1040 Preparation and Planning 9: Standard Deduction and Itemized Deductions (2023)

Author: Barbara Weltman, Sidney Kess, Greg White

This course, which is ninth in the series, covers standard deduction amounts and itemized deductions. The course reflects changes made by the consolidated Appropriations Act, 2022, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.

Publication Date: September 2022

Designed For
Tax practitioners

Topics Covered

• Standard Deduction
• Standard Deduction - Examples
• Standard Deduction for Dependents
• Charitable Contributions by Nonitemizers
• Net Qualified Disaster Losses by Nonitemizers
• Qualified Business Income Deduction
• Overview of Itemized Deductions
• Medical Expenses
• Limitations on the Medical Expense Deduction
• Taxes
• Interest Payments
• Charitable Contributions
• Casualty and Theft Losses
• Limitations on Personal Casualty Losses
• Miscellaneous Deductions

Learning Objectives

• List the basic and additional standard deduction amounts
• List which items can be deducted as medical expenses
• Identify which type of interest is deductible
• Determine which taxes are deductible
• Figure charitable contribution deductions and comply with substantiation requirements
• Identify the rules for determining disaster losses
• Determine which miscellaneous itemized deductions are deductible in 2018 through 2025
• Identify the 2022 standard deduction for married filing jointly taxpayers
• Identify the item that does not qualify as a deductible medical expense
• Identify the charitable contribution deduction for joint filers
• Identify the AGI limit on medical expenses deducted on an estate tax return

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
None

Advance Preparation
None