1040 Preparation and Planning 4: Gross Income: Interest, Dividends, and Other Ordinary (2025)

Author: Barbara Weltman, Greg White

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

This two-hour CPE course, the fourth in the 1040 Preparation and Planning series, covers gross income from a number of sources, including interest, dividends, Social Security, alimony, and other types of ordinary income. A case study that walks you through calculating reportable income is included in this course.

Tax developments reflected in this course include the extensive changes effective for 2024 that were created by the Consolidated Appropriations Act, 2023 (including SECURE Act 2.0), the Inflation Reduction Act of 2022, and other tax legislation, as well as IRS pronouncements and court decisions. They impact 2024 tax year returns that will be filed during the 2024 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2025 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2024 tax returns for the 2025 filing season.

Publication Date: September 2024

Topics Covered

• Interest income
• Dividends
• Social Security benefits
• Alimony
• Other types of ordinary income

Learning Objectives

• Recognize how to report interest income
• Identify qualified dividends
• Identify how to figure the includible portion of Social Security benefits
• Describe the taxation of alimony under pre-2019 divorces
• Describe the taxation of unemployment benefits
• Recognize how to distinguish cancellation of debt income that is taxable from COD income that is excludable
• List "other income"

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None