Income Tax for Individuals (2016 Tax Returns)

**This course is now expired and no longer qualifies for IRS CE Credit. To avoid study material confusion, the course materials and final exam have been removed from this course.


IRS Program Number: YH9W1-T-00014-17-S
CE Credits: 24 hours
IRS Category: Federal Tax Law
Delivery Type: Online Self-Study
Exam Questions: 120

Course Syllabus

Course Description
This tax course provides an overview of the federal income tax laws for individuals. The general areas discussed cover who must file and which filing status can be used, the different tax forms to use, whether or not dependents can be claimed, when the return is due, and other general tax information. The course also explains whether income received is taxable, an explanation of standard deductions, various expenses that can be deducted, and the different types of credits that are available to reduce the total tax due. This course is a basic tax level course with no prerequisites, and qualifies for 24 CE credits in IRS Federal Tax Law.

Learning Objectives

  • Recall important tax changes to be used for 2016 tax returns.
  • Recognize the length of the automatic extension provided by filing Form 4868.
  • Recognize the various filing statuses and who is eligible to use them.
  • Recall the various requirements for a qualifying child.
  • Identify the purpose of estimated taxes.
  • what types of compensation are included as income for tax purposes.
  • Recognize what tips should be included in income for tax purposes.
  • Recall the proper tax treatment for various types of interest.
  • Identify the proper treatment of various types of dividends.
  • Recognize the proper treatment of rental property income and expenses for tax purposes.
  • Identify various requirements regarding retirement plan taxation.
  • Recognize key taxation thresholds related to social security income.
  • Identify the taxability of various types of other income.
  • Identify the factors to consider in calculating the basis of property.
  • Recognize the taxability of the sale of personal use property.
  • Identify the special tax rules related to selling your home.
  • Recall the capital gains rates for the current year.
  • Recall the thresholds, requirements, and additional taxes related to individual retirement arrangements.
  • Recognize what moving expenses are and are not deductible.
  • Recognize what is and is not alimony.
  • Identify education-related adjustments that can be made to income.
  • Recall the standard deduction amounts for the current year.
  • Recognize the deductibility characteristics of medical and dental expenses.
  • Recognize what taxes you can deduct if you itemize deductions.
  • Recall what types of interest you can and cannot deduct.
  • Recall the types of charitable contributions you can deduct and the records you should keep.
  • Recall the tax treatment of personal casualty losses, theft losses, and losses on deposits.
  • Identify what business-related expenses related to travel, transportation, entertainment, and gifts are deductible.
  • Recognize what work-related education expenses are deductible.
  • Identify various miscellaneous itemized deductions that you may be able to claim on Schedule A to adjust taxable income.
  • Recognize the limits on itemized deductions for the different filing statuses.
  • Recognize various alternative minimum tax adjustments and preference items.
  • Recall the rules related to the tax on unearned income of certain children.
  • Recall how to figure the child and dependent care credit.
  • Identify who qualifies to take the credit for the elderly or disabled.
  • Recall who qualifies for the child tax credit and the additional child tax credit.
  • Identify the requirements for and benefits of the American opportunity credit and the lifetime learning credit.
  • Recall the limit of investment income to qualify for the earned income credit.
  • Recognize who is eligible to claim the premium tax credit.
  • Identify various nonrefundable and refundable credits available for income tax purposes.

Course Assignments

  • Study each Chapter
  • Answer review questions at the end of each chapter
  • Pass the Final Exam with a score of 70 percent or better

Final Exam and Certification
The final exam consists of 120 multiple-choice questions on the information covered in the course materials. To receive credit for this course, you must click on the Exam below to initiate the exam. A passing score of 70 percent or better will receive course credit and a Certificate of Completion.


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Course Content