1040 Preparation and Planning: Personal & Dependency Exemptions (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law for CTEC
1 hour Federal Tax Related for EAs and OTRPs

Exemptions are subtractions from adjusted gross income. Because each exemption claimed reduces taxable income by a significant amount, the rules governing this subject are of great importance. There are two types of exemptions: personal exemptions for the taxpayer and the taxpayer’s spouse, and dependency exemptions for dependents. This interactive on-demand course discusses the requirements related to dependency exemptions and multiple support agreements, and explains the exemption phase-out.

Publication Date: December 2016

Designed For
Tax practitioners

Topics Covered

  • Form 1040
  • Personal and dependency exemptions
  • Phase-out rules
  • Adjusted Gross Income (AGI)
  • Multiple Support agreements

Learning Objectives

  • List the requirements for claiming a dependency exemption
  • Determine whether a multiple support agreement can be used
  • Explain the special rules for the exemption for a child whose parents are not married to each other and living apart
  • Compute the phase-out of dependency exemptions

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None

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