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Learn MoreIndividual Income Tax Form 1040 Comprehensive Problem
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
English [Auto],
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
Explore related topics
Course content
6 sections • 50 lectures • 7h 46m total length
- 310 Practice Problem 1 Part 1 Introduction Organizing Documents18:21
Organize income documents and input data into forms and tax software, using a double-check process with a separate worksheet to verify data from W-2s, 1099s, and other income items.
- 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
Practice problem 1 guides data input for 1099-INT and 1099-DIV into a 1040 return, detailing interest, dividends, capital gains, and Schedule B thresholds.
- 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
This practice problem guides data input for state refunds, unemployment, and gambling winnings, showing how these items flow into schedule one and the 1040, and when refunds are taxable.
- 350 Practice Problem 1 Part 8 Data Input State Refund, Unemployment, & Winnings8:00
Learn to input state refunds, unemployment, and gambling winnings into an Excel-based tax worksheet, linking Schedule 1 data to Form 1040 and comparing standard versus itemized deductions.
- 410 Practice Problem 1 Presentation 8 Adjustments to Income Student Loan Interes6:18
Explore adjustments to income, with a focus on student loan interest as an above-the-line deduction, and show how AGI, standard deduction, and Schedule 1 items shape Form 1040 tax calculations.
- 412 Practice Problem 1 Presentation 9 Adjustments to Income Student Loan Interes4:20
Enter student loan interest as an above-the-line deduction in the Excel worksheet and Schedule 1, verify adjusted gross income and taxable income, and cross-check with the tax return.
- 415 Practice Problem 1 Presentation 10 Adjustments to Income Charitable Contribu6:27
Explore adjustments to income with a focus on charitable contributions, showing how above-the-line deductions interact with the standard versus itemized deductions on Form 1040.
- 417 Practice Problem 1 Presentation 11 Adjustments to Income Charitable Contribu4:27
Analyze adjustments to income for charitable contributions under 1040, including the $300 above-the-line cap and standard vs itemized deduction, using Excel tax formula and source documents.
- 420 Practice Problem 1 Presentation 12 Adjustments to Income IRA Deduction9:53
Explore adjustments to income, focusing on the ira deduction and its AGI impact, and learn to maximize ira contributions for a married couple while planning tax savings before April 15.
- 422 Practice Problem 1 Presentation 13 Adjustments to Income IRA Deduction Tax F4:44
Demonstrate entering an IRA deduction as an above-the-line adjustment on Schedule 1, compute AGI and taxable income, and verify the refund using tax software and Excel.
- 425 Practice Problem 1 Presentation 14 Adjustments to Income Alimony Paid6:57
Explore adjustments to income through alimony paid, distinguishing above the line deductions on schedule one from below the line deductions, and the impact of the divorce cutoff date on deductibility.
- 427 Practice Problem 1 Presentation 15 Adjustments to Income Alimony Paid Tax Fo4:36
Guides through a practice problem on educator expenses as an above-the-line deduction on schedule one, line ten, capped at 250, and how this affects taxable income, standard deduction, and refund.
- 432 Practice Problem 1 Presentation 17 Adjustments to Income Educator Expenses T4:41
apply above-the-line adjustments to income by mastering educator expenses up to the $250 cap, inputting data from source documents into an Excel tax formula, and confirming results on Form 1040.
- 510 Practice Problem 1 Presentation 18 Itemized Deductions Medical & Dental Expe8:53
Examine itemized deductions on Schedule A, focusing on medical and dental expenses, seven point five percent floor, and how mortgage interest and state taxes influence itemizing versus the standard deduction.
- 515 Practice Problem 1 Presentation 19 Itemized Deductions Medical & Dental Expe9:28
Demonstrate itemized deductions for medical and dental expenses using an Excel worksheet, apply the AGI-based 7.5% floor, and decide between itemizing and the standard deduction with Schedule A.
- 520 Practice Problem 1 Presentation 20 Itemized Deductions Taxes You Pay7:14
Analyze itemized deductions on schedule A, including property taxes and other taxes you pay, and compare them to the married filing jointly standard deduction of 24,800.
- 522 Practice Problem 1 Presentation 21 Itemized Deductions Taxes You Pay Tax For6:13
Compare itemized deductions and the standard deduction using a tax formula in an Excel worksheet and tax software, analyzing mortgage interest, property taxes, and state taxes to decide itemization.
- 525 Practice Problem 1 Presentation 22 Itemized Deductions Interest you Pay5:36
Learn how to determine whether to itemize or take the standard deduction by evaluating mortgage interest from Form 1098, taxes, medical expenses, and charitable deductions on Schedule A.
- 527 Practice Problem 1 Presentation 23 Itemized Deductions Interest you Pay Tax6:50
Learn to use an Excel worksheet to compute itemized deductions, focusing on mortgage interest from Form 1098, charitable contributions, and the tax formula to compare itemized and standard deductions.
- 530 Practice Problem 1 Presentation 24 Gifts to Charity8:36
Assess below the line itemized deductions for charitable contributions on Form 1040, including cash gifts and non-cash contributions with Schedule A and fair market value.
- 532 Practice Problem 1 Presentation 25 Gifts to Charity Tax Formula - Excel8:11
Compute gifts to charity impact on itemized vs standard deductions, AGI, and taxable income using an Excel worksheet and Schedule A, illustrating how charitable contributions affect tax results.
- 535 Practice Problem 1 Presentation 26 Other Itemized Deductions – Gamboling Los6:35
Explore gambling losses and winnings within itemized deductions on form 1040, using Schedule A and Schedule One to compare standard versus itemized deductions and calculate AGI, taxable income, and tax.
