The 1040 Line by Line Series: Part 1 (Currently Unavailable)

Author: Arthur Joseph Werner

This course provides a comprehensive review of Form 1040 complexities with regard to income items. It is essential for the tax practitioner who wants to update their knowledge of individual income taxation!

Publication Date: December 2015

Topics Covered

• Phase-Outs in the 2015 tax year
• 2015 Direction Changes
• 2015 "Extender Bill" Passed by Congress
• Extenders
• Tax Rates for 2015
• Personal Exemption Phase-Out (PEP)
• Itemized Deduction Phase-Out
• Capital Gains and Dividends
• Permanent AMT Patch
• Social Security Limits 2015
• Status items
• Uniform Definition of a Child
• The "Tests"
• Custodial Parent
• Filing Statuses
• Death of a Taxpayer

Learning Objectives

• Identify the necessary knowledge to complete IRS Form 1040 for the 2015 tax season
• Recognize the updates for tax legislation
• Describe the feature of the bill US congress passed in 2015 as an "Extender Bill"
• Examine the effect on income tax rates as a result of the American Taxpayer Relief Act of 2012
• Differentiate various tax rate statements
• Identify the Uniform Definition of Child rules
• Differentiate filing statuses
• Recognize tax issues that arise due to the death of a taxpayer
• Identify the extender legislation enacted in December 2015 extended until December 31, 2016
• Describe the adjustments to income made permanently in the extender bill
• Evaluate business related extenders made permanent by the extender legislation
• Recognize the income level of the 39.6% income tax rate in effect since 2013 phases
• Differentiate true statements regarding "Pease Limitations" for Itemized Deduction Phase-Outs in the 2015 tax year
• Identify when a parent may take the deduction for a qualifying child under certain circumstances
• Evaluate when a taxpayer dies
• Recognize the following tests which must be met in order to take a Qualifying Relative as a dependent
• Describe what an executor of an estate must bear in mind
• Identify the 2015 extender bill that made deductions permanent

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None