This course is part of the U.S. Federal Taxation Specialization

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Matthew Hutchens

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Part of the Master of Science in Accountancy (iMSA) degree
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U.S. Federal Taxation SpecializationUniversity of Illinois at Urbana-Champaign

About this Course

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This course is the first course in a five-course US Federal Tax Specialization. It covers and focuses on the U.S. federal tax system as it relates to individuals, employees, and sole proprietors. Key concepts covered include gross income and items that are statutorily included or excluded in it, personal and business expenses that qualify as tax deductions, and the differing tax treatments for employees versus self-employed taxpayers. Unlike many other introductory courses in tax and as part of this course’s comprehensive wrap-up, learners will be provided with practical and tangible experience reporting both income and expenses on the main individual tax return used in the US, Form 1040.
If you have enjoyed this course, consider enrolling in our online graduate Accounting program. The University of Illinois at Urbana-Champaign, consistently ranked as one of the nation's top three accounting programs, now offers a master’s in accounting at a very affordable tuition rate and is completely online. The iMSA is a full Master of Accountancy program and students graduate with an MS that is highly recognized. Try an open course or two, then apply for admission into the credit-bearing version as you may be eligible to take credit-bearing courses during the application process. If you are missing any prerequisites for the full degree, you can complete Coursera courses to demonstrate readiness and strengthen your application for the iMSA. For more information on this exciting iMSA online program, refer to this link: https://www.coursera.org/degrees/imsa

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Course 1 of 5 in the

U.S. Federal Taxation Specialization

Intermediate Level

Approx. 31 hours to complete

English

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Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Coursera Labs

Includes hands on learning projects.

Learn more about Coursera Labs

Course 1 of 5 in the

U.S. Federal Taxation Specialization

Intermediate Level

Approx. 31 hours to complete

English

Could your company benefit from training employees on in-demand skills?

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Instructor

Instructor rating

4.91/5 (170 Ratings)

Matthew Hutchens

Lecturer of Accountancy

Department of Accountancy

29,252 Learners

5 Courses

Offered by

University of Illinois at Urbana-Champaign

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This course is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign. If you are admitted to the full program, your courses count towards your degree learning.

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Syllabus - What you will learn from this course

Content Rating97%(5,099 ratings)

Week1

Week 1

1 hour to complete

INTRODUCTION TO THE COURSE

1 hour to complete

4 videos (Total 9 min), 4 readings

5 hours to complete

MODULE 1: AN INTRODUCTION TO TAXATION

5 hours to complete

12 videos (Total 108 min), 6 readings, 10 quizzes

12 videos

Taxes: An Introduction11mA Note on the TCJA2mEvaluating a Tax System4mThe Tax Structure12mTax Rate History7mThe Tax Structure: Examples5mTypes of Taxes14mOrigins of Tax Law11mStatutory Sources of Tax Law6mAdministrative Sources of Tax Law13mJudicial Sources of Tax Law - Part 111mJudicial Sources of Tax Law - Part 26m

6 readings

Module 1 Overview and Resources10mThe 2017 Tax Revision15mWealth of Nations and AICPA's Guiding Principles of Good Tax Policy (optional)15mWho Pays Federal Taxes?10mHow Do Marginal Tax Rates Work10m1862 and 1913 Tax Forms (optional)5m

10 practice exercises

Lesson 1.1 Knowledge Check10mLesson 1.2 Knowledge Check10mLesson 1.3 Knowledge Check10mLesson 1.4 Knowledge Check10mLesson 1.5 Knowledge Check10mLesson 1.6 Knowledge Check10mLesson 1.7 Knowledge Check10mLesson 1.8 Knowledge Check10mLesson 1.9 Knowledge Check10m An Introduction to Taxation Quiz30m

Week2

Week 2

5 hours to complete

MODULE 2: COMPUTING THE TAX

In this module, we will take a deeper dive into each part of the US federal income tax structure, with a focus on what is included in gross income. We will learn how for-AGI deductions reduce gross income to generate adjusted gross income, or AGI, and why AGI is an important number that determines the floors and ceilings of many from-AGI deductions. We will also discuss who qualifies as a dependent. We will wrap up the module with a discussion of the actual calculation of the tax as well as filing status and filing requirements.

