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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.

Learning Objectives

  • You will be able to identify inclusions to Gross Income
  • You will be able to recognize exclusions from income
  • You will be able to recognize income excluded from included in Other Income
  • You will be able to recognize income included in Other Income

Runtime: 97 minutes
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Why Lorman?

Over 33 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 33 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 December 5, 2019.

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

  • CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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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Why Lorman?

Over 33 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.

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Product ID: 407228
Published 2019
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