1 2013 AARP FOUNDATION TAX-AIDE INTRODUCTION TO INCOME TAX.
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Transcript of 1 2013 AARP FOUNDATION TAX-AIDE INTRODUCTION TO INCOME TAX.
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12013
AARP FOUNDATION TAX-AIDE
INTRODUCTION TO INCOME TAX
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22013
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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32013
Tax Law Basics
IncomeLess adjustments
= Adjusted gross IncomeLess deductions and exemptions
= Taxable Income
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42013
Form 1040
Identity, status & exemptions Income Adjustments Deductions & exemptions Tax & nonrefundable credits Additional taxes Refundable credits
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52013
Form 1040
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62013
Income
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72013
Adjustments
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82013
Page 2
Nonrefundable
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92013
Page 2 cont.
Refundable
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102013
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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112013
Pub 4491
Follows 1040 order
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122013
Pub 4491
(cont.)
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132013
4491-W
Work-book
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142013
Intro to Income Tax
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