• identify the three methods available on Form 1040 for reporting foreign taxes paid, and the limits on claimable amounts and carryover if Form 1116 is not filed
• recognize the differences between the American Opportunity Credit and the Lifetime Learning Credit and taxpayer eligibility criteria for each
• identify taxpayer eligibility criteria for claiming various tax credits
• identify the conditions that must be met for a taxpayer to claim the Earned Income Credit, and the due diligence requirements for tax practitioners who file such claims
• recognize the options available for taxpayers who are eligible to claim the Premium Tax Credit to offset their healthcare costs
• recognize when a client has excess Social Security and Tier 1 RRTA tax withheld and determine the amount of the available credit

Tax Year: 2022

CPAs, EAs, and other tax professionals