Introduction to Federal Income Tax Law

Tax Law Basics

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●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

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Income Minus adjustments

= Adjusted gross Income

Minus deductions and exemptions

= Taxable Income

Form 1040

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● Identity, filing status and exemptions

● Income

● Adjustments

● Deductions and exemptions

● Tax and nonrefundable credits

● Additional taxes

● Refundable credits and payments

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Form 1040 – Basic Information

Form 1040 – Income

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Form 1040 – Adjustments

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Form 1040 – page 2

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Nonrefundable

Form 1040 – page 2 cont.

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Refundable

● Pub 4491 – Text book

● NTTC Workbook – Practice Exercises

● Pub 4012 – Resource Guide

● Form 6674 – Certification Test and Retest

● TaxSlayer Practice Lab – Sections 4 & 6 of HOME page

● linklearncertification.com

● Pub 17 – Your Federal Income Tax for Individuals

Training Materials

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The Text Book

Electronic Only!! NTTC version on OneSupport

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The Workbook

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NTTC Workbook – Practice Exercises

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● Contains 17 exercises

● Includes ACA questions

● Filing Status and Exemption Exercises and Quizzes

● Available on OneSupport Help Center and by ordering through Portal

The Golden Book Primary Reference Tool Contains ‘What’s New’ Tab NTTC version on OneSupport

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https://www.linklearncertification.com/ NTTC Training – TY2017 15

The Test

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Introduction to Income Tax

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