Taxability of Earnings
Learn how to handle different types of income for tax purposes and enter them in tax preparation software. Ideal for beginning and experienced tax professionals.
What you’ll learn
- In this course you will learn how to handle different types of income for tax purposes and how to enter them in tax preparation software. The objectives of the course are listed below. 1. Learn how to handle wages, salaries, and tips. 2. Learn how to complete Schedule B for interest, dividends, and foreign account and trust questions. 3. Learn about the taxability of retirement income. 4. Review ROTH IRA recharacterization rules and Alimony requirements. 5. Walk through entering the information on all of the above in tax preparation software.
In this course you will learn how to handle different types of income for tax purposes and how to enter them in tax preparation software. The objectives of the course are listed below.
1. You will learn how to handle wages, salaries, and tips. Homeworkers will be discussed in detail with the rules around them being explained. Tips are also discussed in detail and reporting responsibilities for tip income, both by servers and by the employer.
2. Learn how to complete Schedule B for interest, dividends, and foreign account and trust questions. Interest and dividends have variations that many people do not think about but must be reported properly on the tax return. This course discusses some of the variations and how to report them.
3. Learn about the taxability of retirement income. Retirement income comes from different places. The course covers social security income as well as distributions from pension plans, annuities, and IRAs
4. Review Alimony requirements. Alimony reporting changed in after 2019. The course discusses how alimony is currently to be reported for alimony arrangements entered into after 2019.
5. Walk through entering the information on all of the above in tax preparation software. Many courses explain tax law but do not give examples of how data is actually entered into tax software. Our courses all have practical applications that demonstrate how data is entered into tax software.
Who this course is for:
- Beginning and experienced tax professionals
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