Tax Impact of Having a Child Self-Study
Summary
Having a child can be expensive. Whether it’s diapers, child care or health insurance coverage, raising a child often strains family budgets. However, the Tax Code offers some assistance to parents that all tax preparers must know to ensure their clients receive all of benefits to which they are entitled. This course examines a variety of tax issues involving children ranging in age from 0 to adulthood. Topics covered include tax credits available to taxpayers with dependent children on the Form 1040, who qualifies as a dependent for federal tax purposes, kiddie tax rules and tax benefits for qualified education expenses.
Objectives
Upon completion of this course, you will be able to:
- Apply the dependency rules for a child
- Recognize when a child is subject to kiddie tax, which tax rate applies and how it is reported
- Define the tax credits available to taxpayers with dependent children
- Calculate the child tax credit
- Summarize the requirements to claim education credits
Course Details
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.
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