1040 Preparation and Planning 4: Gross Income: Interest, Dividends, and Other Ordinary Income (2020)

Author: Sidney Kess, Barbara Weltman

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

This fourth course in the 1040 Preparation and Planning series covers gross income from interest, dividends, Social Security, alimony, unemployment benefits, cancellation of debt, and other income. A case study that walks you through calculating reportable income is included in this course.

Publication Date: November 2019

Designed For
CPAs, Tax Return Preparers, Enrolled Agents, Tax Attorneys, Tax Practitioners

Topics Covered

  • Items Includible in Gross Income
  • Interest Income, including from Foreign Accounts
  • Treasury Inflation - Indexed Debt Securities
  • Interest Income on U.S. Government Savings Bonds
  • College Savings Bonds
  • Interest on State and Municipal Obligations
  • Mutual Fund Dividends
  • Tax Rates on Qualified Dividends
  • Stock Dividends and Stock Rights
  • Reporting Dividends on the Tax Return
  • Real Estate Investment Trust (REIT) Dividends
  • Tax Refunds, Credits, or Offsets of State and Local Income Taxes
  • Alimony
  • Property Settlements
  • Unemployment Benefits
  • Social Security Benefits
  • Cancellation of a Debt
  • Other Income

Learning Objectives

  • Correctly report interest income
  • Identify qualified dividends
  • Figure the includible portion of Social Security benefits
  • Describe the taxation of alimony
  • Describe the taxation of unemployment benefits
  • Distinguish cancellation of debt income that is taxable from COD income that is excludable
  • List "other income"


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $55.00

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