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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 34 ||| Word Count: 15,708 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 2 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 245 |
| Description : | While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. This mini-course is designed to cover “hot” topics having a direct impact on the practitioner who represents any client with family issues. The emphasis is on using tax solutions to ease family economic concerns permitting the practitioner to be a real tax hero. |
| Usage Rank : | 16818 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Tax Planning
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 23-Mar-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 245 |
| Keywords : | Taxes, Family, Tax, Planning, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* Divorce costs * Child, dependent care & adoption credits * Education expenses, credits & deductions * Medical costs * Charitable contributions * Casualty & theft losses * Home sales & mortgage interest * Property rights * Elderly, disabled & estate planning After reading the materials, participants will be able to:
2. Identify the costs and fees that qualify for the tax credit for adoption expenses and for education credits, such as the HOPE credit, and cite the requirements for dependent care assistance and the contribution limits for Coverdell ESAs. 3. Determine medical cost deductions available to individuals under §213, specify items qualifying as deductible §163 home mortgage interest, and recognize the taxation of §1041 interspousal transfers particularly as to property settlements. |
| Course Contents : | Chapter 1 - Family Tax Planning Filing Status Marital Status Unmarried Abandoned Spouse Rule Married Joint Return Innocent Spouse Relief - §6015 Refund Offset Program - §6402 Injured Spouse - Form 8379 Separate Returns Separate vs. Joint Dilemma Disadvantages of a Separate Return Advantages of a Separate Return Joint Return after Separate Returns Head of Household Exemptions Suspended Former Phaseout of Exemptions Divorce Costs Tax Advice - §212(3) Fees to Obtain Alimony or Protect Income - §212(1) & (2) Fees to Obtain Property - §1012 & 1016 Living Together Married v. Unmarried Tax Rate Comparison Sham Divorce Dependency Exemptions Alimony & Property Divisions Children's Income Unearned Income of Children Under 18 - The "Kiddie Tax" Application Adoption Credit Exclusion from Income for Employer Reimbursements Child or Dependent Care Credit - §21 Eligibility Employment Related Expenses Qualifying Out-of-the-home Expenses Payments to Relatives Allowable Amount Dependent Care Assistance - §129 Reporting Dependent Care Assistance - §129 Amount of Assistance Requirements 55% Test Conflict with Dependent Care Work-Related Educational Expenses - §162 Qualified Individuals Qualifying Education Requirements Exception Education Required by Employer or by Law Education to Maintain or Improve Skills Education Expense Credits - §25A American Opportunity (former Hope) Tax Credit - §25A(b) Phase Out - §25A(d) Refundable Lifetime Learning Credit - §25A(c) Phase Out - §25A(d)(1) Education Savings (or Coverdell) Accounts - §530 Contribution Limits Beneficiary Limit Contributor Limit Phased Out of Contribution Qualified Expenses Homeschooling Student Loan Interest - §221 Qualified Education Loan Related Party Loan Qualified Higher Education Expenses Qualified Tuition Programs - §529 Distributions Form 1099-Q Reporting Education Expenses - §529(e)(3) Cancellation of Student Loans - §108 Other Loan Forgiveness IRA Withdrawals for Education - §72(t) Scholarships & Fellowships - §117 Degree Candidate Student Loans Qualified Tuition Reduction Educational Savings Bonds - §135 Limitation Medical Costs - §213 Spouse Dependents Health Savings Account - §223 Eligible Individuals Contributions Health Insurance For Self-Employed Charitable Contributions - §170 Requirements for Deductibility Limitations on Contributions 60% Ceiling 30% Ceiling 20% Ceiling Carryovers - Five Years Casualty & Theft Losses - §165 Casualty Theft Limitations Special Residence Rule Disaster Area Losses Unsafe Home Special Residence Rule Home Sales Exclusion Amount Two-Year Ownership & Use Requirements Tacking of Prior Holding Period Prorata Exception Limitations on Exclusion Reduced Home Sale Exclusion for Periods of Nonqualified Use Moving Expenses - §217 Moving Expense Reimbursement Home Mortgage Interest Home Acquisition Debt Home Equity Debt Points Exception - Fully Deductible Points Property Rights Marital Property Common Law Property Community Property Equitable Distribution Separate Property Premarital Agreements Limitations Enforceability Requirements Property Settlements Passive Activity Loss Property Residence Qualified Domestic Relations Order Alimony Alimony Restrictions & Requirements Pre 2019 Decrees 2019 & Later Decrees Pre-2019 Recapture of Alimony Child Support Contingency Relating To the Child Clearly Associated With a Contingency Elderly & Disabled Planning Managing the Estate Catastrophic illness Health Care Decisions Accelerated Death Benefits Terminally Ill Individual Chronically Ill Individual Exclusion Limited Estate Planning Simple Will Applicable Exclusion Portability – Deceased Spousal Unused Exclusion Amount Danger for Larger Estates Probate Living “A-B” Revocable Trust Living “A-B-C” (QTIP) Trust Impact of Spousal Portability on Trust B Glossary |
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