Table of Contents EA Exam Part

Transcription

1 Table of Contents EA Exam Part Introduction... 2 Examination Content Outline... 8 Course Content Preliminary Work and Taxpayer Data Preliminary work to prepare tax returns Use of prior year s return for comparison, accuracy, and carryovers Taxpayer s biographical information Residency Status Filing requirements Dates for Filing Returns Filing Status Source of income Exclusions Related to Foreign Income and Nonresident Aliens Standard deduction Exemptions Previous IRS correspondence Special filing requirements Foreign account and asset reporting Minor children s unearned income ACA requirements Section Practice Questions Answers to Section Practice Questions Income and Assets Income Wages, salaries, and other earnings Interest income Dividends and other distributions

2 Rental income and expenses Gambling income and deductions Forgiveness of debt Foreign income Other income Constructive receipt of income Constructive dividends Passive income and loss and at-risk rules Pass through entities Royalties State/local income tax refund and other itemized deduction recoveries MISC reporting, irregularities, and corrections Retirement income Traditional IRAs Roth IRAs Qualified and non-qualified plans Excess Contributions Prohibited Transactions Converting From Any Traditional IRA Into a Roth IRA Required distribution Loans from 401(k)s Social Security and equivalent Railroad Retirement benefits Taxability of net unrealized appreciation (NUA) Foreign pensions and retirement income Property, real and personal Capital Gains and Losses Basis of assets Basis of stock Publicly traded partnerships (PTP) Sale or disposition of property Sale of personal residence Installment sales

3 Options Like-kind exchanges Holding Period Non-business bad debts Investor versus trader Adjustments to income Self-employment tax Health savings accounts Other adjustments to income Section Practice Questions Answers to Section Practice Questions Deductions and Credits Itemized deductions Medical and dental expenses Various taxes Interest expense Charitable contributions Nonbusiness casualty and theft losses Miscellaneous itemized deductions Transportation and other employee business expenses Other employee expenses AGI limitation on itemized deductions Nonresident itemized deductions Credits Child and Dependent Care Credit Child tax credit Education credits Foreign tax credit Earned income tax credit Retirement contribution credit Adoption credits ACA net premium tax credit

4 Other credits (refundable and non-refundable) Section Practice Questions Answers to Section Practice Questions Taxation and Advice Taxation Alternative Minimum Tax Penalties and exceptions on retirement plans and IRAs Household Employees Underpayment penalties and interest Amended returns Self-employment tax Credit for Excess Social Security Clergy provisions Income in respect of a decedent Healthcare individual responsibility payment and exceptions Net investment income tax Additional medicare tax Uncollected Social Security and Medicare tax Other taxes Advising the individual taxpayer Estimated tax and withholding Injured spouse and innocent spouse Carryovers and net operating loss Advantages and disadvantages of MFJ/MFS/HOH Section Practice Questions Answers to Section Practice Questions Specialized Returns for Individuals Estate Tax Income in respect of a decedent General Gross estate Deductions and credits

5 Unified credit Filing requirements Gift Tax Form Gift splitting Annual per donee exclusion Unified credit Effect on estate tax (e.g. Generation skipping transfer tax) Filing requirements Section Practice Questions Answers to Section Practice Questions References