1040 Preparation and Planning 10: Other Taxes (2023) (Currently Unavailable)

Author: Sidney Kess, Barbara Weltman, Greg White

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This CPE course, which is the 10th in the series, addresses the alternative minimum tax, employment taxes for the self-employed and household employees, the net investment income tax, and the additional Medicare taxes. It also discusses the recapture of the first-time homebuyer credit. The kiddie tax, which isn’t an additional tax but a way of computing tax for certain children, is discussed in 1040 Preparation and Planning 12: Figuring tax and Making Tax Payments. 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

  • Alternative Minimum Tax
  • Self-Employment Tax
  • Additional Medicare Tax on Earned Income
  • Net Investment Income Tax
  • Penalties on IRAs and Certain Other Plans
  • Repayment of the First-Time Homebuyer Credit
  • Employment Taxes for Household Employees

Learning Objectives

  • Identify adjustments and preferences for the AMT
  • Compute the alternative minimum tax
  • Determine who is subject to self-employment tax
  • Figure net earnings from self-employment and the self-employment tax Compute the additional Medicare tax on earned income
  • Specify the types of investment income subject to the net investment income (NII) tax
  • Compute the NII tax
  • Compute the recapture of the first-time homebuyer credit
  • Figure employment taxes for household employees
  • Identify the 2022 AMT exemption amount for a single taxpayer
  • Identify on which schedule all taxpayers who are subject to the self-employment tax report their self-employment income and compute their self-employment tax
  • Identify the tax form used to figure the additional Medicare tax
  • Identify the item treated as a non-investment income item for purposes of the NII tax


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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