DESCRIPTION
This module discusses standard and itemized deductions. The material focuses on the rules and calculations for the standard and itemized deductions. The learning for this module is primarily delivered through a series of exercises and practical discussion questions. Participants will practice identifying deductions on client source documents. They will also practice applying limitations to several of the Schedule A deductions. There are also three optional exercises if additional exploration is desired.
LEARNING OBJECTIVES
- Identify the basic rules of the standard deduction.
- Identify the various deductions that can be claimed on 1040 Schedule A.
- Calculate state and local Tax deductions on 1040 Schedule A including limitations.
- Calculate mortgage interest deductions under different circumstances including limitations.
