1040 Preparation and Planning 8: Adjustments to Gross Income (2024)
Author: Barbara Weltman, Sidney Kess, Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits
This two-hour CPE course, the eighth in the series, examines adjustments to gross income, including deductions that don’t require itemizing; HSAs; IRA deductions; tax treatment of alimony, child support, and property settlements; and how to arrive at adjusted gross income.
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
- Adjusted Gross Income Section
- Items Deductible from Gross Income
- Educator Expenses
- Expenses of Reservists, Performing Artists, and Fee-Basis Government Officials
- Health Savings Accounts
- Moving Expense Deduction
- Deductible Part of Self-Employment Tax
- Self-Employed SEP, SIMPLE, and Qualified Plans
- Self-Employed Health Insurance Deduction
- Penalty on Early Withdrawal of Savings
- Alimony
- IRA Deduction
- Roth IRAs
- Interest on Student Loans
- Other Deductions
Learning Objectives
- List deductions that can be claimed without itemizing
- Determine eligibility for a health savings account
- Identify IRA deductions
- Describe the difference in tax treatment between alimony for pre-2019 and post 2018 divorces, as well as child support and property settlements
- Identify how to calculate how to arrive at adjusted gross income
- Identify the deduction that is subtracted in the adjusted gross income section
- Identify up to what amount teachers and other educators can deduct of their out-of-pocket costs in 2023 for classroom materials as an above-the-line deduction
- Identify the schedule of Form 1040 and 1040-SR used to self-employment tax
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Understanding of the form 1040
Advance Preparation
None
