EA Exam Prep Part 1: Overview of Form 1040 (Currently Unavailable)

Author: Eva Rosenberg

This is the first class of the EA Exam Prep Part 1 series. Join TaxMama® as she takes you on a tour of the various tax returns, and their supporting documents, for the individual filer. Learn the common errors that are made on the returns while gathering invaluable tips on various preparation areas. Touch on the various changes made by the Tax Cuts and Jobs Act – especially the “postcard” tax return and the new tax schedules 1 through 6. Answer pressing questions such as: How has the Tax Cuts and Jobs Act changed the way individuals file returns? What do you do if the information on the W-2 or 1099 is wrong? Which is better – an above the line deduction or filing a Schedule A? What are the basic concerns for individual returns?

Publication Date: June 2019

Designed For
Tax practitioners at all levels regardless of tax practice, accounting and law students, tax office administrative staff, and anyone who has an interest in individual taxation. This course is especially helpful to those with no hands-on experience preparing tax returns – and those people who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs to get the Enrolled Agent credential so they can practice anywhere in the country without re-certifying.

Topics Covered

• Overview of Form 1040
• Overview of Form 1040 Schedule 1 - Additional Income and Adjustments to Income
• Overview of Form 1040 Schedule 2 - Tax
• Overview of Form 1040 Schedule 3 — Nonrefundable Credits
• Overview of Form 1040 Schedule 4 — Other Taxes
• Overview of Form 1040 Schedule 5 — Other Payments and Refundable Credits
• Overview of Form 1040 Schedule 6 — Foreign Address and Third Party Designee
• Overview of: Schedule B, Schedule C, Schedule E, and Schedule F, and Form 4797
• The mission of the IRS

Learning Objectives

• Identify and become familiar with the new "postcard" 1040
• Identify the various sections of Form 1040
• Identify the Schedules associated with Form 1040
• Identify the basic areas of change created by the Tax Cuts and Jobs Act
• Recognize which credits can reduce income taxes, self-employment and even alternative minimum taxes — based on their placement on the Form 1040
• Recognize the overall structure of the individual tax return

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None