This course will discuss the Income line on Form 1040. Students will understand where to report each item, the forms associated with each item, and what must be attached to the taxpayer’s tax return. The student should be able to recognize the type of income that must be included in line 21 as Other Income, as well as how to figure the taxable percentage on social security benefits.
Get this course and many others in our CE Bundle for only $136.
At the end of this course, the student will be able to do the following:
- Explain “worldwide income”.
- Understand where to report wages and other compensation.
- Differentiate earned vs. unearned income.
- Describe where each box on Form W-2 is reported.
Field of Study: Federal Tax Law 4 Hours
Course Level: Basic to intermediate
Prerequisite: General tax preparation knowledge is required
Delivery Method: Self-Study
IRS CE: 15G0B-T-00447-20-S
Expiration Date to earn CEs: October 1, 2021