one day returning counselor training n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
One Day Returning Counselor Training PowerPoint Presentation
Download Presentation
One Day Returning Counselor Training

Loading in 2 Seconds...

play fullscreen
1 / 62

One Day Returning Counselor Training - PowerPoint PPT Presentation


  • 117 Views
  • Uploaded on

One Day Returning Counselor Training. DEDUCTIONS/CREDITS. Page F-6. $5,950 2012. $11,900 2012. $8,700 2012. Page F-7. Arizona Standard Deductions. Federal. $4833. $5950. $11,900. $9665. $8,700. $9664. $4833. Itemized Deductions. Page 4-2. Sales Tax Worksheet.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'One Day Returning Counselor Training' - aerona


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide2

Page F-6

$5,950 2012

$11,900 2012

$8,700 2012

arizona standard deductions
Arizona Standard Deductions

Federal

$4833

$5950

$11,900

$9665

$8,700

$9664

$4833

child dependent care quiz
CHILD/DEPENDENT CARE QUIZ

Joe & Mary have one child, 10, a dependent

Both work and pay child care - AGI is $33,000 and tax before credits is $1,100

Day care center was paid $250 per month for a total of $3,000 for 2012

The expenses are necessary so that both Joe and Mary can work

Can they claim the credit, if so, how much?

dep care quiz answer tab g
DEP CARE QUIZ ANSWER Tab G

YES, credit is available

Child is under 13 and qualifying person

Check “DC” box on dependent line

Complete Form 2441 to calculate credit

Amount of credit is nonrefundable and, based on their AGI, is 25% of $3000 expenses or up to $750 based on tax liability

education quiz 1 tab g
EDUCATION QUIZ #1Tab G

Jim & May Brown, $28,000 AGI, 2 children

Rose, sophomore, in college full-time

John, 4th year full-time college senior

Both children claimed as dependents

Browns made tuition payments of $6000 in August for 2012 classes and $6000 in December for 2013

For what education credits do they qualify?

education quiz 1 answer 1
EDUCATION QUIZ #1ANSWER 1

AMERICAN OPPORTUNITY CREDITfor both children

Can the Browns include the payments they made in December for 2012?

education quiz 1 answer 2
EDUCATION QUIZ #1ANSWER 2

AMERICAN OPPORTUNITY CREDITfor both children

Can the Browns include the payments they made in December for 2012?

YES

education quiz 2
EDUCATION QUIZ #2

If Rose had paid for her own tuition, how would the answer differ?

education quiz 2 answer
EDUCATION QUIZ #2 ANSWER

If Rose had paid for her own tuition, how would the answer differ?

NOT AT ALL, unless Rose not claimed as a dependent. If Rose claimed as a dependent, Jim and May can claim the education credit no matter who paid the expenses.

education quiz 3 tab g
EDUCATION QUIZ #3 Tab G

If Jim and May had not claimed Rose as a dependent (even though entitled to the exemption), who could claim the credit?

education quiz 3 answer tab g
EDUCATION QUIZ #3 ANSWER Tab G

If Jim and May had not claimed Rose as a dependent (even though entitled to the exemption), who could claim the credit?

ROSE could claim the nonrefundable portion, but not the refundable portionG-3 (can’t claim personal exemption either)

Jim and May could not claim the credit.

refundable credits quiz 2
REFUNDABLE CREDITSQUIZ #2

Which form in TW would you use to claim estimated taxes paid?

refundable credits quiz 2 answer
REFUNDABLE CREDITSQUIZ #2 ANSWER

F/S Tax Pd, Estimated Tax Payments Made for the Current Tax Year

Which form in TW would you use to claim estimated taxes paid?

eic quiz 2
EIC QUIZ #2

A young father of two earns $15,000.

He sells his only stock, inherited from his mother, and makes a $3,500 capital gain.

He is expecting a sizeable EIC. Is he correct?

eic quiz 1 tab h
EIC QUIZ #1Tab H

A 65-year-old gentleman, with no qualifying children, earned $5,000.

Taxwise does not give him any EIC. Is this correct?

eic quiz 1 answer tab h
EIC QUIZ #1 ANSWERTab H

A 65-year-old gentleman, with no qualifying children, earned $5,000.