- 537 Practice Problem 1 Presentation 27 Other Itemized Deductions – Gamboling Los6:20
Enter gambling winnings and losses into the Excel-based tax formula, cap losses at winnings, compare itemized deductions to the standard deduction for MFJ, and verify with tax software.
- 610 Practice Problem 1 #28 Sch. C Business Setup Business Worksheet15:06
Explore setting up a Schedule C business as a sole proprietor, including net income, self-employment tax, and impacts on AGI, standard deductions, and potential qualified business income deductions.
- 615 Practice Problem 1 #19 Sch C Business Mark Accounts That May Need Adjustment7:51
Identify and flag Schedule C adjustments by examining the income statement, comparing against last year, and planning data input with mileage method, meals and entertainment, home office, utilities.
- 620 Practice Problem 1 #30 Sch C Business Enter Into Tax Return & Record Open It10:19
Apply a Schedule C consulting business entry to a 1040 tax return by tracing income, adjustments, and net income, with mileage method considerations, meals 50% deduction, and home office notes.
- 621 Practice Problem 1 #31 Sch C Business Format Worksheet for Tax Adjustments13:11
Learn to build a Schedule C adjusting worksheet for tax adjustments, including 50 percent meals, using adjusting entries with debits and credits for audit-ready documentation.
- 630 Practice Problem 1 #32 Sch C Business Auto Expense11:14
Practice problem 1 guides adjusting a Schedule C auto expense from a direct method to the mileage method, using total miles and 70 percent business use to calculate the deduction.
- 635 Practice Problem 1 #33 Sch C Business Business Use of Home Office19:32
Learn to adjust Schedule C for home office use, allocate mortgage interest and property taxes between Schedule C and Schedule A, and assess effects on self-employment tax.
- 645 Practice Problem 1 #35 Sch C Business Business Retirement Plan & Health Insu6:10
Analyze Schedule C specifics for home office, car and auto expenses, and depreciation, while assessing self-employed health insurance deductions and SEP or simple retirement plan options.
- 650 Practice Problem 1 #36 Sch C Business Review Impact of Sch. C Business Incom15:18
Examine how a schedule c business affects the 1040 by tracing income, self-employment tax, the qbi deduction, and the shifts to agi, schedule a, and schedule one.
- 655 Practice Problem 1 #37 Sch C Business Estimated Tax Payments11:27
Learn how Schedule C income affects Form 1040, balancing W-2 withholdings and quarterly estimated payments, including the qualified business income deduction and itemized deductions.
- 710 Practice Problem 1 #38 Child Tax Credit & Other Dependents Tax Credit7:25
Explore the child tax credit and other dependent credits in a comprehensive 1040 problem, adding two dependents (qualifying child and full-time student) and reviewing education credits.
- 712 Practice Problem 1 #39 Child Tax Credit & Other Dependents Tax Credit Tax Fo4:49
Explore child tax credit and other dependent credits with an Excel worksheet. Use the credits tab and organizer data to calculate AGI and deductions.
- 715 Practice Problem 1 #40 Education Credit7:13
Determine education credits for a dependent student using Form 8863 and the American Opportunity Credit, including tuition payments and refundable versus nonrefundable portions on the 1040.
- 717 Practice Problem 1 #41 Education Credit Tax Formula - Excel8:03
Practice education credits in an Excel tax worksheet, splitting into refundable and nonrefundable portions, and track how the credit affects tax liability and refunds.
- 720 Practice Problem 1 #42 Child & Dependent Care Credit7:12
Calculate the child and dependent care credit on a 2400 expense at 20%, with a 480 nonrefundable credit flowing to Schedule 3 and Form 2441 alongside education credits.
- 722 Practice Problem 1 #43 Child & Dependent Care Credit Tax Formula - Excel6:57
Apply the income tax formula to calculate the child and dependent care credit using an Excel worksheet, including Form 2441 line items and phaseouts.
- 725 Practice Problem 1 #44 Residential Entergy Credit5:00
Calculate the residential energy credit using form 5695 and schedule three in the comprehensive practice problem one. See how nonrefundable credits and schedule interactions shape the tax total.
- 727 Practice Problem 1 #45 Residential Energy Credit Tax Formula - Excel7:02
Learn how to calculate the residential energy credit using Excel, including rate and cap rules, and how it flows into Schedule 3 as nonrefundable credits.
- 805 Practice Problem 1 #45 Rental Property Sch E Setup Worksheet16:00
Build a Schedule E rental property worksheet in tax software, create an income statement with depreciation adjustments, and export to Excel for input into the return.
- 810 Practice Problem 1 #46 Rental Property Sch E Depreciation9:30
Compute Schedule E depreciation for a rental property by separating land and building, applying a 27.5-year residential life and a midmonth convention in tax software.
- 815 Practice Problem 1 #47 Rental Property Sch E Data Input6:32
This problem covers data input for a rental property on Schedule E, including depreciation adjustments and posting to income and balance sheet, with net income flowing to Form 1040.
- 820 Practice Problem 1 #48 Rental Property Sch E Data Input Tax Formula - Excel6:34
Input rental property data on Schedule E in Excel, apply the tax formula, and understand active participation and loss limitations.
- 825 Practice Problem 1 #49 Diagnostic State & Local Tax (SALT) Deduction Limitat9:56
Diagnose salt deduction limitation on Schedule A with home office deduction, using tax software diagnostics to reconcile Schedule A, Schedule C, and estimated tax payments.
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