Individual Income Tax Form 1040 Comprehensive Problem

Individual Income Tax Form 1040 Comprehensive Problem

Individual Income Tax Form 1040 Comprehensive Problem

Construct a complex tax return step by step with a Certified Public Accountant CPA

Language: english

Note: 4.5/5 (34 notes) 15,369 students

Instructor(s): Robert (Bob) Steele

Last update: 2021-02-18

What you’ll learn

  • How to complete at tax return
  • How to calculate taxes using a tax formula
  • How to use tax software to help complete a complex return
  • How to use an Excel tax worksheet to check work

 

Requirements

  • None

 

Description

This is a project based income tax course.

We will construct a complex tax return in a step by step format, beginning with a basic return & building complexity as we move forward.

The course will demonstrate the data input within 2020 income tax forms as well as the use of an Excel worksheet to check the numbers and demonstrate the use of tax software.

Using tax software & an Excel worksheet, formatted as the income tax equation, are common, and best practices for many tax professionals, practices that greatly increase understanding and accuracy.

The practice problem with start by using basic tax data input forms such as W-2 forms and Form 1099s. We will then add a Schedule A Itemized Deductions. The problem will eventually include a Schedule C Sole Proprietorship and Schedule E Rental Income or Loss.

The materials for the course will include example tax forms after many of the steps in the practice problem. We will also include an Excel worksheet template that will be used in the instructional videos.

We will be using Lacerte tax software. You are not required to have Lacerte tax software to follow along. If you do not have tax software you can still follow along using tax forms from the IRS website and use the Excel worksheet. Other tax software can also be used in a similar way.

In some cases Lacerte may offer a free 30-day trial period of the tax software.

 

Who this course is for

  • Tax Professionals
  • Tax Students
  • Individual Taxpayers

 

Course content

  • Income Section
    • 310 Practice Problem 1 Part 1 Introduction Organizing Documents
    • 315 Practice Problem 1 Part 2 Data Input Form W-2
    • 320 Practice Problem 1 Part 3 Data Input Form W-2 Tax Formula – Excel Worksheet
    • 325 Practice Problem 1 Part 4 Data Input Form 1099-DIV & Form 1099-INT
    • 330 Practice Problem 1 Part 5 Data Input Form 1099-DIV & Form 1099-INT Tax Formu
    • 335 Part 6 Data Input Form 1099-B Proceeds From Broker & Exchange Transactions
    • 340 Practice Problem 1 Part 6 Data Input Form 1099-B Proceeds From Broker & Exch
    • 345 Practice Problem 1 Part 7 Data Input State Refund, Unemployment, & Winnings
    • 350 Practice Problem 1 Part 8 Data Input State Refund, Unemployment, & Winnings
  • Comprehensive Problem Part 2
    • 410 Practice Problem 1 Presentation 8 Adjustments to Income Student Loan Interes
    • 412 Practice Problem 1 Presentation 9 Adjustments to Income Student Loan Interes
    • 415 Practice Problem 1 Presentation 10 Adjustments to Income Charitable Contribu
    • 417 Practice Problem 1 Presentation 11 Adjustments to Income Charitable Contribu
    • 420 Practice Problem 1 Presentation 12 Adjustments to Income IRA Deduction
    • 422 Practice Problem 1 Presentation 13 Adjustments to Income IRA Deduction Tax F
    • 425 Practice Problem 1 Presentation 14 Adjustments to Income Alimony Paid
    • 427 Practice Problem 1 Presentation 15 Adjustments to Income Alimony Paid Tax Fo
    • 432 Practice Problem 1 Presentation 17 Adjustments to Income Educator Expenses T
  • Comprehensive Problem Part 3
    • 510 Practice Problem 1 Presentation 18 Itemized Deductions Medical & Dental Expe
    • 515 Practice Problem 1 Presentation 19 Itemized Deductions Medical & Dental Expe
    • 520 Practice Problem 1 Presentation 20 Itemized Deductions Taxes You Pay
    • 522 Practice Problem 1 Presentation 21 Itemized Deductions Taxes You Pay Tax For
    • 525 Practice Problem 1 Presentation 22 Itemized Deductions Interest you Pay
    • 527 Practice Problem 1 Presentation 23 Itemized Deductions Interest you Pay Tax
    • 530 Practice Problem 1 Presentation 24 Gifts to Charity
    • 532 Practice Problem 1 Presentation 25 Gifts to Charity Tax Formula – Excel
    • 535 Practice Problem 1 Presentation 26 Other Itemized Deductions – Gamboling Los
    • 537 Practice Problem 1 Presentation 27 Other Itemized Deductions – Gamboling Los
  • Comprehensive Problem Part 4
    • 610 Practice Problem 1 #28 Sch. C Business Setup Business Worksheet
    • 615 Practice Problem 1 #19 Sch C Business Mark Accounts That May Need Adjustment
    • 620 Practice Problem 1 #30 Sch C Business Enter Into Tax Return & Record Open It
    • 621 Practice Problem 1 #31 Sch C Business Format Worksheet for Tax Adjustments
    • 630 Practice Problem 1 #32 Sch C Business Auto Expense
    • 635 Practice Problem 1 #33 Sch C Business Business Use of Home Office
    • 645 Practice Problem 1 #35 Sch C Business Business Retirement Plan & Health Insu
    • 650 Practice Problem 1 #36 Sch C Business Review Impact of Sch. C Business Incom
    • 655 Practice Problem 1 #37 Sch C Business Estimated Tax Payments
  • Comprehensive Problem Part 5
    • 710 Practice Problem 1 #38 Child Tax Credit & Other Dependents Tax Credit
    • 712 Practice Problem 1 #39 Child Tax Credit & Other Dependents Tax Credit Tax Fo
    • 715 Practice Problem 1 #40 Education Credit
    • 717 Practice Problem 1 #41 Education Credit Tax Formula – Excel
    • 720 Practice Problem 1 #42 Child & Dependent Care Credit
    • 722 Practice Problem 1 #43 Child & Dependent Care Credit Tax Formula – Excel
    • 725 Practice Problem 1 #44 Residential Entergy Credit
    • 727 Practice Problem 1 #45 Residential Energy Credit Tax Formula – Excel
  • Comprehensive Problem Part 6
    • 805 Practice Problem 1 #45 Rental Property Sch E Setup Worksheet
    • 810 Practice Problem 1 #46 Rental Property Sch E Depreciation
    • 815 Practice Problem 1 #47 Rental Property Sch E Data Input
    • 820 Practice Problem 1 #48 Rental Property Sch E Data Input Tax Formula – Excel
    • 825 Practice Problem 1 #49 Diagnostic State & Local Tax (SALT) Deduction Limitat

 

Individual Income Tax Form 1040 Comprehensive ProblemIndividual Income Tax Form 1040 Comprehensive Problem

Time remaining or 902 enrolls left

 

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