1040 Preparation and Planning 12: Figuring Tax Liability and Making Tax Payments (2023)

Author: Barbara Weltman, Sidney Kess, Greg White

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC

This CPE course, which is the 12th and final course in the series, examines figuring tax liability and making tax payments. In addition to figuring taxable income, the course will walk through the computations for lump-sum distributions, figuring kiddie tax, and other tax computation issues. It also examines various ways in which tax liability is paid, through income tax withholding, estimated tax payments, and tax credits, as well as post-filing options. The course reflects changes made by the Consolidated Appropriations Act, 2022, the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions. This course brings the tax preparer "up-to-speed" in preparing 2022 tax returns for the 2023 filing season.

Publication Date: September 2022

Designed For
Tax practitioners

Topics Covered

  • Tax Computation
  • Dividends and Capital Gain Tax Worksheet to Figure Tax
  • Kiddie Tax
  • Parent's Election to Report Child's Investment Income
  • Rounding Off Whole-Dollar Amounts
  • Paying Income Taxes
  • Tax Payments
  • Post-Filing Payment Options

Learning Objectives

  • Figure taxable income
  • Determine whether to use the Tax Table or Tax Computation Worksheet to figure the tax
  • Determine whether Schedule D, a separate worksheet, or Schedule J is necessary to figure the tax
  • Figure special tax computations for lump-sum distributions
  • Figure the kiddie tax
  • Determine the sources of income tax withholding
  • Complete the schedule for estimated tax payments
  • Figure estimated tax installments and when to make payments
  • List tax credits treated as tax payments
  • List post-filing options for paying outstanding taxes
  • Identify through what year the deduction for the personal and dependency exemptions used to reduce taxable income were suspended
  • Identify over how many years taxpayers who earn their income from farming or commercial fishing can elect to figure the tax on this portion of their income by using special averaging


Instructional Method

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $53.00

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