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PWX1019: Federal Tax Update 2019 Study Guide

The study guide is provided to guide you through the course material in a step by step format.

Course material is a PDF document.

Chapter 1 – Changes in Various Limits

Assignment: Chapter 1 <<>> Review Questions  Group #1: # 1-5

Upon completion of this chapter, you should understand:

  • Standard Mileage Rates 
  • Business Use of a Taxpayer’s Personal Vehicle 
    • Use of a Personal Vehicle for Charitable Purposes
    • Use of a Taxpayer’s Personal Vehicle to Obtain Medical Care
    • Use of a Taxpayer’s Personal Vehicle to Move
    • Moving Expenses in Military Relocations 
  • Standard Deduction Increased 
    • Standard Deduction for Blind and Senior Taxpayers 
    • Standard Deduction Eligibility 
  • Exemption Amount 
  • Alternative Minimum Tax (AMT) 
    • Tax Preference Items Added Back to Produce Alternative Minimum Taxable Income 
    • Alternative Minimum Tax Exemption Amount Increased 
  • Education Savings Bond Program 
    • Qualified Education Expenses 
      • Eligible Educational Institutions 
      • Qualified Education Expenses Reduced by Certain Tax-free Benefits Received 
    • Figuring the Tax-Free Amount 
      • Education Savings Bond Program Eligibility Subject to Income Limits/Filing Status 
      • Determining Taxpayer’s Modified Adjusted Gross Income 
  • Limitation on Itemized Deductions 
  • Qualified Long-Term Care Insurance Premiums and Benefits 
    • Favorable Benefits Tax Treatment Reserved for Chronically-Ill 
    • Tax-Qualified Long Term Care Premiums Deductible within Limits 
    • Tax-Qualified Long Term Care Insurance Benefits Tax-Free within Limits
  • Social Security Taxable Earnings Limit 
  • Maximum Capital Gain/Dividend Tax Rate Increased for High-Income Taxpayers

Chapter 2 – Tax Credit Changes

Assignment: Chapter 2 <<>> Review Questions Group #2: #1-6

When you have completed this chapter, you should be able to:

  • Calculate the retirement savings contribution credit available to eligible taxpayers; 
  • Recognize the rules and income limits applicable to eligibility for the earned income credit; and
  • Apply the adoption credit rules.

Chapter 3 –PPACA-Related Tax Changes

Assignment: Chapter 3 <<>> Review Questions Group #3: #1-5

Upon completion of this chapter, you should be able to identify the changes made by the PPACA effective in 2019 related to:

  • Health flexible spending arrangement contribution limits;
  • Penalty for individuals who fail to comply with the PPACA mandate to maintain minimum essential coverage in 2019;
  • Small business health care tax credit;and
  • Large employer shared responsibility provision; 

Chapter 4 – Changes in Archer MSAs, HSAs & IRAs

Assignment: Chapter 4 <<>> Review Questions Group #4: #1-5

Upon completion of this chapter, you should be able to:

  • Recognize the eligibility rules applicable to Archer MSAs and HSAs;
  • Calculate the maximum contributions that may be made to an Archer MSA;
  • Apply the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs;
  • Calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan; and
  • Recognize the AGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.


Chapter 5 – Tax Cuts and Jobs Act

Assignment: Chapter 5 <<>> Review Questions Group #5: #1-3

Upon completion of this chapter, you should be able to:

  • Identify individual tax rate changes affecting taxpayers;
  • Recognize the changes made to the various exemptions and deductions available to taxpayers;
  • Calculate the child tax credit;
  • Identify the additional educational institutions considered eligible educational institutions under section 529 Tuition Savings Plans; and
  • Determine the anticipated changes to the individual taxpayer penalty for failing to maintain minimum essential coverage.

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