1040 Preparation and Planning 11: Tax Credits (2023) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess, 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 11th in the series, 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. 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

  • 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)
  • Credit for Energy-Efficient Home Improvements
  • Residential Clean Energy Credit
  • Credit for Plug-In Electric Drive 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
  • Indian Employment 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 where credits are reported on the tax return
  • Identify business tax credits and understand the limitations under the general business credit
  • Identify the tax credit that is claimed directly on Form 1040 or Form 1040-SR instead of Schedule 3
  • Identify under what amount on a joint return the full Child Tax Credit can be claimed by those with modified AGI
  • Identify what percent of the Adoption Credit may be claimed in the year the expenses are incurred if the adoption is not final by year-end when adopting a child who is a U.S. citizen or resident
  • Identify the form used to figure the Minimum Tax Credit


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

 Chat — Books Support