1040 Preparation and Planning 10: Other Taxes (2022)

Author: Barbara Weltman, Sidney Kess

This on-demand CPE course addresses the alternative minimum tax, employment taxes for the self-employed and household employees, the net investment income tax and additional Medicare taxes, as well as the individual healthcare mandate exemptions and penalties. It also discusses the recapture of the first-time homebuyer credit.

Publication Date: October 2021

Designed For
Tax practitioners

Topics Covered

• AMT
• Self-Employment Tax
• Additional Medicare Tax on Earned Income
• Net Investment Income Tax
• Penalties on IRAs and Certain Other Plans
• Repayment of the First-Time Homebuyer Credit
• Employment Taxes for Household Employees

Learning Objectives

• Identify adjustments and preferences for the AMT
• Compute the alternative minimum tax
• Determine who is subject to self-employment tax
• Figure net earnings from self-employment and the self-employment tax
• Compute the additional Medicare tax on earned income
• Specify the types of investment income subject to the net investment income (NII) tax
• Compute the NII tax
• Compute the recapture of the first-time homebuyer credit
• Figure employment taxes for household employees
• Identify the starting point for figuring alternative minimum tax
• Recognize the AMT exemption amount in 2021 for a surviving spouse
• Identify which taxpayer is not subject to self-employment tax
• Describe a tax preference item
• Recognize the top AMT rate for individuals
• Recognize the tax penalty for an insufficient required minimum distribution percentage

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None