1040 Preparation and Planning 7: Other Income and Exclusions (2021)

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


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $59.00

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