1040 Series

Course Objectives

Schedule A-At the conclusion of this course the student will understand when to itemize, when it is not available or required and dollar limitations. The student will have detailed, in-depth understanding of allowable and non-allowed medical, tax, interest, charity and other itemized deductions and limitations. Several special elections will be explained and instructed when and how to make.

Schedule B-At the conclusion of this course the student will understand when Schedule B is required, how to report common and unusual interest and dividend income, how to answer the foreign income questions, and the special summaries and subtotal reporting needs of the form.

Schedule C-At the conclusion of this course the student will understand when a Schedule C is required by learning how to differentiate between a business and a hobby. The student will also learn the record-keeping requirements and special reporting of income and expenses for many types of businesses, with in-depth discussion of common and unusual deductions including depreciation.

Schedule D-At the conclusion of this course the student will understand when a Schedule D or Form 8949 is required, and how to complete the form. The student should understand what a capital gain or loss is, where and how to report it, special rules and exceptions, and special elections or attachments.

Schedule E-At the conclusion of this course the student will understand when and where it is appropriate to use Schedule E, how to report rent and royalty income and expenses, passive loss rules, and K-1 income, losses and basis limitations.