1040 Preparation and Planning 11: Tax Credits (2021)

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 on-demand course covers types of tax credits, including refundable and nonrefundable tax credits; figuring each type of personal tax credit; which credits are reported directly on the return and which must first be reported on Schedule 3 of Form 1040 and 1040-SR; and business tax credits.

Publication Date: November 2020

Designed For
Tax practitioners

Topics Covered

  • Overview of Tax Credits
  • Premium Tax Credit
  • Health Coverage Tax Credit (HCTC)
  • Earned Income Credit
  • Credit for Child and Dependent Care Expenses
  • Child Tax Credit
  • American Opportunity Credit and Lifetime Learning Credit
  • Adoption Credit
  • Retirement Savings Contributions Credit (Saver's Credit)
  • Nonbusiness Energy Property Credit
  • Residential Energy Efficient Property Credit
  • Credit for Plug-In Electric Vehicles
  • Mortgage Interest Credit
  • Minimum Tax Credit
  • Credit for the Elderly or the Disabled
  • Foreign Tax Credit
  • General Business Credit
  • Rehabilitation Credit
  • Work Opportunity Credit
  • Employer Credit for FICA on Tips
  • Wage Differential Payment Credit
  • Tax Credit for Increasing Research Activities
  • Low-Income Housing Credit
  • Disabled Access Credit
  • Credit for Construction of Energy-Efficient Homes
  • Small Employer Pension Plan Startup Credit
  • Auto-Enrollment Option in Retirement Plans Credit
  • Employer-Provided Child Care Credit
  • New Markets Tax Credit
  • Business Energy Credits
  • Small Employer Health Insurance Credit
  • Family and Medical Leave Credit
  • Empowerment Zone Employment Credit

Learning Objectives

  • Distinguish between refundable and nonrefundable credits
  • Figure each type of personal tax credit
  • Determine which credits are reported in Tax and Credits and which in Other Taxes
  • Identify business tax credits and understand the limitations under the general business credit


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $59.00

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