Self-Study Course Details
Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes that took effect as a result of passage of the Tax Cuts and Jobs Act of 2017 (TCJA) and the inflation-changed limits effective for 2020 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.
- Identify the 2020 changes in various amounts including – Standard mileage rates, The standard deduction, The AMT exemption amount, The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and Deductions for qualified long-term care insurance premiums;
- Identify the 2020 tax credit changes affecting the – Saver’s credit, Earned income credit, and Adoption credit;
- Recognize the 2020 changes affecting – Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits, Roth IRA eligibility, and Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
- Identify the changes effective for 2020 with respect to the – Small employer premium tax credit, and Applicable large employer mandate.
Paul J. Winn CLU ChFc is a financial writer, editor and trainer in the insurance industry. Past positions have included product developer, compensation officer, marketing VP, VP of strategic planning as well as being President of Maryland Financial Corporation. Mr. Winn has served on multiple Insurance Industry Boards including Baltimore Chapter of CLU and ChFC and Member/Secretary, Advisory Board to New York State Insurance Department. He is well known as a writer and editor of major mutual life insurance company’s agent-training ”university” and has created more than 100 training/continuing education courses. He is also a published book author.
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