1040 Preparation and Planning 8: Adjustments to Gross Income (2020)
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 looks at adjustments to gross income, including deductions dont require itemizing such as educator expenses, expenses of Reservists, performing Artists, and fee-Basis Government Officials. It also discusses HSAs, IRA deductions; tax treatment of alimony, child support, and property settlements; and much more. Finally, it explains how to arrive at adjusted gross income.
Publication Date: November 2019
Designed For
Tax practitioners
Topics Covered
- Gross income adjustments
- Health savings accounts
- HSA contributions and eligibility
- Moving expense deduction
- Standard mileage rate
Learning Objectives
- List deductions that can be claimed without itemizing
- Determine eligibility for a health savings account
- Figure IRA deductions
- Describe the difference in tax treatment between alimony, child support, and property settlements
- Calculate how to arrive at adjusted gross income
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Understanding of the form 1040
Advance Preparation
None