1040 Preparation and Planning: Gross Income: Interest, Dividends, and Other Ordinary Income (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law for CTEC
1 hour Federal Tax Related for EAs and OTRPs

This fifth course in the series covers gross income from interest, dividends, Social Security, alimony, unemployment benefits, cancellation of debt, and other income. Topics examined include how to report these types of gross income and exclusions that are available. How to calculate the taxation of Social Security benefits is also discussed. This course includes a detailed scenario that demonstrates calculating reportable income for taxpayers.

Publication Date: December 2016

Designed For
Tax practitioners

Topics Covered

  • Form 1040
  • Gross income from a number of sources
  • Interest, dividends, Social Security, and alimony income
  • Ordinary Income

Learning Objectives

  • Report interest income
  • Identify qualified dividends
  • Figure the includible portion of Social Security benefits
  • Describe the taxation of alimony
  • Describe the taxation of unemployment benefits
  • Distinguish cancellation of debt income that is taxable from COD income that is excludable
  • List "other income"

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None

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