1040 Preparation and Planning 10: Other Taxes (2024)

Author: Barbara Weltman, Sidney Kess, Greg White

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits

This two-hour CPE course, which is the 10th in the 1040 Preparation and Planning series, addresses the alternative minimum tax, employment taxes for the self-employed and household employees, the net investment income tax, and the additional Medicare taxes. It also discusses the recapture of the first-time homebuyer credit. The kiddie tax, which isn’t an additional tax but a way of computing tax for certain children, is discussed in 1040 Preparation and Planning 12: Figuring tax and Making Tax Payments. Tax developments reflected in this course, including the Consolidated Appropriations Act, 2023 (including SECURE Act 2.0), the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decision, are extensive. They impact 2023 tax year returns that will be filed during the 2024 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2024 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2023 tax returns for the 2024 filing season.

Publication Date: September 2023

Topics Covered

• Alternative Minimum Tax
• Self-Employment Tax
• Additional Medicare Tax on Earned Income
• Net Investment Income Tax

Learning Objectives

• Identify adjustments and preferences for the AMT
• Compute the alternative minimum tax
• Determine who is subject to self-employment tax
• Figure net earnings from self-employment and the self-employment tax
• Compute the additional Medicare tax on earned income
• Specify the types of investment income subject to the net investment income (NII) tax
• Compute the NII tax

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None