Beyond the 1040® 

Fees: $97 for Members and $113 for Nonmembers

Summary
Take the extra step in getting ready for this year’s filing season. We will go over some of the trickier items you may encounter such as AMT and passive activities. We will cover the more complex items of investment income such as puts & calls, options, short sales and wash sales. Come and learn about the intricate rules related to IRAs including conversions and recharacterizations. What happens if your client receives an IRS Notice? We’ve got you covered and will show you how to respond. If your clients are increasingly finding themselves encountering more complex tax situations, you won’t want to miss this course!

Table of Contents

Objectives
Upon completion of this course, you will be able to: 

• Identify a passive activity.
• Determine if a taxpayer qualifies as a real estate professional.
• Compute the deductible amount of a passive loss.
• Track a suspended passive loss carryover.
• Report suspended losses from a former passive activity.
• Elect to group passive activities together.
• Identify tax results on the disposition of a passive activity.
• Identify AMT adjustment and preference items.
• Distinguish between temporary and permanent AMT adjustments.
• Complete Form 6251, Alternative Minimum Tax – Individuals.
• Complete Form 8801, Credit for Prior Year Minimum Tax – Individuals, Estates and Trusts.
• Identify the types of notices the IRS sends to taxpayers.
• Respond to IRS notices.
• Avoid future IRS notices for existing clients.
• Identify short sales and wash sales.
• Report puts and calls.
• Compute and report the income from the exercise and sale of options.
• Complete Form 8949 and Schedule D.
• Compute required minimum distributions.
• Correct and report excess IRA contributions.
• Complete Form 8606, Nondeductible IRAs.
• Report an IRA conversion and recharacterization.
• Avoid the 10% early distribution penalty.