Federal Tax Deductions and Credits for Individuals
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
---|---|---|---|---|---|---|---|---|---|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify federal tax deductions and credits for individuals.1
- Explain eligibility criteria for federal tax deductions and credits for individuals.2
- Identify federal non-refundable tax credits that may be transferred from a taxpayer to their spouse or common-law partner if the taxpayer does not require the whole amount to reduce their federal tax payable to zero.3
- Identify federal non-refundable tax credits that may be transferred from a taxpayer’s child to the taxpayer if the child does not require the whole amount to reduce their federal tax payable to zero.
REFERENCES
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Application
Knowledge Levels and Associated Verbs
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
---|---|---|---|---|---|---|---|---|---|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify federal tax deductions and credits for individuals.1
- Explain eligibility criteria for federal tax deductions and credits for individuals.2
- Identify federal non-refundable tax credits that may be transferred from a taxpayer to their spouse or common-law partner if the taxpayer does not require the whole amount to reduce their federal tax payable to zero.3
- Identify federal non-refundable tax credits that may be transferred from a taxpayer’s child to the taxpayer if the child does not require the whole amount to reduce their federal tax payable to zero.
Additional Knowledge Expected of CFP Professionals
- Estimate the tax impact of claiming a federal tax deduction or credit for individuals.
- Identify that federal foreign tax credits may exist for income earned or received from a foreign country.