At the end of this class students will be able to:
- Describe numerous adjustments to income
- List the types of income that are subject to potential taxation, describe alimony and its implications on taxes, discuss the TCJA update regarding the taxability of alimony, understand multiple definitions;
- List the general and specific rules surrounding divorce or separation, what is and what is not considered alimony, describe how payments to a third-party, home costs, taxes and insurance, and understand the differences between instruments executed before and after 1984/1985, spousal household issues, child support, liability and death concerns, substitute payments, and more;
- Discuss how alimony deduction and recapture are handled, how to report received alimony work,
- Describe education-related adjustments, including what’s new, deductions for educator expenses, Section 529/Qualified Tuition Programs and tax-related rules, how ABLE accounts operate, using 529 Plans to pay off student loans, how 529 plans can be used for apprenticeships and rules, student loan interest deduction, qualifying student loans, and other eligibility concerns;
- List the types of eligible educational institutions and eligible students,what to include as interest, figuring and claiming the deduction, describe education tax credits and Form 8863 (Education credits and eligibility) including Form 1098-T and its application,
- Describe qualified education expenses and how to apply, tax-free educational assistance, refunds and recapture concerns, Coordination with Education Savings Bonds, Coverdell Education Savings Account, and Qualified Tuition Programs, amounts that do not reduce qualified education expenses, claiming a dependent’s expenses and other related situations, and comprehensive or bundles fees;
- Discuss other adjustments to income, including moving expense suspended and any reimbursement is taxable (except for active military), describe the new standard mileage provisions and Revenue Procedure 2019-46, revisions to Revenue Procedure 2010-51, describe and apply the armed forces-related amendments, suspension periods, substantiation adjustments (mileage), effective dates;
- Describe Health Savings Accounts (HSAs) and related tax concerns, self-employment adjustments, the potential penalty on early withdrawal of certain savings (IRAs, etc.), and how certain businesses for select individuals are excepted.
Course Format: Text
Credit Type: Federal Tax Law Update
Course ID(s): UUBXU-T-00098-26-S
Approved By: Internal Revenue Service
