1 2013 AARP FOUNDATION TAX-AIDE INTRODUCTION TO INCOME TAX.

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1 2013 AARP FOUNDATION TAX-AIDE INTRODUCTION TO INCOME TAX

description

Tax Law Basics Income Less adjustments = Adjusted gross Income Less deductions and exemptions = Taxable Income

Transcript of 1 2013 AARP FOUNDATION TAX-AIDE INTRODUCTION TO INCOME TAX.

Page 1: 1 2013 AARP FOUNDATION TAX-AIDE INTRODUCTION TO INCOME TAX.

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AARP FOUNDATION TAX-AIDE

INTRODUCTION TO INCOME TAX

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Tax Law Basics

All income is taxable, unless the law says it is not

No deduction is allowed, unless the law says it is

No credit is allowed,unless the law says it is

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Tax Law Basics

IncomeLess adjustments

= Adjusted gross IncomeLess deductions and exemptions

= Taxable Income

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Form 1040

Identity, status & exemptions Income Adjustments Deductions & exemptions Tax & nonrefundable credits Additional taxes Refundable credits

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Form 1040

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Income

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Adjustments

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Nonrefundable

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Page 2 cont.

Refundable

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Training Materials

Pub 4491 – instruction guide Pub 4491-W – exercises to practice Pub 4012 – resource guide

and Form 6674 – certification test and

retest

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Pub 4491

Follows 1040 order

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Pub 4491

(cont.)

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4491-W

Work-book

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Intro to Income Tax

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