebate credit, qualified sick and family leave credit, and the payroll tax deferral are discussed. Other topics covered include amounts automatically withheld, estimated tax payments, the earned income credit, excess Social Security and tier 1 RRTA tax withheld, the additional child tax credit, the American opportunity tax credit, the health insurance premium tax credit, amounts paid with a request for extension to file, and other refundable credits, such as the credit for federal taxes on fuels.
Upon successful completion of this course, the user should be able to:
properly report taxes withheld from wages, tips, pensions, annuities, and other deferred income;
determine which taxpayers are affected by estimated tax payments and how those payments should be paid and reported; and
identify the proper application of tax payments and credits reported on Schedule 3 and directly on Form 1040.