1040 Preparation and Planning 12: Figuring Tax Liability and Making Tax Payments (2020)

Author: Barbara Weltman, Sidney Kess

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

This course examines figuring tax liability: figuring taxable income; Tax Tables; Tax Computation Worksheet; Schedules D and J; computations for lump-sum distributions; kiddie tax; tax on child’s investment income; and other issues. It concludes with a review of tax withholding, when estimated tax payments are necessary and how to calculate them, and tax credits that can be used to offset tax liability.

Publication Date: November 2019

Designed For
Tax practitioners

Topics Covered

  • Individual tax return with the form 1040
  • Tax Tables
  • Tax computation worksheet
  • Schedule D and J
  • Lump-sum distributions
  • Kiddie tax
  • Child's investment income
  • Personal and dependency income
  • Review tax withholding
  • When estimated tax payments are necessary and how to calculate them
  • Tax credits that can be used to offset tax liability

Learning Objectives

  • Figure taxable income
  • Determine whether to use the Tax Table or Tax Computation Worksheet to figure the tax
  • Determine whether Schedule D, a separate worksheet, or Schedule J is necessary to figure the tax
  • Figure special tax computations for lump-sum distributions
  • Figure the kiddie tax and the tax on a child's investment income reported on a parent's return
  • Determine the sources of income tax withholding
  • Complete the schedule for estimated tax payments
  • Figure estimated tax installments and when to make payments
  • List tax credits treated as tax payments

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $44

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