1040 Preparation and Planning 8: Adjustments to Gross Income (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 examines adjustments to gross income, including deductions that don’t require itemizing; HSAs; IRA deductions; tax treatment of alimony, child support, and property settlements; and how to arrive at adjusted gross income.
Publication Date: November 2020
Designed For
Tax practitioners
Topics Covered
- Adjusted Gross Income Section
- Items Deductible from Gross Income
- Educator Expenses
- Expenses of Reservists, Performing Artists, and Fee-Basis Government Officials
- Health Savings Accounts
- Moving Expense Deduction
- Deductible Part of Self-Employment Tax
- Self-Employed SEP, SIMPLE, and Qualified Plans
- Self-Employed Health Insurance Deduction
- Penalty on Early Withdrawal of Savings
- Alimony
- IRA Deduction
- Roth IRAs
- Interest on Student Loans
- Tuition and Fees Deduction
- Other Deductions
Learning Objectives
- List deductions that can be claimed without itemizing
- Determine eligibility for a health savings account
- Figure IRA deductions
- Describe the difference in tax treatment between alimony, child support, and property settlements
- Calculate how to arrive at adjusted gross income
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Understanding of the form 1040
Advance Preparation
None
