1040 Preparation and Planning 12: Figuring Tax Liability and Making Tax Payments (2020) (Currently Unavailable)
Author: Barbara Weltman, Sidney Kess
CPE Credit: |
1 hour for CPAs 1 hour Federal Tax Related for EAs and OTRPs 1 hour Federal Tax Law for CTEC |
This course examines figuring tax liability: figuring taxable income; Tax Tables; Tax Computation Worksheet; Schedules D and J; computations for lump-sum distributions; kiddie tax; tax on child’s investment income; and other issues. It concludes with a review of tax withholding, when estimated tax payments are necessary and how to calculate them, and tax credits that can be used to offset tax liability.
Publication Date: November 2019
Designed For
Tax practitioners
Topics Covered
- Individual tax return with the form 1040
- Tax Tables
- Tax computation worksheet
- Schedule D and J
- Lump-sum distributions
- Kiddie tax
- Child's investment income
- Personal and dependency income
- Review tax withholding
- When estimated tax payments are necessary and how to calculate them
- Tax credits that can be used to offset tax liability
Learning Objectives
- Figure taxable income
- Determine whether to use the Tax Table or Tax Computation Worksheet to figure the tax
- Determine whether Schedule D, a separate worksheet, or Schedule J is necessary to figure the tax
- Figure special tax computations for lump-sum distributions
- Figure the kiddie tax and the tax on a child's investment income reported on a parent's return
- Determine the sources of income tax withholding
- Complete the schedule for estimated tax payments
- Figure estimated tax installments and when to make payments
- List tax credits treated as tax payments
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None