2021 Annual Federal Tax Refresher 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.

Assignment: Chapter 1 <<>> Review Questions
Group #1: # 1-3,
Group #2: #1-2

When you have completed the Chapter 1 text, you should be able to:

Identify the inflation adjustments to various federal limits;
Explain the impact of the new standard mileage provisions;
Determine the maximum age for traditional IRA contributions;
Describe the change in the required minimum distribution age for traditional IRAs and retirement plans;
Recognize the tax treatment of qualified birth or adoption distributions;
Describe the distribution requirements imposed on non-spouse inherited IRA beneficiaries;
Identify the change in the taxation of children’s unearned income;
Describe the changes in § 529 plan distribution rules as they apply to –
- Repayment of student loans, and
- The expansion of qualified expenses to include expenses associated with apprenticeship programs;
Calculate The change in the AGI threshold for medical expense deductions; and
Describe the current status of tax extenders applicable to –
- Tax credits for non-business energy property,
- Payment of tuition and fees
- Payment of mortgage insurance premiums, and
- Cancellation of primary residence indebtedness.

Assignment: Chapter 2 <<>> Review Questions
Group #3: #1-2,
Group #4: #1-2,
Group #5: #1-2,
Group #6: #1-2,
Group #7: #1-2,

When you have completed the Chapter 2 text, you should be able to:

Identify those items included in a taxpayer’s taxable earnings;
Determine the tax treatment of foreign accounts and trusts;
Recognize the items included in self-employment income and expenses;
Distinguish between a hobby and a business for tax purposes;
Calculate the tax deduction for business use of a home;
Identify the recordkeeping requirements to substantiate Schedule C entries;
Understand the tax treatment of retirement income;
List the factors considered in determining the tax treatment of capital gains and losses;
Describe the principal Schedule A changes resulting from the TCJA;
Recognize the eligibility requirements for various tax credits;
Describe the rules governing a taxpayer’s tax withholding and estimated tax payments;
Recognize the options available to a taxpayer for paying any tax due or receiving a tax refund; and
Identify the due dates of income tax returns.

Assignment: Chapter 3 <<>> Review Questions Group #8: #1-3

When you have completed the Chapter 3 text, you should be able to:

Identify the red flags indicating possible tax-related identity theft and suggested assistance to its victims;
Understand the laws and regulations requiring privacy and security of taxpayer data and the best practices tax preparers may implement to help assure it;
Describe the purpose of individual taxpayer identification numbers, their effect on tax credits and how to renew them;
Recognize the penalties applicable to a tax return preparer under Title 26;
Identify the due diligence requirements imposed on tax return preparers with respect to claiming head of household filing status, EITC, CTC and AOTC;
Understand the e-file requirements; and
Recognize the Annual Filing Season Program requirements.

PWX8020: 2021 Annual Federal Tax Refresher Study Guide