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Analyzing Personal Tax Returns

Description

This course focuses on identifying when personal tax returns are required and how to derive income from supporting forms and schedules. Participants will compete a case study calculating income from various income streams reported on a form 1040.

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Agenda

Identify the need for personal tax returns
Documentation requirements for income verified on personal tax returns
Calculating income reported on personal returns
Complete 1040 case study

Length

2 hours

Recommended Attendees

Entry level course: This course is most valuable for persons with a limited understanding of how to qualify borrowers whose income is derived from 1040s, such as self-employed borrowers with Schedule C income, rental income, investment income and social security and alimony income.
Target audience: Operations: Loan Processors, Underwriters

Prerequisite