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"
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
