1040 Exam Prep Module VII: Credits
By Norma Wahnon
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About this ebook
The 1040 Exam Prep is a simple, practical, and affordable set of study materials that allows you to optimize your time and effort in preparing for the Registered Tax Return Preparer (RTRP) competency examination.
Nearly all taxpayers have a professional tax return preparer in whom they trust to prepare their return. IRS statistics show that over 80% of all federal individual income tax returns for 2007/8 were prepared by paid tax return preparers or by taxpayers using some sort of consumer tax preparation software. Beginning in the Fall-2011, many of those tax return preparers who are not attorneys and/or certified public accountants, or registered agents, must take a competency examination if they want to continue preparing federal tax returns for a fee.
The 1040 Exam Prep e-books can help candidates planning to take the RTRP Competency Examination to prepare for the exam by providing the material they need to review in several formats that meet their unique preferences and convenience.
The 1040 Exam Prep is a comprehensive, effective and practical set of study materials that include e-Books, slide presentations, mind-maps, and mp3 recordings, designed to help you review quickly, grasp and retain the concepts you need to know in preparation for the RTRP competency exam. The 1040 Exam Prep material:
•Empowers the exam candidates in their review with bite-size manuals and visual aids.
•Builds a strong knowledge foundation, confidence, and stamina to succeed in the exam room.
•Allows you to review no more than what you need to know for the exam. The tax law is huge; you don't want to over-prepare.
Practical, simple and affordable, the 1040 Exam Prep Study Guide for Tax Preparers will require little extra effort on your part to search for and analyze complex tax laws and regulations, because we have done that for you and we have summarized what you need to know, to help you pass the exam.
Norma Wahnon
Author Norma Wahnon integrated her accounting and taxation background and experience to produce the "1040 Exam Prep" e-Book Series to help tax return preparers pass the Registered Tax Return Preparer competency examination. Wahnon was raised in Argentina and after graduating with an Accounting degree from National University of Misiones, in 1989, and running her accounting practice for 10 years she moved to the Canary Islands, Spain for one year to complete a MBA program. In November 2010 she successfully completed all sections of the Uniform Certified Public Accountant Exams in few months of preparation. After working in the tax return industry during several years, currently, she owns TaxBiz Solution, a accounting and tax practice located in Silver Spring, MD USA.
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1040 Exam Prep Module VII - Norma Wahnon
MODULE VII
CREDITS
By Norma Wahnon
Copyright 2012 Norma Wahnon
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INTRODUCTION
Credits are one of the components of the Form 1040 formula used to determine the tax due, or a refund, for a tax period. There are several types of credits that can directly reduce the tax liability. Some tax credits are refundable, others are not. In any case, the tax liability minus the tax credits will yield either a tax payable, or a tax refund.
Following is an overview of the eligibility rules and credit limitations of most important personal tax credits. For 2011, the earned income credit, additional tax credit, adoption credit, and the health coverage credit are refundable. Refundable means that the credit can generate a refund providing all tax liabilities are covered. The most important personal tax credits are:
– Credit for the elderly and the disabled;
– Child and dependent care credit;
– Earned income credit;
– Foreign tax credit;
– Education tax credits;
– Credit for adoption expenses;
– Child tax credit and additional child tax credit;
– First–time homebuyer credit and District of Columbia first time homebuyer credit;
– Credit for certain retirement plans contributions;
– Prior–year AMT credit;
– Residential energy tax credit;
– Alternative vehicle credit;
– Credit for excess Social Security or Railroad Retirement withholdings;
– Mortgage interest