Preparing 2018 Individual Income Tax Returns

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1 Preparing 2018 Individual Income Tax Returns Published and Distributed by The CPE Store, Inc.

2 Module 1 Chapters 1-4 Chapter 1 Filing Information... 1 Learning Objectives... 1 Introduction... 1 Do I Have To File a Return?... 1 Which Form Should I Use?... 5 Does My Return Have To Be on Paper?... 5 When Do I Have To File?... 7 How Do I Prepare My Return?... 9 Where Do I File? What Happens After I File? What If I Made a Mistake? Review Questions Review Answers Chapter 2 Filing Status Learning Objectives Introduction Marital Status Single Married Filing Jointly Married Filing Separately Head of Household Qualifying Widow(er) With Dependent Child Review Questions Review Answers Chapter 3 Dependents Learning Objectives Introduction Dependents Social Security Numbers for Dependents Review Questions Review Answers Chapter 4 Tax Withholding & Estimated Tax Learning Objectives Introduction Tax Withholding for Estimated Tax for Credit for Withholding and Estimated Tax for Underpayment Penalty for Review Questions Review Answers Module 2 Chapters 5-8 Chapter 5 Wages, Salaries, & Other Earnings Learning Objectives Introduction Employee Compensation Special Rules for Certain Employees Sickness and Injury Benefits Review Questions Review Answers Chapter 6 Tip Income Learning Objectives Introduction Keeping a Daily Tip Record... 95

3 Reporting Tips to Your Employer Reporting Tips on Your Tax Return Allocated Tips Review Questions Review Answers Chapter 7 Interest Income Learning Objectives Introduction General Information Taxable Interest When to Report Interest Income How to Report Interest Income Review Questions Review Answers Chapter 8 Dividends & Other Distributions Learning Objectives Introduction General Information Ordinary Dividends Capital Gain Distributions Nondividend Distributions Other Distributions How to Report Dividend Income Review Questions Review Answers Module 3 Chapters 9-13 Chapter 9 Rental Income & Expenses Learning Objectives Introduction Rental Income Rental Expenses Property Changed to Rental Use Renting Part of Property Not Rented for Profit Personal Use of Dwelling Unit (Including Vacation Home) Depreciation Limits on Rental Losses How to Report Rental Income and Expenses Review Questions Review Answers Chapter 10 Retirement Plans, Pensions, & Annuities Learning Objectives Introduction General Information Cost (Investment in the Contract) Taxation of Periodic Payments Taxation of Nonperiodic Payments Rollovers Special Additional Taxes Survivors and Beneficiaries Review Questions Review Answers Chapter 11 Social Security & Equivalent Railroad Retirement Benefits Learning Objectives Introduction Are Any of Your Benefits Taxable? How to Report Your Benefits Examples ii

4 Deductions Related to Your Benefits Review Questions Review Answers Chapter 12 Other Income Learning Objectives Introduction Bartering Canceled Debts Host or Hostess Life Insurance Proceeds Partnership Income S Corporation Income Recoveries Rents from Personal Property Repayments Royalties Unemployment Benefits Welfare and Other Public Assistance Benefits Other Income Review Questions Review Answers Chapter 13 Basis of Property Learning Objectives Introduction Cost Basis Adjusted Basis Basis Other Than Cost Review Questions Review Answers Module 4 Chapters Chapter 14 Sale of Property Learning Objectives Introduction Sales and Trades Capital Gains and Losses Review Questions Review Answers Chapter 15 Selling Your Home Learning Objectives Introduction Main Home Figuring Gain or Loss Excluding the Gain Business Use or Rental of Home Reporting the Sale Special Situations Recapturing (Paying Back) a Federal Mortgage Subsidy Review Questions Review Answers Chapter 16 Reporting Gains & Losses Learning Objectives Introduction Reporting Capital Gains and Losses Disaster Area Losses Review Questions Review Answers iii

