Taxation Discussion

"Tax Exclusions"

• Your client is seeking advice about exclusions from income. Explain at least three (3) income exclusions your client could exercise. Provide a clear example to support each exclusion identified.
• Go to https://www.irs.gov/pub/irs-pdf/f1040.pdf and obtain a form 1040 income tax return.  Review the form 1040 and determine where the exclusions identified are located in the form. Identify the section that applies to the exclusion and explain why.