1040 Preparation and Planning 12: Figuring Tax Liability and Making Tax Payments (2024)
Author: Barbara Weltman, Greg White, Sidney Kess
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits
This one-hour CPE course, which is the 12th and final course in the 1040 Preparation and Planning series, examines figuring tax liability and making tax payments. In addition to figuring taxable income, the course will walk through the computations for lump-sum distributions, figuring kiddie tax, and other tax computation issues. It also examines various ways in which tax liability is paid, through income tax withholding, estimated tax payments, and tax credits, as well as post-filing options.
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
- Tax Computation
- Dividends and Capital Gain Tax Worksheet to Figure Tax
- Kiddie Tax
- Parent's Election to Report Child's Investment Income
- Paying Income Taxes
- Tax Payments
- Post-Filing Payment Options
Learning Objectives
- Explain how to figure taxable income
- Determine whether Schedule D, a separate worksheet, or Schedule J is necessary to figure the tax
- Explain how to figure the kiddie tax
- Determine the sources of income tax withholding
- Describe how to complete the schedule for estimated tax payments
- Explain how to figure estimated tax installments and when to make payments
- List tax credits treated as tax payments
- List post-filing options for paying outstanding taxes
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
