1040 Preparation and Planning 9: Standard Deduction and Itemized Deductions (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 three-hour CPE course, which is the ninth in the 1040 Preparation and Planning series, covers standard deduction amounts and itemized deductions. Tax developments, 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

• Standard Deduction
• Qualified Business Income Deduction
• Overview of Itemized Deductions
• Medical Expenses
• Limitations on the Medical Expense Deduction
• Taxes
• Interest Payments
• Charitable Contributions
• Planning Opportunities
• MFJ — No DAF
• MFJ — Advantage of DAFs
• Congressional Research Service
• Contributions of Stock
• Advantage of Stock Contributions
• Double Benefit
• Combining DAFs and LT Capital Gain Property
• Older Taxpayers — Qualified Charitable Deductions
• Casualty and Theft Losses
• Limitations on Personal Casualty Losses
• Miscellaneous Deductions

Learning Objectives

• List the basic and additional standard deduction amounts
• List which items can be deducted as medical expenses
• Identify which type of interest is deductible
• Determine which taxes are deductible
• Recognize how to figure charitable contribution deductions and comply with substantiation requirements
• Identify the rules for determining disaster losses
• Determine which miscellaneous itemized deductions are deductible in 2018 through 2025

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
None

Advance Preparation
None