This CPE course, the eighth in the series, 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. The course reflects changes made by the Consolidated Appropriations Act, 2022, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.
Publication Date: September 2022
Designed For
Tax practitioners
Topics Covered
- Adjusted Gross Income Section
- Items Deductible from Gross Income
- Educator Expenses
- Educators
- Expenses of Reservists, Performing Artists, and Fee-Basis Government Officials
- Health Savings Accounts
- Eligibility for HSAs
- Limits on HSA Contributions
- Making Deductible Contributions
- Treatment of HSA Distributions
- 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
- 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 for pre-2019 and post 2018 divorces, as well as child support and property settlements
- Calculate how to arrive at adjusted gross income
- Identify the deduction that is subtracted in the adjusted gross income section
- Identify up to what amount teachers and other educators can deduct of their out-of-pocket costs in 2022 for classroom materials as an above-the-line deduction
- Identify the schedule of Form 1040 or 1040-SR in which self-employment tax is figured
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
Understanding of the form 1040
Advance Preparation
None
Instructors
Barbara Weltman
Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.
Sidney Kess
Sidney Kess, Esq., CPA, JD, LLM, Of Counsel, Kostelanetz & Fink, LLP, New York, NY is a nationally renowned tax expert and author/coauthor of hundreds of tax books on financial and estate planning. Having lectured to more than 50,000 practitioners on tax, financial, and estate planning, he is one of the nation’s best known lecturers in continuing professional education. Mr. Kess is consulting editor of CCH Incorporated’s Financial and Estate Planning Repoorter. Mr. Kess was chairman of the advisory board of Tax Hotline and is a member of the PPC Tax Action Panel. He has edited a column on “Tax Tips” for the New York Law Journal for the past 43 years. Mr. Kess edits the AICPA’s CPA Client Bulletin and CPA Client Tax Letter. He is Executive Editor of CPA Magazine. He has also written hundreds of AICPA tax workshops, audio and video programs, and is the recipient of the AICPA Distinguished Lecturer Award. Mr. Kess is often quoted in The Wall Street Journal, The New York Times, and other national publications. He was included in Accounting Today’s “100 Most Influential CPAs in the U.S.” for several years as well as CPA Magazine’s “Most Influential CPAs in the U.S.” Mr. Kess was the National Director of Tax at KPMG Main Hurdman and a tax partner at KPMG Peat Marwick. Mr. Kess is the recipient of the AICPA’s “Special Recognition Award” for his many years of contributions to the AICPA’s continuing professional education program, received the 2011 AICPA Gold Medal Award for Distinguished Service to the Accounting Profession, which is the highest award in the industry, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils for his distinguished service to the field of estate planning. The AICPA established the Sidney Kess Award for Excellence in Continuing Education to recognize individual CPAs who have made significant and outstanding contributions in tax and financial planning and whose public service exemplifies the CPA profession’s values and ethics. Sidney Kess was the first recipient of this Award. Mr. Kess was inducted into the New York State Society of CPAs’ Hall of Fame. He received his JD from Harvard University School of Law, LLM from New York University Graduate School of Law, and BBA from Baruch College.
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.