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Using Form 1040 as a Guide to Making Financial Planning Recommendations 2 Credits

Using Form 1040 as a Guide to Making Financial Planning Recommendations 2 Credits

February 2024 Update

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Nov 20, 12:30 PM ET

Learning Objective

  • To identify the parts and schedules of the most recent Form 1040 and the flow of information.
  •  To explain to financial planners how to navigate the form to reveal essential information about the client.
  • To explore on a line-by-line basis the items of income, deductions, credits, and tax calculations that give a clear understanding of how each might impact the client’s financial plan.
  • To review the way, the tax rate schedules are applied to the taxable income of the taxpayer to effect appropriate tax and financial planning.
  • To summarize updates on recent legislation that affect the filing of current returns.

Course Overview

The standard Internal Revenue Service (IRS) form used by individual taxpayers to submit their yearly income tax returns is called Form 1040.

To ascertain if further taxes are due or whether the filer will receive a tax refund, the form has sections that ask filers to report their taxable income for the year.

In this CE Tax Webinar, we delve into the most recent Form 1040 and major schedules, providing financial planners with the necessary tools to navigate the form and uncover vital information about their clients. By examining income, deductions, credits, and various tax calculations on a line-by-line basis, planners will gain valuable insights beyond traditional checklists and interview sheets.

Major Topics Covered:

  • FORM 1040 and its general information
  • Filing status of  single, married filing jointly, married filing separately, head of household, and surviving spouse with dependent children
  • Respective line-by-line discussion of wages and salaries, investment income, and retirement plans & social security plans 
  • Discussion of schedule of capital gain and losses, Standard deduction, additional deductions, and itemized deductions
  • Medical and Interest Expenses, Charitable contributions and planning
  • Tax Cuts and Jobs Act of 2017, The SECURE Act 2.0 of 2022, State and local workarounds - Pass-Through Entity Taxes (PTET)

Join this course to explore updates resulting from significant legislative acts, including the Jobs Cuts and Jobs Act (2017), the SECURE Act (2018), the SECURE Act 2.0 (2022), and the Inflation Reduction Act (2022), that have implications for form filings.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01964-24-S)
  • 2 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-01964-24-S)
  • 2 CE Credit of Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 322805)

    Valid upto : Dec 31, 2024

  • 2 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1556)
  • 2 CPD Credit of Taxes for Personal Financial Specialist (PFS)
  • 2 PL Credit of Taxes for Chartered Financial Analyst (CFA)
  • 2 CE Credit of Financial Planning for Chartered Financial Consultant (ChFC)
  • 2 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01964-24-S)
  • 2 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01964-24-S)
  • 2 CE Credit of Financial Planning for Certified Senior Advisor (CSA)
  • 2 CPD Credit for Trust and Estate Practitioners (TEP)
  • 2 CE Credit of Taxes for Retirement Income Certified Professional (RICP)
  • 2 CE Credit of Taxes for Certified Wealth Strategist (CWS)
  • 2 CE Credit of Taxes for Certified Fiduciary and Investment Risk Specialist (CFIRS)
  • 2 CE Credit of Taxes for Chartered Life Underwriter (CLU)
  • 2 CE Credit of Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01964-24-S)
  • 2 CE Credit of Taxes for Financial Services Certified Professional (FSCP)
  • 2 CE Credit of Retirement Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC)
  • 2 CE Credit of Taxes for Wealth Management Certified Professional (WMCP)
  • 2 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CE Credit of Taxes for Chartered Advisor in Senior Living (CASL)
  • 2 PL Credit of Taxes for CIPM
  • 2 CE Credit of Taxes for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)
  • 2 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)

  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01964-24-O)
  • 2 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-01964-24-O)
  • 2 CE Credit of Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 322805)

    Valid upto : Dec 31, 2024

  • 2 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1556)
  • 2 CPD Credit of Taxes for Personal Financial Specialist (PFS)
  • 2 PL Credit of Taxes for Chartered Financial Analyst (CFA)
  • 2 CE Credit of Financial Planning for Chartered Financial Consultant (ChFC)
  • 2 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01964-24-O)
  • 2 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01964-24-O)
  • 2 CE Credit of Financial Planning for Certified Senior Advisor (CSA)
  • 2 CPD Credit for Trust and Estate Practitioners (TEP)
  • 2 CE Credit of Taxes for Retirement Income Certified Professional (RICP)
  • 2 CE Credit of Taxes for Certified Wealth Strategist (CWS)
  • 2 CE Credit of Taxes for Certified Fiduciary and Investment Risk Specialist (CFIRS)
  • 2 CE Credit of Taxes for Chartered Life Underwriter (CLU)
  • 2 CE Credit of Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01964-24-O)
  • 2 CE Credit of Taxes for Financial Services Certified Professional (FSCP)
  • 2 CE Credit of Retirement Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC)
  • 2 CE Credit of Taxes for Wealth Management Certified Professional (WMCP)
  • 2 CE Credit of Taxes for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
  • 2 PL Credit of Taxes for CIPM
  • 2 CE Credit of Taxes for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Warren Bergstein
Warren Bergstein , CPA, AEP©

Partner, Adelman Katz & Mond LLP

  • 4.3
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More than forty years of practice in tax planning, estate and trust administration and planning, personal financial planning and accounting have given Warren an extraordinarily deep understanding of personal finance. At his New York City firm, Adelman, Katz & Mond LLP, his clients, who include primarily high net worth individuals, entrepreneurs and sole proprietors, benefit from his particular expertise in tax law, its applications and implications for individuals. Warren is an adjunct professor of accounting and taxation at Long Island University, New Jersey City University, and Rutgers Business School. He has spoken at the Institute of Management Accountants, both the New York and Long Island chapters of Financial Planning Association, the New York State Society of CPAs, New York University, and Lorman Educational Services. In addition, he is an accomplished author, and has regularly contributed to publications the experts rely on, like Marshall Loeb's Money Guide, Taxation for Accountants, and The CPA Journal. Warren has been very active in professional organizations, and has frequently been elected as president, board member or committee chair. Warren is a fan of local sports teams.  He also likes to read biographies and books on current events. He and his wife, Susan, live in Langhorne, PA. They have two children, Sam and Robin, and a granddaughter, Reily

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

4.4

Excellent

Very Good

Average

Poor

Terrible

Owen Mccafferty
Owen Mccafferty, CPA (US)

The planning portion of the seminar needs more time while the history of tax acts may have been longer than needed. Despite that, the information was useful and will be employed tomorrow when I discuss 2023 and 2024 planning with a client in the morning. Thank you.

JL

Judith Lund, EA

The content I've encountered has been very well-presented and informative. There is a good diversity of subjects and approaches to subjects that I find especially useful. It really helps to hear the presenter's views on common areas of experience.

Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

  • Compliance Reminders
    Compliance Reminders

    Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.

  • Mobile App Access
    Mobile App Access

    The myCPE Mobile App allows you to learn on the go, providing access to educational content on Android and Apple iOS devices. You can learn anytime and anywhere, making it convenient for busy schedules.

  • Live Support
    Live Support

    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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