EA Exam Prep Part 1: Tax Sample 1- Nelson Puzzle (Currently Unavailable)

Author: Eva Rosenberg

This is the seventh class of the EA Exam Prep. Part 1 series. This is a hands-on course in preparing a sample tax return. The primary source of income for this married couple is social security, but other details affect their tax return. TaxMama® discusses the specifics behind each piece of information needed to complete an accurate return. Use your detective skills to identify missing information. Learn about constructing a critical component to tax preparation - the client question list. Get tips on tax preparation software.

Publication Date: June 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to gain insight into individual tax preparation– and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at preparing a tax return for a sample client. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying

Topics Covered

• Form 1040 and associated schedules
• Social security income
• Social security death benefits
• Medicare payments
• Interest income
• U.S. savings bond interest income
• Royalty income
• Other revenue
• Medical payments
• Charitable giving
• Other personal taxes and expenses paid
• Schedule A
• Standard deduction

Learning Objectives

• Recognize the preparation of Form 1040
• Recognize how to prepare Form 1040 Social Security Benefits Worksheet, Form 1040 Schedule 1 — Additional Income and Adjustments to Income, Form 1040 Schedule 5 — Other Payments and Refundable Credits, Form 1040 Schedule A — Itemized Deductions, Form 1040 Schedule B — Interest and Ordinary Dividends, and Form 1040 Schedule E — Supplemental Income and Loss
• Identify appropriate filing status for taxpayers
• Recognize how to complete returns for taxpayers with hyphenated names
• Describe if taxpayers qualify for Section 199A — Business Income Deduction
• Recognize state tax issues
• Identify additional information needed from the client
• Identify how to formulate critical client questions pertaining to information needed to complete the return

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None