5 hours to complete

10 videos (Total 85 min), 12 readings, 8 quizzes

10 videos

Gross Income8mDeductions and AGI6mQualifying Children and Qualifying Relatives - Part 112mQualifying Children and Qualifying Relatives - Part 212m2021 Child Tax Credit4mTax Calculation9mFiling Status10mFiling Requirements and Other Dependent Issues6mThe "Kiddie" Tax5mStatutes of Limitations7m

12 readings

Module 2 Overview and Resources10mStandard Deduction Amounts for 2018, 2019, and 202010mTax Year 2020 Update3mQualifying Child and Qualifying Relative Tests10mThe Child Tax Credit: Current Law20mTax Rate Schedules for 20225mTax Rate Schedules for 20215mTax Rate Schedules for 20205mTax Rate Schedules for 20195mTax Rate Schedules for 20185mFormer Kiddie Tax Rules Restored15mOverview of the Federal Tax System in 202230m

8 practice exercises

Lesson 2.1 Knowledge Check10mLesson 2.2 Knowledge Check10mLesson 2.3 Knowledge Check10mLesson 2.4 Knowledge Check10mLesson 2.5 Knowledge Check10mLesson 2.6 Knowledge Check10mLesson 2.7 Knowledge Check10mComputing the Tax Quiz30m

Week3

Week 3

3 hours to complete

MODULE 3: GROSS INCOME

3 hours to complete

6 videos (Total 59 min), 1 reading, 7 quizzes

6 videos

Gross Income: Concepts15mAccounting Methods6mAccounting Method Exceptions7mGross Income I: Alimony, Discharge of Indebtedness, Annuities11mGross Income: Example7mGross Income II: Prizes, Life Insurance, Unemployment Compensation, Social Security Benefits11m

1 reading

Module 3 Overview and Resources10m

7 practice exercises

Lesson 3.1 Knowledge Check10mLesson 3.2 Knowledge Check10mLesson 3.3 Knowledge Check10mLesson 3.4 Knowledge Check10mLesson 3.5 Knowledge Check10mLesson 3.6 Knowledge Check10mGross Income Quiz30m

Week4

Week 4

3 hours to complete

MODULE 4: GROSS INCOME: EXCLUSIONS

3 hours to complete

5 videos (Total 53 min), 2 readings, 6 quizzes

5 videos

Municipal Bond Interest, Gifts, Life Insurance Proceeds8mScholarships, Payments for Damages, Compensation for Injuries and Sickness17mMeals and Lodging, Recovery of Capital Issues10mEmployee Fringe Benefits: Non-Discriminatory11mEmployee Fringe Benefits: Discriminatory5m

2 readings

Module 4 Overview and Resources10mSharing "Goodreads"10m

6 practice exercises

Lesson 4.1 Knowledge Check10mLesson 4.2 Knowledge Check10mLesson 4.3 Knowledge Check10mLesson 4.4 Knowledge Check10mLesson 4.5 Knowledge Check10mGross Income: Exclusions Quiz30m

Week5

Week 5

4 hours to complete

MODULE 5: DEDUCTIONS AND LOSSES: IN GENERAL

4 hours to complete

8 videos (Total 78 min), 2 readings, 9 quizzes

8 videos

Deductions: For vs. From AGI9mTrade or Business Deductions: Concepts10mTiming of Deductions12mPolitical Contributions, Lobbying, Executive Compensation8mInvestigation Costs5mHobby Losses14mVacation Home Rental Deductions10mVacation Home Rental Deductions: Example6m

2 readings

Module 5 Overview and Resources10mUpdate: Medical Expense AGI Floor5m

9 practice exercises

Lesson 5.1 Knowledge Check10mLesson 5.2 Knowledge Check10mLesson 5.3 Knowledge Check10mLesson 5.4 Knowledge Check10mLesson 5.5 Knowledge Check10mLesson 5.6 Knowledge Check10mLesson 5.7 Knowledge Check10mLesson 5.8 Knowledge Check10mDeductions and Losses: In General Quiz30m

Week6

Week 6

3 hours to complete

MODULE 6: BUSINESSS DEDUCTIONS

3 hours to complete

9 videos (Total 78 min), 3 readings, 8 quizzes

9 videos

Introduction and Transportation Expenses12mTravel Expenses6mBusiness Expenses: Bad Debts11mBusiness Expenses: Qualified Business Income13mQualified Business Income Example4mNet Operating Losses (NOLs)8mCasualty Losses5mEducation Expenses4mMeals, Entertainment, and Home Office Expenses10m

