1040 Preparation and Planning 8: Adjustments to Gross Income (2022) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

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: October 2021

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
• Full Contributions to Roth IRAs
• Interest on Student Loans
• 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
• Recognize which individuals cannot claim the $250 educator deduction if each meets the 900-hour test and is involved in K-12
• Identify the 2021 maximum elective deferral that an individual under age 50 may make as a contribution to a SIMPLE plan
• Recognize the maximum amount a client can contribute into an IRA account for 2021

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Understanding of the form 1040

Advance Preparation
None