Lifecycle Financial Planning - Dependency

Overview

Determining dependency is normally straightforward in most situations. However, with the changing family dynamic in current times, practitioners are more often facing unique living and social situations from their clients. In these unique circumstances, determining who is a dependent and who isn’t can be difficult. Through true to life discussion questions and plain English explanations of code sections, this course explores the modern idea of dependency after the Tax Cuts & Jobs Act (TCJA

Highlights

• Items Affected by Dependency
• Types of Dependents
• Tests for Both Qualifying Child & Qualifying Relative
• Qualifying Child Only Tests
• More than One Person Claiming a Child
• Qualifying Relative Only Tests
• No One Gives Over 50% Support
• Summing It Up

Prerequisites

Working knowledge of individual tax concepts

Designed For

Tax practitioners who deal with complex family and dependency situations

Objectives

• Identify changes to the personal exemption
• Indicate which tax credits are affected by dependency
• Recognize the different types of dependents and the qualification tests for each type
• Recall the rules for claiming a Qualifying Child in the instance where more than taxpayer may be eligible to claim the dependent
• Determine which taxpayers are able to claim a Qualifying Relative in the case of a multiple support agreement

Preparation

None

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will not be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by Peters Professional Education (PPE). The course expires one year from the purchase date.