5 Chapter 17 Individual Retirement Arrangements (IRAs) Learning Objectives Introduction Traditional IRAs Roth IRAs Review Questions Review Answers Chapter 18 Alimony Learning Objectives Introduction General Rules Instruments Executed After How to Deduct Alimony Paid How to Report Alimony Received Recapture Rule Review Questions Review Answers Module 5 Chapters Chapter 19 Education-Related Adjustments Learning Objectives Introduction Student Loan Interest Deduction Educator Expenses Review Questions Review Answers Chapter 20 Standard Deduction Learning Objectives Introduction Standard Deduction Amount Standard Deduction for Dependents Who Should Itemize Review Questions Review Answers Chapter 21 Medical & Dental Expenses Learning Objectives Introduction What Are Medical Expenses? What Expenses Can You Include This Year? How Much of the Expenses Can You Deduct? Whose Medical Expenses Can You Include? What Medical Expenses Are Includible? How Do You Treat Reimbursements? Damages for Personal Injuries How Do You Figure and Report the Deduction on Your Tax Return? Impairment-Related Work Expenses Health Insurance Costs for Self-Employed Persons Review Questions Review Answers Chapter 22 Taxes Learning Objectives Introduction Tests to Deduct Any Tax Limit on Deduction Income Taxes General Sales Taxes Real Estate Taxes Personal Property Taxes Taxes and Fees You Cannot Deduct iv

6 Where to Deduct Review Questions Review Answers Chapter 23 Interest Expense Learning Objectives Introduction Home Mortgage Interest Investment Interest Items You Cannot Deduct Allocation of Interest How to Report Review Questions Review Answers Module 6 Chapters Chapter 24 Contributions Learning Objectives Introduction Organizations That Qualify To Receive Deductible Contributions Contributions You Can Deduct Contributions You Cannot Deduct Contributions of Property When to Deduct Limits on Deductions Records to Keep How to Report Review Questions Review Answers Chapter 25 Nonbusiness Casualty & Theft Losses Learning Objectives Introduction Casualty Theft Loss on Deposits Proof of Loss Figuring a Loss Deduction Limits When to Report Gains and Losses How to Report Gains and Losses Review Questions Review Answers Chapter 26 Car Expenses & Other Employee Business Expenses Learning Objectives Introduction Who Qualifies for the Deduction Travel Expenses Business Meal Expenses Gift Expenses Transportation Expenses Recordkeeping How to Report Review Questions Review Answers Chapter 27 Tax Benefits for Work-Related Education Learning Objectives Introduction Qualifying Work-Related Education What Expenses Can Be Deducted Reimbursements v

7 Deducting Business Expenses Recordkeeping Review Questions Review Answers Module 7 Chapters Chapter 28 Miscellaneous Deductions Learning Objectives Introduction Deductions Not Subject to the 2% Limit Nondeductible Expenses Pass-Through Income Deduction Review Questions Review Answers Chapter 29 How to Figure Your Tax Learning Objectives Introduction Figuring Your Tax Alternative Minimum Tax Tax Figured by IRS Review Questions Review Answers Chapter 30 Tax on Investment Income of Certain Children Learning Objectives Introduction Line Instructions Review Questions Review Answers Chapter 31 Child & Dependent Care Credit Learning Objectives Introduction Tests to Claim the Credit How to Figure the Credit How to Claim the Credit Employment Taxes for Household Employers Review Questions Review Answers Chapter 32 Credit for the Elderly or the Disabled Learning Objectives Introduction Are You Eligible for the Credit? Credit Figured for You Credit Figured by You Review Questions Review Answers Module 8 Chapters Chapter 33 Child Tax Credit Learning Objectives Introduction Qualifying Child Amount of Credit Claiming the Credit Additional Child Tax Credit Review Questions Review Answers vi

8 Chapter 34 - Education Credits Learning Objectives Introduction Who Can Claim an Education Credit Qualified Education Expenses Review Questions Review Answers Chapter 35 Earned Income Credit (EIC) Learning Objectives Introduction Do You Qualify for the Credit? Part A. Rules for Everyone Part B. Rules If You Have a Qualifying Child Part C. Rules If You Do Not Have a Qualifying Child Part D. Figuring and Claiming the EIC Review Questions Review Answers Chapter 36 Other Credits Learning Objectives Introduction Nonrefundable Credits Refundable Credits Review Questions Review Answers Glossary Index vii

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