Optional Self-Study CPE courses included with Quickfinder CPE Collection. Obtaining CPE credit requires payment of grading fee.

Income Tax Training: Form 1040 (D40TG09)

Course Description: This interactive self-study course discusses the basic issues that tax preparers confront when preparing federal Form 1040. You will learn about the filing statuses for married and unmarried taxpayers and the rules for claiming dependents on tax returns. You will also learn how to report wages, salaries, and tips. In addition, this course reviews interest, dividends, alimony, and the taxpayer's responsibility for reporting unearned income.

Effective Date: December 2009

Recommended for: Users of Quickfinder® 1040 Handbook

Prerequisite/Advance Preparation: None

CPE Credit: 7 QAS Hours, 7 Registry Hours

CTEC Credit: 3 Federal CTEC Hours, 0 California Hours CTEC credit hours are half the number of CPE credit hours. Check with the state board of accountancy in the state in which you are licensed to determine if they participate in the QAS program and allow QAS CPE credit hours. This course is based on one CPE credit for each 50 minutes of study time in accordance with standards issued by NASBA. Note that some states require 100-minute contact hours for self-study. You may also visit the NASBA website at www.nasba.org for a listing of states that accept QAS hours. Enrolled Agents: This CPE course is designed to enhance professional knowledge for Enrolled Agents. Gear Up is a qualified CPE Sponsor for Enrolled Agents as required by Circular 230 Section 10.6(g)(2)(ii).

CFP Credit: 3 CE Hours - CFP? Credit hours are half the number of CPE credit hours

Field of Study: Taxes

Expiration Date: Postmarked by December 31, 2010

Knowledge Level: Basic

Learning Objectives:

Lesson 1 - The Basics Completion of this lesson will enable you to: List the major accounting methods. Identify the various 1040 income tax forms and their uses. Differentiate between adjustments to income and income tax credits. Lesson 2 - Filing Status Completion of this lesson will enable you to: List the filing requirements for federal income tax purposes. Identify filing statuses of married and unmarried taxpayers. Determine how many personal exemptions taxpayers may claim. Lesson 3 - Dependent Exemptions Completion of this lesson will enable you to: Apply the three general dependency tests. Identify the specific dependency tests for qualifying child or relative. List the applicable rules for filing returns involving children of divorced or separated taxpayers. Lesson 4 - Income of Employees Completion of this lesson will enable you to: Define employee compensation and determine which types of compensation must be reported on the income tax return. Identify the items included on the Form W-2. Determine if excess Social Security taxes have been withheld. Lesson 5 - Income of Employees (Continued) Completion of this lesson will enable you to: Identify the requirements for reporting tip income and unemployment compensation. Complete Form 4137. Lesson 6 - Unearned Income Completion of this lesson will enable you to: Identify different types of interest income and determine when interest income is taxable and when it is tax-exempt. List and describe the items included on Form 1099-INT, Interest Income and Form 1099-DIV, Dividends and Distributions. Define the three types of dividends and the tax treatment of each. Lesson 7 - Unearned Income (Continued) Completion of this lesson will enable you to: Determine what payments qualify as alimony. Identify which scholarships are nontaxable. Apply the kiddie tax rules to children with investment income.

To Complete This Learning Process: Send your completed Examination for CPE Credit Answer Sheet, Course Evaluation, and payment to: Thomson Reuters Tax & Accounting - R&G D40TG09 Self-study CPE 36786 Treasury Center Chicago, IL 60694-6700 See the test instructions for more information.

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