Armed Forces Taxation

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 5 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: June, 2010
Accreditation: QAS, NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Members of Armed Forces
Learning Objectives 1
Introduction
Included in Gross Income
Excluded Items
Foreign Source Income
Community Property
Reservists Travel Expenses
Adjustments to Income. IRAs
Combat Pay
Reservist Distributions
Reservist Repayments
Adjustments For Moving Expenses
Moving Reimbursements
Deductible Moving Expenses
Foreign Moves


Lesson 2 - Combat Zone Exclusion
Learning Objectives 2
Serving in a Combat Zone
Combat Zone
Hazardous Duty Area
Service in a Combat Zone
Amount of Exclusion
Hospitalized


Lesson 3 - Alien Status Aliens
Learning Objectives 3
Not a U.S. Citizen
Resident Aliens
Making the Choice
Ending the Choice
Choice Not Made
Nonresident Aliens
Dual-Status Aliens


Lesson 4 - Exemptions/Dependents
Learning Objectives 4
Types of Exemptions
Dependents
Qualifying Child
Qualifying Relative
Dependency Allotments
Dependent in the Armed Forces


Lesson 5 - Sale of Home
Learning Objectives 5
Rules For Sales During Year
Rules for Sales Before May 7, 1997


Lesson 6 - Itemized Deductions
Learning Objectives 6
Figuring Taxable Income
Employee Business Expenses
Reimbursement
Travel Expenses
Transportation Expenses
Temporary Work Location
Uniforms
Professional Dues
Educational Expenses


Lesson 7 - Credits
Learning Objectives 7
Earned Income Credit
EIC Rules
Who Can Claim the EIC
Tie Breaker Rule
Reporting EIC
Married Persons and EIC
Qualifying Child for EIC
Residency Test and EIC
Age Test and EIC
Persons Without a Qualifying Child
EIC Worksheet
EIC and Earned Income
Advance Earned Income Credit
Child Tax Credit
Amount of Child Tax Credit
Claiming the Credit
Additional Child Tax Credit
Making Work Pay Credit
First-Time Homebuyer Credit


Lesson 8 - Decedents
Learning Objectives 8
Member of Armed Forces
Combat Zone Forgiveness
Military Action Forgiveness
Claims for Tax Forgiveness
Procedures For Claims
Necessary Documents
Where to File Returns and Claims
Joint Returns
Community Property States


Lesson 9 - Filing Returns
Learning Objectives 9
Special Procedures
Extension of Time to File
Payment of Tax
Outside the United States
Signing Returns
Military Spouse Overseas
Spouse in Missing Status
Spouse Incapacitated/Deceased
Refunds


Lesson 10 - Extension of Deadline
Learning Objectives 10
Deadlines Extended
Extension of Deadline Examples
Actions Extended
Extension of Deadline for Spouses
Not in a Combat Zone
Request For Deferment
Maximum Rate of Interest
Filing Returns for Combat Zone
Outside the Combat Zone

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Identify the different types of pay and allowances to include in a member of the Armed Forces gross income and certain types to exclude from gross income
  • Identify allowable moving expenses for members of the Armed Forces and what qualifies as a foreign move
    • How to get a "quick-study" overview of the course material:
  • Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.

Lesson - 2
After completing Lesson 2, you will be able to:
  • Identify what types of military service qualify as service in a combat zone
  • Determine if a disease is presumed to have incurred while a member of the Armed Forces was serving in a combat zone
Lesson - 3
After completing Lesson 3, you will be able to:
  • Identify the three categories of alien status and how to place the alien individual in the correct category for tax purposes
  • Determine when a nonresident alien spouse can be treated as a resident alien and how to make the choice
Lesson - 4
After completing Lesson 4, you will be able to:
  • Determine the number of exemptions a member of the Armed Forces can claim if the member authorizes an allotment from his pay for the support of dependents
Lesson - 5
After completing Lesson 5, you will:
  • Identify the rules for a sale of residence for sales before and after May 7, 1997
  • Be able to determine if a member of the Armed Forces qualifies to have the 5-year test period suspended
  • Determine what qualifies as a taxpayer's main home for the exclusion rules
Lesson - 6
After completing Lesson 6, you will be able to:
  • Identify the miscellaneous itemized deductions of particular interest to members of the Armed Forces
  • Identify which travel expenses of a member of the Armed Forces may be deductible
  • Identify the educational expenses of members of the Armed Forces that are deductible
Lesson - 7
After completing Lesson 7, you will be able to:
  • Identify, for purposes of the EIC, what income is included in earned income for a member of the Armed Forces
  • Determine the effect of including nontaxable combat pay in earned income for the EIC
  • Determine when a married person who does not file a joint return can claim the EIC
  • Determine the rules related to the child tax credit
Lesson - 8
After completing Lesson 8, you will be able to:
  • Determine when a tax liability can be forgiven, of if already paid, refunded
Lesson - 9
After completing Lesson 9, you will be able to:
  • Determine the rules that apply for an extension of time to file a return depending on whether living inside or outside the United States
Lesson - 10
After completing Lesson 10, you will be able to:
  • Determine which members of the Armed Forces qualify for an extension of deadline and the tax matters extended and the maximum rate of interest that can be charged for obligations or liabilities incurred before entry into military service
  • Figure the length of extension
  • Identify the actions for which the deadline extension provision apply