EA Exam Prep Part 1: Adjustments to Income (Currently Unavailable)

Author: Eva Rosenberg, Susan Holtgrefe

This is the fifth class of the EA Exam Prep. Part 1 series. In this TaxMama® produced course, Susan discusses the various adjustments to income and how they affect taxes. Answer questions such as: Which is better, an adjustment or itemized deduction? What expenses can educators deduct? What are the special rules for employee business expenses? What about retirement and HSA accounts? What’s up with lines 34, 35, and 36? Susan clears up the cloudiness surrounding adjustments and sheds light onto lines 23 through 36 of Form 1040. Your understanding of adjustments will reach new heights using her bonus tips and insight.

Publication Date: June 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about adjustments to income – and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at lines 23 through 36 of Form 1040, Adjustments to Income. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.

Topics Covered

• Educator expenses
• Employee business expenses for select professions
• HSA deductions
• Moving expenses for select professions
• Retirement deductions
• Alimony and alimony recapture
• Moving expense limitations
• Self-employment taxes
• Qualified Small Employer Health Reimbursement Arrangements

Learning Objectives

• Identify deductible educational expense
• Recognize how to appropriately apply business expenses for eligible professionals
• Determine eligible moving expenses
• Recognize how to assess adjustments for self-employed individuals
• Evaluate HSA transactions
• Identify retirement transactions that qualify as adjustments
• Differentiate whether alimony payments and receipts should be included on the return
• Identify various retirement accounts and how they affect the tax return
• Compute deductible student loan interest
• Identify adjustments that belong on line 36 of Form 1040

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None