Surgent's Individual Income Tax Fundamentals - Download

Prerequisites

None

Highlights

• Effects of recent legislation, including the recently enacted Inflation Reduction Act and the SECURE Act 2.0 
• The Qualified Business Income deduction  
• Filing information, filing status, personal exemptions, dependents, the standard deduction, etc. 
• Wages and salaries  
• Interest income, dividend income, mutual funds, Social Security 
• Figuring tax  
• Basic income tax preparation, Form 1040, and Schedules 1 – 3 
• Capital gains and losses  
• Medical and dental expenses, charitable contributions  
• IRA contributions and distributions  
• Distributions from qualified retirement plans, pensions, and annuities  
• Profit and loss from business or profession and self-employment tax  
• Depreciation  
• Rental income and expenses 
• Preparation of Schedules A, B, C, D, E, and Forms 4562, 4797, and more 

Objectives

• Prepare simple, to moderate, to complicated individual tax returns
• Learn complicated issues of filing status and dependency exemptions
• Understand issues with reporting capital gains transactions
• Complete targeted comprehensive problems related to Schedule A, Schedule C, Schedule D, Form 4797, and Alternative Minimum Tax
• Overview of passive activity rules
• Complete several tax returns; many schedules and worksheets; answers with filled-in forms are provided

Preparation

None