1040 Preparation and Planning: Personal & Dependency Exemptions (Currently Unavailable)
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Law for CTEC
1 hour Federal Tax Related for EAs and OTRPs |
Exemptions are subtractions from adjusted gross income. Because each exemption claimed reduces taxable income by a significant amount, the rules governing this subject are of great importance. There are two types of exemptions: personal exemptions for the taxpayer and the taxpayer’s spouse, and dependency exemptions for dependents. This interactive on-demand course discusses the requirements related to dependency exemptions and multiple support agreements, and explains the exemption phase-out.
Publication Date: December 2016
Designed For
Tax practitioners
Topics Covered
- Form 1040
- Personal and dependency exemptions
- Phase-out rules
- Adjusted Gross Income (AGI)
- Multiple Support agreements
Learning Objectives
- List the requirements for claiming a dependency exemption
- Determine whether a multiple support agreement can be used
- Explain the special rules for the exemption for a child whose parents are not married to each other and living apart
- Compute the phase-out of dependency exemptions
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