3 readings

Module 6 Overview and Resources10mThe Section 199A Deduction for Passthroughs10mCertain Business Meals 100% Deductible in Tax Years 2021 and 2022. 10m

8 practice exercises

Lesson 6.1 Knowledge Check10mLesson 6.2 Knowledge Check10mLesson 6.3 Knowledge Check10mLesson 6.4 Knowledge Check10mLesson 6.5 Knowledge Check10mLesson 6.6 Knowledge Check10mLesson 6.7 Knowledge Check10mBusiness Deductions Quiz30m

Week7

Week 7

4 hours to complete

MODULE 7: ITEMIZED DEDUCTIONS AND RETIREMENT PLANS

In this module, we first turn our focus to expenses that qualify as itemized deductions, which are a from AGI deduction. To finish off this module, we’ll switch back to discussing income and situations where taxpayers can elect to delay recognition of income, such as saving for retirement, as well as situations where taxation of the annual earnings of those retirement savings are either deferred or permanently excluded from income.

4 hours to complete

7 videos (Total 59 min), 9 readings, 8 quizzes

7 videos

Itemized Deductions: Overview and Medical Expenses9mItemized Deductions: Taxes and Interest11mItemized Deductions: Charitable Contributions8mRetirement Plans and Traditional IRAs9mNon-Deductible and Roth IRAs6mIRA Basis and Rollovers8mExceptions to Early Withdrawal Penalty5m

9 readings

Module 7 Overview and Resources10mItemized Deductions10mThe Mortgage Interest Deduction10mFOR AGI Charitable Deduction and Increase in AGI Limit for 2020 and 202110mThe Charitable Deduction for Individuals10mWaiver of RMDs for Tax Year 20205mExceptions to the 10 Percent Penalty on Early Distributions10mException for Coronavirus-related Withdrawals in Tax Year 202010mEarly Withdrawals from Retirement Accounts20m

8 practice exercises

Lesson 7.1 Knowledge Check10mLesson 7.2 Knowledge Check10mLesson 7.3 Knowledge Check10mLesson 7.4 Knowledge Check10mLesson 7.5 Knowledge Check10mLesson 7.6 Knowledge Check10mLesson 7.7 Knowledge Check10mItemized Deductions and Retirement Plans Quiz30m

Week8

Week 8

4 hours to complete

MODULE 8: COMPREHENSIVE EXAMPLE

4 hours to complete

2 videos (Total 18 min), 6 readings, 5 quizzes

2 videos

Comprehensive Example14mGies Online Programs3m

6 readings

Module 8 Overview and Resources15mComprehensive Example Solution15mModule 8 Graded Tax Return Problem Instructions15mCourse Wrap-Up10mCongratulations!10mGet Your Course Certificate10m

5 practice exercises

Unlock Comprehensive Example Solution Quiz5mGraded Tax Return - Section 1 Gross Income & Deductions for AGI Q25mGraded Tax Return - Section 2 Deductions from AGI Quiz25mGraded Tax Return - Section 3 Dependents, Taxes, and Credits Quiz25mGraded Tax Return - Section 4 Payments and Refund Quiz25m

Reviews

4.9

149 reviews

5 stars
91.13%
4 stars
7.44%
3 stars
0.53%
2 stars
0.17%
1 star
0.70%

TOP REVIEWS FROM FEDERAL TAXATION I: INDIVIDUALS, EMPLOYEES, AND SOLE PROPRIETORS

by JRNov 18, 2020

Great content and really learned a lot. Would have liked some more examples or formulas to use and print out to keep handy, especially in doing some of the AGI floors. but otherwise, great!

by MKJan 17, 2020

Great overview of 1040 preparation. My primary purpose for taking the course was learning the details of, and computing the AMT. I am disappointed this was not covered.

by SFFeb 12, 2022

I found the information, while somewhat dated, to be an excellent course for someone who is already licensed as a CPA that needed a low-cost refresher prior to the start of tax season.

by SLFeb 18, 2020

Highly recommended course, I learned a lot of things, very useful and practical to help people with their tax returns. The course is very clear.

View all reviews

About the U.S. Federal Taxation Specialization

Frequently Asked Questions

When will I have access to the lectures and assignments?
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I subscribe to this Specialization?
When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

More questions? Visit the Learner Help Center.

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Federal Taxation I: Individuals, Employees, and Sole Proprietors

About this Course