IRS 1040 Method - Income Determinations

Wednesday, February 23, 2022 - 9:00am

Conquering Compliance - IRS 1040 Method - Income Determinations

Wednesday, February 23, 2022

Trainer:  Amanda Gross, V.P., U.S. Housing Consultants

The HOME Investment Partnership program allows HOME Participating Jurisdictions (the allocation and monitoring agency) to require that housing providers in their jurisdiction use the “1040 Method” to determine a HOME-assisted tenant’s income. However, contrary to popular belief this method is much more complex than simply obtaining a household’s tax return.

In this 2-hour session, Amanda Lee Gross provides attendees with clear and understandable guidance on how to determine a household’s income using the IRS 1040 Method.

This session will cover the following topics:

• Review of the 2021 IRS Form 1040
• Determining Gross Annual Income
  • Income Inclusions
    • Common Income Sources (e.g., such as wages, social security, unemployment benefits, business income (or loss))
  • Income from Assets
    • Asset Inclusions
  • Income Exclusions
• Determining Adjusted Gross
  • Allowable deductions
• Documentation Requirements

This engaging and interactive session utilizes numerous examples and exercises to ensure attendees complete the session with a thorough comprehension of how to accurately determine income using the IRS 1040 Method.