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Description:

This book is for preparing 2022 taxes. Having a child can be an expensive proposition. Whether it’s diapers, childcare, or paying for additional health insurance coverage, raising a child often strains family budgets. However, the Tax Code offers some assistance to parents that all tax pros must know to ensure that their clients are receiving all of benefits to which they are entitled. This course examines a variety of tax issues involving children ranging in age from 0 to 27. Topics include tax credits available to taxpayers with dependent children on the Form 1040, who qualifies as a dependent for federal tax purposes, kiddie tax rules and tax benefits for qualified education expenses.

Topics include:

• Applying the dependency rules for a child
• Identifying when a child is subject to kiddie tax, which tax rate applies and how it is reported
• Determining how inheritances, court settlements and Social Security income impact a child’s reporting requirements
• Defining the tax credits available to taxpayers with dependent children
• Calculating the child tax credit, including the other dependent credit
• Summarizing the requirements to claim education credits
• Determining the tax consequences of distributions from qualified tuition programs (§529 plans)

Product Details:

Item Number: 22333

Level: Intermediate

Authors: NATP Staff

Published: 2022

Format: Print

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