1. TAX-AIDE AARP Foundation Tax-Aide Introduction to Federal Income Tax Law NTTC Training – 2014 1

2. TAX-AIDE 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 NTTC Training – 2014 2

3. TAX-AIDE Tax Law Basics NTTC Training – 2014 3 Income Less adjustments = Adjusted gross Income Less deductions and exemptions = Taxable Income

4. TAX-AIDE Form 1040 ● Identity, filing status and exemptions ● Income ● Adjustments ● Deductions and exemptions ● Tax and nonrefundable credits ● Additional taxes ● Refundable credits NTTC Training – 2014 4

5. TAX-AIDE Form 1040 NTTC Training – 2014 5

6. TAX-AIDE Income NTTC Training – 2014 6

7. TAX-AIDE Adjustments NTTC Training – 2014 7

8. TAX-AIDE Page 2 NTTC Training – 2014 8 Nonrefundable

9. TAX-AIDE Page 2 NTTC Training – 2014 9 Nonrefundable

10. TAX-AIDE Page 2 cont. NTTC Training – 2014 10 Refundable

11. TAX-AIDE 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 NTTC Training – 2014 11

12. TAX-AIDE The Text Book NTTC Training – 2014 12 evergreen

13. TAX-AIDE Pub 4491 NTTC Training – 2014 13 Follows Form 1040 order

14. TAX-AIDE Pub 4491 (cont) NTTC Training – 2014 14

15. TAX-AIDE Work- book NTTC Training – 2014 15 evergreen

16. TAX-AIDE Pub 4491W NTTC Training – 2014 16

17. TAX-AIDE The Golden Book Primary Reference Tool Contains new ACA Tab NTTC Training – 2014 17

18. TAX-AIDE Text Book for Affordable Care Act New Resource for 2014 NTTC Training – 2014 18

19. TAX-AIDE The Test NTTC Training – 2014 19

20. TAX-AIDE The Test Basic Test not required for AARP Tax-Aide NTTC Training – 2014 20

21. TAX-AIDE Tax Law Details NTTC Training – 2014 21

22. TAX-AIDE Details Line-by Line NTTC Training – 2014 22 3

23. TAX-AIDE Introduction to Income Tax Questions… Comments… NTTC Training – 2014 23