Federal Tax Update-Individual

Product Description

What a year 2020 has been. The FTU-individual is here to clear up the tax changes. And, we keep it updated through the day before the class. This manual also includes hyperlinks to the new online free tax library.

• New and revised Forms for 2020: 1040, Sch. 1, Form 8615-E, Form
• In-depth coverage of the biggest retirement plan change year since 1986 with new limits, penalty relief, RMD changes, new income averaging, new 1-year rollover term and planning ideas
• The new charity rules-pre-AGI and 100% AGI limits
• The stimulus credit-the most overlooked credit for 2020, plus the reconciliation requirement
• More court cases on "real estate professionals" and passive losses
• Estate and gifts-the biggest tax planning year in a decade!
• A revisit to Foreign reporting requirements in respect to a 1/2 dozen new court cases
• A dozen new IRS rules, guidance, and breaks
• Basis-the old "don't worry about it" days are over-clear guidance, with forms
• Clear guidance in problem areas on mortgage interest, vacation rentals and virtual currency
• Be prepared for 2020 debt forgiveness with our new discussion, with forms of COD income
And, we keep your material updated through the day before the class!