Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 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 seventh in the 1040 Preparation and Planning series, covers various types of income not discussed in other courses in this series, as well as exclusions from gross income.
Tax developments reflected in this course include the extensive changes effective for 2025 that were created by the One Big Beautiful Bill Act of 2025 (OBBBA) and other tax legislation, as well as IRS pronouncements and court decisions. They impact 2025 tax year returns that will be filed during the 2026 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2026 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2025 tax returns for the 2026 filing season.
Publication Date: September 2025
Topics Covered
- Commercial Annuities
- General Rule
- Expected Return
- Cashing in Annuities
- Penalties on Early Distributions
- IRA Distributions
- Reporting IRA Distributions
- Reporting IRA UBIT
- SECURE Act 2.0 - Required Beginning Date for RMDs
- Beneficiary Distributions
- Determining the Beneficiary
- Owner Dies After 2019
- Guidance on the 10-Year Rule
- Inherited IRAs - General Thoughts
- Qualified Charitable Distributions
- Annual Exclusion for QCDs
- Exclusions in General
- Gifts and Inheritances
- Insurance Proceeds
- Life Insurance
- Accelerated Death Benefits
- Surrender of Life Insurance Policy
- Death Benefits Paid by an Employer
- Death Benefits Paid to Military Personnel
- Proceeds from Accident and Health Insurance Policies
- Disability Policies
- Scholarships and Fellowships
- Workers' Compensation
- Damages for Injuries and Claims
- Miscellaneous Income
- Qualified Tuition Plans
- Gift Tax Consequences for Contributions to 529 Plans
- ABLE Accounts
- Miscellaneous Exclusions
- Disaster Relief and Mitigation Payments
- Foster Care Payments
- Difficulty-of-Care Payments
- Public Assistance
- Qualified Medicaid Waiver Payments
Learning Objectives
- Recognize how to report income from a commercial annuity
- Explain how to calculate required minimum distributions (RMDs)
- Explain distribution rules for Roth IRAs
- State the withholding rules for distributions from qualified retirement plans and IRAs
- Explain the concept of an exclusion
- Describe the tax treatment of gifts and inheritances
- Recognize how to distinguish between taxable and tax-free damages
- List miscellaneous income that is tax-free
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
Barbara Weltman
Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.