1 2013 AARP FOUNDATION TAX-AIDE INTRODUCTION TO INCOME TAX.

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Presentation transcript:

AARP FOUNDATION TAX-AIDE INTRODUCTION TO INCOME TAX

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

Tax Law Basics Income Less adjustments = Adjusted gross Income Less deductions and exemptions = Taxable Income

Form 1040  Identity, status & exemptions  Income  Adjustments  Deductions & exemptions  Tax & nonrefundable credits  Additional taxes  Refundable credits

Form 1040

Income

Adjustments

Page 2 Nonrefundable

Page 2 cont. Refundable

Training Materials  Pub 4491 – instruction guide  Pub 4491-W – exercises to practice  Pub 4012 – resource guide and  Form 6674 – certification test and retest

Pub 4491 Follows 1040 order

Pub 4491 (cont.)

W Work- book

Intro to Income Tax  Comments?  Questions?

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