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Back to Course Descriptions
Prerequisite - None
Program Level - Basic
Advance Preparation - None
Instructional Delivery Method - This course includes a minimum of 5 review questions with correct and incorrect responses and 5 exam questions for each cpe hour. For the best results we recommend the following steps to complete this course:
(1) Complete the reading assignments. We recommend you read and study all of the required materials prior to beginning the review or final exam.
(2) Complete the related review questions. Each review question offers interactive feedback for all questions. We recommend that you view all feedback, correct and incorrect, to each question. These responses focus on key areas related to the questions and will assist in preparing for the exam.
(3) Complete the exam. Review any incorrect answers.
Recommended CPE Credit - 3 hours (6 hours for Enrolled Agents). These hours are based on pilot testing results and a 100 minute study hour (50 minute study hour for Enrolled Agents) .
Course Registration Requirements - CPAs should check the Sponsor Information page to determine if this course is available in their state of registration.
Lesson and Objectives |
Reading
Assignment |
| Credit for the Elderly or Disabled |
Section 1 |
1. Can You Take the Credit? |
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The learning objectives for this lesson are to gain an understanding of:
- Qualified individuals
- Income limits
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| 2. Figuring the Credit |
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The learning objectives for this lesson are to gain an understanding of:
- The initial amount
- Certain nontaxable pensions and benefits
- Excess adjusted gross income
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| Filing Requirements/Taxable and Non-Taxable Income |
Section 2 |
| 1. General Requirements |
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The learning objectives for this lesson are to gain an understanding of:
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| 2. Taxable and Nontaxable Income |
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The learning objectives for this lesson are to gain an understanding of:
- Compensation for services
- Retirement plan distributions
- Social security and equivalent railroad retirement benefits
- Sickness and Injury benefits
- Disability income
- Life insurance proceeds
- Sale of home
- Other related items
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| Adjustments to Income, Deductions, & Other Items |
Section 3 |
The learning objectives for this lesson are to gain an understanding of:
- IRA contributions and deductions
- The standard deduction
- Itemized deductions
- Child and dependent care credit
- Earned income credit
- Who can claim the credit?
- Advance earned income credit payments
- Estimated tax
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