1040 Preparation and Planning 7: Other Income and Exclusions (2021) (Currently Unavailable)
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
This course looks at various types of income not covered in other courses in this 1040 Preparation and Planning series, as well as exclusions from gross income.
Publication Date: November 2020
Designed For
Tax practitioners
Topics Covered
- Commercial Annuities
- Cashing in Annuities
- Partial Annuitization
- Penalties on Early Distributions
- Employee Annuities
- IRA Distributions
- Reporting IRA Distributions
- Required Minimum Distributions
- Figuring RMDs
- Beneficiary Distributions
- Special Rule for Roth IRAs
- Qualified Charitable Distributions
- Annual Exclusion for QCDs
- Qualified HSA Funding Distribution
- Withholding on Annuities, Retirement Plans, and IRAs
- Exclusions in General
- Insurance Proceeds
- Death Benefits
- Scholarships and Fellowships
- Miscellaneous Income
- Miscellaneous Exclusions
Learning Objectives
- Report income from a commercial annuity
- 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
- 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
