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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

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