Form 1040 Part 1: Filing Status, Exemptions and Income

Overview

Under United States federal income tax law, filing status determines which tax return form an individual will use. Form 1040 has various parts used for reporting of income and deductions by individual taxpayers. It is important for tax preparers to know their clients filing status and the different forms used in filing tax returns. 

In this course, you will get a review of the criteria governing whether different categories of individuals need to file a tax return and the forms that can be used in different cases. Next, the due dates for filing a tax return are discussed and the extensions of these deadlines that may be granted under various circumstances. The remaining chapters of the course will cover the tax treatment that applies to taxpayer income of different types, and the rules that govern whether this income is taxable.

Learning Objectives

Upon completion, students will be able to:

  • identify those persons who must file an individual federal income tax return and determine the appropriate filing status
  • identify the due dates and available extensions for filing of tax returns by individuals within the US, temporarily or permanently overseas, and in combat zones
  • correctly identify the tax treatment given to wages and salaries, tip income, fringe benefits and other miscellaneous forms of employee and non-employee compensation

Tax Year: 2020

Designed For

Newer tax professionals and those looking for a basic review of form 1040 tax issues
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