On-Demand

2 CPE Credits

Surgent's Schedule 1-A: Implementing Important OBBBA Deductions for 2025

On-Demand
2 CPE Credits

This course is delivered as a recorded video. After completing all sessions, you must pass the final exam with a minimum score of 70% to receive credit.

Schedule 1-A is a new tax form designed to consolidate four key OBBBA deductions that can be taken for the first time in 2025. Ultimately these four deductions: the tip deduction, the overtime deduction, the deduction for interest paid on a new car loan, and the senior deduction, appear as a single entry on line 13b of Form 1040. These deductions are phased out at higher income levels, the calculation of which takes place on Schedule 1-A. Accounting and finance professionals who wish to understand the mechanics of the four deductions and how they are expressed on Schedule 1-A and consolidated on Form 1040 would benefit from taking this program.

Learning Objectives

  • Implement the most common OBBBA changes for tax year 2025 using the new Schedule 1-A

Major Topics

  • Purpose and organization of Schedule 1-A, Form 1040
  • Taxpayers who can use Schedule 1-A
  • The relationship of Form 1040 and Schedule 1-A
  • Calculating modified adjusted gross income (MAGI) on Part I, Schedule 1-A
  • The tip deduction, calculated on Part II, Schedule 1-A
  • The overtime deduction, calculated on Part III, Schedule 1-A
  • The car loan interest deduction, calculated on Part IV, Schedule 1-A
  • The senior deduction, calculated on Part V, Schedule s1-A
  • Phase-outs at higher levels of income

CPE Credits Available

2 CPE Credits
2
Taxes

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • Enrolled Agent - IRS Credit Eligible
  • Individual Tax
  • Tax

Prerequisites

None

Advanced Preparation

None

Intended Audience

Accounting and finance professionals who will be advising clients regarding new OBBBA deductions that will be taken for the first time in tax year 2025

Provider

Surgent CPE

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