DESCRIPTION
This module covers Schedule 1 and the newly introduced Schedule 1-A, with a focus on identifying adjustments to income reported on individual tax returns. Participants review both Part I and Part II of Schedule 1 through lecture and targeted exercises addressing HSAs, self-employment taxes, self-employed health insurance, alimony, student loan interest, and retirement-related adjustments. The module includes applied exercises on identifying qualified HSA expenses and determining IRA eligibility based on client fact patterns. Participants also collaborate in groups to research and present on new deductions reported on Schedule 1-A, reinforcing understanding through peer instruction.
LEARNING OBJECTIVES
- Identify items reported on Schedule 1 that qualify as adjustments to income.
- Distinguish between Part I and Part II of Schedule 1 and the types of income and adjustments reported in each section.
- Determine whether client fact patterns meet the eligibility requirements for a deductible traditional IRA deduction.
- Research and summarize new deductions reported on Schedule 1-A, including eligibility requirements and reporting considerations.
