Federal CE
2016 2 Hours Adjustments to Income

2016 2 Hours Adjustments to Income

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Objectives

At the end of this lesson the student will:

  • Understand how an adjustment to income can decrease the taxpayer’s AGI
  • Know what adjustments can be reported on Form 1040A and Form 1040
  • Identify when Form 3903 is used
  • Define the differences between tuition and fees deduction and education credits
  • Recite the phase outs and contribution limits of traditional IRAs and Roth IRAs
  • Understand when and how alimony is paid 
  • Locate where to report the penalty on early withdrawal of savings
  • Describe who qualifies for a student loan deduction

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