Taxwise does not give him any EIC. Is this correct?

YES. He is too old to get the EIC. He is 65 years old.

eic quiz 2 answer
EIC QUIZ #2 ANSWER

A young father of two earns $15,000.

He sells his only stock, inherited from his mother, and makes a $3,500 capital gain.

He is expecting a sizeable EIC. Is he correct?

NO.He gets nothing because his investment income is over the limit.

eic quiz 3
EIC QUIZ #3

Sara, 23 and unmarried, earned $5,000.

Daughter, Jane, 5, lived with her all year.

Matt, 25 and unrelated, earned $16,000 and lived in the home all year.

Matt is not Jane’s father, but provided more than half her support

Who is eligible to claim EIC?

eic quiz 3 answer
EIC QUIZ #3ANSWER

SARA can claim EIC using Jane

Jane is Sara’s Qualifying Child

Matt cannot claim EIC credit

Jane is not Matt’s Qualifying Child

He cannot claim EIC without a Qualifying Child because his income is too high.

Mattcan claim Jane as a Qualifying Relative Dependent if Sara is not required to file or files only for a refund of withheld taxes

eic quiz 4
EIC QUIZ #4

Mike, 40, earned $18,000

His two sons, Joe and George, ages 16 and 18, lived with him all year.

Mike’s sister, Susan, 36, earned $11,000

Susan lived with Mike and his sons over half the year

Who is eligible to claim EIC?

eic quiz 4 answer
EIC QUIZ #4ANSWER

MIKEis the ONLY ONE eligible to claim the EIC because

His income is above filing requirement

He is the parent

Even if he did not claim the EIC, Susan would not be eligible because her income is lower than Mike’s

eic quiz 4 alternate1
Who would be eligible if the boys were nephews of both Mike and Susan?

MIKEwould be the one eligible because he had the higher income.

EIC QUIZ #4ALTERNATE
eic quiz 5
EIC QUIZ #5

Bill is 30 years old and earned $33,000; his wife, Emily, is 27 and earned $1000.

Bill and Emily have 3 children under age 19 who lived with both of them until August when they divorced.

The children lived with Emily through the rest of the year.

Who is eligible to claim EIC?

eic quiz 5 answer
EIC QUIZ #5ANSWER

EMILY is the one eligible to claim all

The children lived with her the longest (tiebreaker)

She could choose, however, to let Bill claim the children

BILL could claim the children or some of the children if Emily does not claim them (AGI is not an issue between parents, except as a tiebreaker).

refundable credits quiz 1
REFUNDABLE CREDITSQUIZ #1
  • Indicate which of the following are automatically calculated in TaxWise:
    • Federal income tax withholding
    • Estimated taxes
    • EIC (Earned Income Credit)
    • ACTC (Advanced Child Tax Credit)
    • Refundable American Opportunity Credit
refundable credits quiz 1 answer
REFUNDABLE CREDITSQUIZ #1 ANSWER

Federal Income Tax Withholding

EIC (Earned Income Credit)

ACTC (Additional Child Tax Credit)

Refundable AOC (Refundable American Opportunity Credit)

Estimated taxes not automatically calculated by TaxWise; must be input by counselor

review quiz 5
REVIEW QUIZ #5

Where is 1099-MISC, Box 7, Nonemployee compensation, reported?

review quiz 5 answer
REVIEW QUIZ #5 ANSWER

Where is 1099-MISC, Box 7, Nonemployee compensation, reported?

GenerallySch C (or C-EZ, if preferred).

See Pub 17 Ch 12, Other Income, Nonemployee compensation, and Ch 1, Self-Employed Persons. If reported incorrectly, need to contact employer.

top problems using taxwise
TOP PROBLEMSUSING TAXWISE

Improper OVERRIDES

Improper use of punctuation

Incorrect entry of last name – spouse/dependents

Not linking to 1099-MISC from Sch C

Use of scratch pad instead of existing worksheet or schedule

Adding new form when already existing form

top problems using taxwise1
TOP PROBLEMSUSING TAXWISE

Not recreating e-file as last item before exiting return, resulting in an invalid e-file

Incorrect or no state adjustment for interest and dividends

Improper completion of EIC worksheet or Schedule EIC

Missing input

Return prepared with out-of-scope issues