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Individual Income Tax Return Preparation for the Non-Credentialed Tax Preparer (IITP)

  • Format Self-Study Textbook
  • Credits 10
  • Level Basic
  • Field of Study Taxes (10)

$119.00


Overview

This course will take new and administrative staff from the most basic concepts to an understanding of individual tax return preparation - just in time for the crunch of busy season!

Major Topics:

  • Preparation of various Form 1040 individual tax returns and schedules; provided answers include 'filled-in' forms
  • Filing information, filing status, personal exemptions, dependents, the standard deduction, etc.
  • Wages and salaries
  • Dividends and interest -- Ordinary, return of capital, and capital gain distribution dividends; tax-exempt interest, original issue discount, etc.
  • Security transactions -- From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues
  • Figuring tax, including regular tax, Net Investment Income and the tax on minor children with investment income
  • Basic income tax preparation -- From 1040A to Form 1040
  • Medical and dental expenses, charitable contributions
  • Interest deductions
  • Miscellaneous itemized deductions
  • Individual problems illustrating form preparation for various items
  • Impact of recent legislation and forms changes on the 1040

Learning Objectives

  • Learn complicated issues of filing status and dependency exemptions
  • Understand issues with reporting capital gains transactions
  • Complete an introductory problem related to Form 1040A
  • Complete a comprehensive problem related to Form 1040
  • Complete a comprehensive problem related to Schedule A -- Itemized Deductions
  • Complete a comprehensive tax return; answers with filled-in forms are provided.

Who should take this course:

New staff, rusty or those returning to the profession, who desire to prepare individual returns

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