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Introduction to Federal Income Tax Law
Tax Law Basics
NTTC Training – TY2017 2
●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
NTTC Training – TY2017 3
Income Minus adjustments
= Adjusted gross Income
Minus deductions and exemptions
= Taxable Income
Form 1040
NTTC Training – TY2017 4
● Identity, filing status and exemptions
● Income
● Adjustments
● Deductions and exemptions
● Tax and nonrefundable credits
● Additional taxes
● Refundable credits and payments
NTTC Training – TY2017 5
Form 1040 – Basic Information
Form 1040 – Income
NTTC Training – TY2017 6
Form 1040 – Adjustments
NTTC Training – TY2017 7
Form 1040 – page 2
NTTC Training – TY2017 8
Nonrefundable
Form 1040 – page 2 cont.
NTTC Training – TY2017 9
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
NTTC Training – TY2017 10
The Text Book
Electronic Only!! NTTC version on OneSupport
NTTC Training – TY2017 11
The Workbook
NTTC Training – TY2017 12
NTTC Workbook – Practice Exercises
NTTC Training – TY2017 13
● 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
NTTC Training – TY2017 14
https://www.linklearncertification.com/ NTTC Training – TY2017 15
The Test
NTTC Training – TY2017 16
Introduction to Income Tax
NTTC Training – TY2017 17
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