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OnDemand Course

IRS Form 1040 Preparation Part 4: Other Income and Exclusions

Gain a better understanding of exclusions from gross income, including tax treatment of gifts and inheritances, taxable and tax-free damages, and miscellaneous tax-free income.

Many taxpayers face a variety of different income streams or an unusual one-time income event. Navigating the taxability of these various items can be difficult and prompts taxpayers to ask the question, "Is this taxable? Is there anything I can do to avoid the tax?" This topic will discuss various types of other income, the taxability of those items, and opportunities for avoiding or minimizing tax.

97 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Other Income

  • IRAs and Retirement Plans
  • Miscellaneous Income From Labor
  • Application of Self-Employment Tax
  • Prizes and Awards
  • Cancellation of Debt

Exclusions From Income - Investments

  • Municipal Interest
  • Sale of Home
  • Section 1202 Exclusion
  • Section 1045 Exclusion
  • Opportunity Zones

Exclusions From Income - Other

  • Taxable and Tax-Free Damages
  • Gifts and Inheritances
  • Foreign Earned Income Exclusion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on October 24, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Paul Osborn

Paul Osborn

Hudson Cisne & Co. LLP

  • Principal with Hudson Cisne & Co. LLP in Little Rock, Arkansas
  • Areas of focus are: tax and valuation services, mergers and acquisitions/exit planning, manufacturing, medical practices
  • American Institute of CPAs, Arkansas Society of CPAs, National Association of Certified Valuators and Analysts
  • B.A. degree, Thomas More College in Northern Kentucky
  • Can be contacted at 501-221-1000 or [email protected]
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More Program Information

Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406417
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