Federal Tax Update 2020 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
- Qualified Education Expenses
- 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 2020 related to:
- Health flexible spending arrangement contribution limits;
- 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 MAGI 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 standard deduction available to taxpayers;
- Calculate the alternative minimum tax;
- Determine the amount of assets that may be passed tax-free at death; and
- Identify the qualified business income (QBI) threshold amount.
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