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M Y F REE T AXES PARTNER TRAINING WEBINAR. To offer in-person and online tax preparation tools and assistance to hard-working low- and moderate-income families To serve as a seasonal on-ramp for year-round financial planning

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Presentation Transcript
slide1
MYFREETAXES
  • PARTNER TRAINING WEBINAR
slide2
To offer in-person and online tax preparation tools and assistance to hard-working low- and moderate-income families
  • To serve as a seasonal on-ramp for year-round financial planning
  • Target populations: Female heads of household, persons with disabilities, college students, veterans, low-wage workers
  • MyFreeTaxes Partnership’s Mission
slide3
MFT Core Partners

POWERED BY:

SPONSORED BY:

slide4
Year 1 (2009): 8,580 returns
  • Year 5 (2013): 82,286 returns
  • Total returns completed in 5 years: 180,000
  • Became a true network in 2013, centered around the Core Partners, their affiliates, and the Helpline
  • Over the past 5 years, MFT has positioned facilitated self-assistance (FSA) tax preparation as a top virtual financial capacity-building tool for low-income households and community tax prep agencies
  • MFT Brief History
slide5
MyFreeTaxes.com website redesign
  • H&R Block software redesign
  • Helpline expanded hours:

9am – 10pm EST Mon – Sat

  • What’s New This Year?
slide6
Is my URL correct? How can I test it?

Type in your URL and press enter – the address will revert to the default myfreetaxes.com address

You can view the SIDN matched with your URL at the bottom of your browser window

  • If you discover your URL isn’t working properly after testing, contact myfreetaxes@goodwill.org for assistance
  • Preseason Common Questions
slide7
How do I access the marketing materials?

Any marketing-related questions should be directed to myfreetaxes@goodwill.org

  • Preseason Common Questions
slide8
For your clients: MFT Helpline

1-855-MY-TX-HELP (698-9435)

Menu Options:

      • Block Fees
      • Tax-related issues
      • VITA site help (IRS locator tool)

Chat and email can be accessed through MFT portal

  • Important Contact Info
slide9
For Partner Agencies – that’s you

Helpline Menu Options (continued):

4. Partners

Goodwill email (once again!):

myfreetaxes@goodwill.org

  • Important Contact Info
slide10
If you’re utilizing volunteers exclusively for MFT, have them take the certification tests on the HR Block software.
  • Blended volunteers who’ve already trained/tested on TWO can still do practice problems from 4491-W on HR Block (get answers from your SPEC if you don’t already have them).
  • Volunteers
slide11
MYFREETAXES/H&R BLOCK
  • LIVE SOFTWARE DEMO
slide12
Kimberly Gordon

Head of Household

Three dependents

Income: W-2, 1099-G (unemployment), W-2G

Student Loan Interest, Standard Deduction

Credits: Dependent Care, CTC/Additional Child Tax Credit, American Opportunity Credit, EITC

  • Scenario
slide13
Kimberly Gordon – 1234 Main St. Cleveland OH 44113

DOB: 10/01/72

SSN: 555-55-1234

  • Rachel Gordon – Full-time student, not filing

DOB: 11/12/93

SSN: 555-55-2345

  • Briyonna Gordon

DOB: 03/16/96

SSN: 555-55-3456

  • Tony Gordon

DOB: 08/12/05

SSN: 555-55-4567

  • Names & SSN’s
slide17
Fed Loan - $87
  • Kimberly’s Student Loan Interest
slide18
Precious Babies Daycare Center

1845 St Clair Ave.

Cleveland, OH 44115

EIN: 12-3123123

Payments made in 2013: $1,500

  • Daycare info for Tony
slide19
Rachel’s Tuition Info

Payments received: $2,150 in loans, $350 out of pocket

Other qualified expenses: $200 for text books

slide20
Questions
  • How much is Kimberly’s Student Loan Interest deduction?
  • Who qualifies Kimberly for the Child & Dependent Care Credit?
  • What is the amount of Kimberly’s Dependent Care Credit?
  • What are the amounts of Kimberly’s CTC and Additional CTC?
  • What is Kimberly’s American Opportunity Credit for Rachel?
  • How many of Kimberly’s dependents qualify her for EITC, and what is the credit amount?
  • What is Kimberly’s total federal refund amount?
slide21
Student Loan Interest Deduction: $87
  • Tony qualifies Kimberly for the dependent care credit
  • The dependent care credit amount is $333
  • CTC is $0, Additional CTC is $1,000
  • Kimberly’s AOC for Rachel is $870
  • 3 dependents qualify Kimberly for EITC, amount is $3,865
  • Total federal refund amount is $8,870.
  • Answers