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Individual Income Tax Form 1040 Comprehensive Problem
Highest Rated
Rating: 4.6 out of 5(222 ratings)
29,941 students

Individual Income Tax Form 1040 Comprehensive Problem

Construct a complex tax return step by step with a Certified Public Accountant CPA
Highest Rated
Created byRobert (Bob) Steele
Last updated 2/2021
English

What you'll learn

  • How to complete at tax return
  • How to calculate taxes using a tax formula
  • How to use tax software to help complete a complex return
  • How to use an Excel tax worksheet to check work

Course content

6 sections • 50 lectures • 7h 46m total length

  • 310 Practice Problem 1 Part 1 Introduction Organizing Documents18:21
  • 315 Practice Problem 1 Part 2 Data Input Form W-219:20

    Practice data input of W-2 forms into tax software or a companion Excel worksheet, including employer information, wages, withholdings, box 12 deferrals for a 401(k), and taxpayer versus spouse entries.

  • 320 Practice Problem 1 Part 3 Data Input Form W-2 Tax Formula – Excel Worksheet15:57

    Demonstrate inputting W-2 data into a tax software and an Excel worksheet, and cross-check results to minimize data-entry errors in federal income tax calculations.

  • 325 Practice Problem 1 Part 4 Data Input Form 1099-DIV & Form 1099-INT16:48
  • 330 Practice Problem 1 Part 5 Data Input Form 1099-DIV & Form 1099-INT Tax Formu13:41

    Practice data input for form 1099-DIV and 1099-INT and W-2s by building a tax formula in Excel, comparing with tax software to verify taxable income and Schedule D on 1040.

  • 335 Part 6 Data Input Form 1099-B Proceeds From Broker & Exchange Transactions13:49

    Explain how to input broker proceeds from Form 1099-B into Schedule D, detailing stock sales, cost basis, and capital gains or losses with long-term and short-term classifications.

  • 340 Practice Problem 1 Part 6 Data Input Form 1099-B Proceeds From Broker & Exch9:18

    Learn to input 1099-B proceeds from broker and exchange transactions in Excel to mirror Form 1040 data, reconcile Schedule D, and handle short-term and long-term gains and capital loss carryovers.

  • 345 Practice Problem 1 Part 7 Data Input State Refund, Unemployment, & Winnings12:31
  • 350 Practice Problem 1 Part 8 Data Input State Refund, Unemployment, & Winnings8:00

Requirements

  • None

Description

This is a project based income tax course.

We will construct a complex tax return in a step by step format, beginning with a basic return & building complexity as we move forward.

The course will demonstrate the data input within 2020 income tax forms as well as the use of an Excel worksheet to check the numbers and demonstrate the use of tax software.

Using tax software & an Excel worksheet, formatted as the income tax equation, are common, and best practices for many tax professionals, practices that greatly increase understanding and accuracy.

The practice problem with start by using basic tax data input forms such as W-2 forms and Form 1099s. We will then add a Schedule A Itemized Deductions. The problem will eventually include a Schedule C Sole Proprietorship and Schedule E Rental Income or Loss.

The materials for the course will include example tax forms after many of the steps in the practice problem. We will also include an Excel worksheet template that will be used in the instructional videos.

We will be using Lacerte tax software. You are not required to have Lacerte tax software to follow along. If you do not have tax software you can still follow along using tax forms from the IRS website and use the Excel worksheet. Other tax software can also be used in a similar way.

In some cases Lacerte may offer a free 30-day trial period of the tax software.

Who this course is for:

  • Tax Professionals
  • Tax Students
  • Individual Taxpayers

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