Transcript 01_Introduction_to_Tax_Law - Aarp-tax-aide

AARP Foundation
Tax-Aide
Introduction to Federal
Income Tax Law
TAX-AIDE
TAX-AIDE
NTTC Training – 2014
1
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
Income
Less adjustments
= Adjusted gross Income
Less deductions and exemptions
= Taxable Income
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Form 1040
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Income
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Adjustments
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Page 2
Nonrefundable
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Page 2
Nonrefundable
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Page 2 cont.
Refundable
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Training Materials
● Pub 4491 – Training Guide
● Pub 4491W – Problems and Exercises for Practice
● Pub 4012 – Resource Guide
● Pub 5157 – VITA/TCE Affordable Care Act
● Form 6674 – Certification Test and Retest
● Pub 17 – Your Federal Income Tax for Individuals
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The
Text
Book
evergreen
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Pub 4491
Follows Form
1040 order
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Pub 4491
(cont)
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Workbook
evergreen
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The Golden
Book
Primary
Reference
Tool
Contains
new ACA
Tab
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Text Book
for
Affordable
Care Act
New
Resource
for 2014
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The Test
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The Test
Basic Test
not required
for AARP
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Tax Law
Details
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Details
Line-by
Line
3
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Introduction to Income Tax
Questions…
Comments…
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