Welcome December Tax Training For New Volunteers. 6-8 Dec 2016

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1 Welcome December Tax Training For New Volunteers 6-8 Dec

2 Handouts Presentation charts Instructions for logging into 2015 TaxSlayer Practice Lab (training) are included IRS Pubs or excerpts for studying Mass Manual (includes 2 practice returns) 11 practice returns and answer key Same set was provided to returning volunteers We will focus on subset of these returns here TaxSlayer related tools 2

3 Purpose of This Training Briefly discuss AARP Tax-Aide Program Gain experience using TaxSlayer software Complete typical Federal and MA returns from the set of 13 returns given to returning volunteers Discuss and apply Federal and MA basic tax laws Understand how to use your resources; you do not have to memorize or learn everything this year 3

4 AARP TAX-AIDE Program Nationwide non-profit program administered by AARP Foundation AARP Foundation is an IRS approved charity Free confidential service Helps low-to-moderate income taxpayers with special attention to age 60+ Prepare returns and answer tax questions Funded by AARP Foundation and IRS Has its own management structure 4

5 AARP TAX-AIDE Program Volunteers protected by Volunteer Protection Act of 1997; we are not liable provided We stay within scope of program, receive training and get certified Any error we make is not willfully committed Volunteers are not identified on tax return copies; only IRS required location information Travel insurance available (secondary) Mileage can be reimbursed at end of season 5

6 Where/How Do We Work? Where Senior Centers Weekdays, daylight hours Libraries Evenings, weekends available*, also Other (e.g., community centers) Seeing taxpayers By appointment mostly Walk-in * Dependent on volunteer availability 6

7 Training & Reference Documents IRS Pub Student Training Guide (STG) Basic training source for Federal tax laws and rules Follows 1040, line by line Has many examples that illustrate laws Refers extensively to other documents Only available electronically IRS Pub Volunteer Resource Guide (VRG) Great reference for test and for preparing returns Covers Federal tax law and how to use TaxSlayer software IRS Pub 4961 Standards of Conduct Ethics 7

8 Training & Reference Documents IRS Pub 5101 Intake/Interview and Quality Review IRS Form Volunteer Test/Retest Test problems, test/retest answer sheet, Volunteer Agreement Everyone (including client facilitators) takes Standards of Conduct test and Intake/Interview test Preparers also must pass Advanced segment test IRS Publication 17 - Your Federal Income Tax Used for more complex issues 2016 version not yet available (Jan 2017) 8

9 Reference Documents & Websites MA Form 1 Instructions Covers MA tax rules and laws, line by line MA Manual (MM) Fall 2016 Covers MA unique tax laws and how to use TaxSlayer to complete MA returns Websites

10 Suggested Study Approach Look at test questions in Pub 6744 Volunteer Standards of Conduct, pages Intake/Interview and Quality Review, pages Advanced Test, pages Identify what tax topics you are not familiar with Use Pubs 4012 & 4491 as required to learn about tax law topics and try to answer test questions in Advanced test Prepare tax returns using 2016 TaxSlayer software and answer test questions for returns (after Jan training) 10

11 Suggested Study Approach Read Pubs 4961 and 5101 as needed Answer the questions about Standards of Conduct and how to use the Intake/Interview sheets Tests will be discussed in January training Submit paper test results (on-line test site not recommended for new volunteers) More will be covered in January training 11

12 Volunteer Standards of Conduct Excerpt Do not accept payment or solicit business/donations Tips are considered payment Do not knowingly prepare false returns Ensure confidentiality, privacy and security Keep taxpayer information strictly confidential do not disclose to unauthorized individuals Provide only in-scope tax assistance Treat all taxpayers equally and professionally Do not engage in unethical behaviour Do not engage in conduct that is detrimental to program Follow site leader s instructions about site requirements 12

13 Affordable Care Act (ACA) Basics Taxpayer(s) and dependents must Have Minimum Essential Coverage (MEC) health insurance each month, or Have a coverage exemption, or Make a Shared Responsibility Payment (SRP) Taxpayers and dependents in class training problems have full time coverage Government or Private insurance Other ACA situations will be discussed in January training (practice problems in handout) Marketplace purchased insurance 1095-A Form 13

14 Before Doing Return Sort taxpayer paperwork Review paperwork and Intake sheet Ensure return is in-scope Understand complexity of return Look at prior year Fed and MA returns Can reveal differences with current year Need to understand/reconcile differences Prior year may provide needed information SSN s, carryover losses, etc. Engage taxpayer, as needed 14

15 Courtney Smathers Return 17 yrs old, full time high school student Lives with her parents who support her Has W-2 from summer/after school work Does she have to file Federal & MA returns? 4012, page A-1 & A-2; Mass Manual, page 1 Should she file Federal and MA returns? 4012, page A-3, chart D, item #1 What s her filing status? 4012, page B-1 Can she claim herself? 4012, page C-2 15

16 Introduction to TaxSlayer Practice Lab Software 16

17 Connect to Chelmsford Wireless Network Use Windows OS* and Internet Explorer 8 or higher or Chrome browsers, Apple Safari TaxSlayer on-line software also requires Adobe reader Connect to Chelmsford wireless network Password: *No Windows XP 17

18 Key Items About TaxSlayer (1) Data is entered on screens ; software program inserts entered data onto tax return forms Screens are organized like Fed 1040 or MA Form 1 (next) TaxSlayer Navigation Tool lays out all the screens and those screens that are out-of-scope Data on a screen is saved by hitting continue at the bottom of screen If a screen is not used (opened by mistake), click cancel at screen bottom Move from one item to another using the tab key or the mouse hitting enter does not work TaxSlayer will time out after about 15 minutes of no activity 18

19 Elements of Fed 1040 & MA Form 1 Tax Returns Taxpayer information Filing status Dependents Income Adjustments to income (reduces taxes) Deductions & exemptions (reduces taxes) Credits (reduces taxes) Taxes owed, refund due, no taxes owed TaxSlayer Organized Same Way Basic Information in TaxSlayer Deductions in TaxSlayer 19

20 Connect to TaxSlayer Practice Lab Make sure you are connected to wireless network Connect to 2015 Practice Lab Click on desktop icon, or Open Internet Explorer or Chrome and insert URL: Put URL into favorites list or Create desktop icon (only if you use Internet Explorer or Chrome as your browser) Insert password (see next slide) 20

21 Log in - First Time Enter Universal PW: TRAINPROWEB 21

22 Log in First Time (Continued) Use info in handout unique to each student; then User Name Click 22

23 Practice Lab Home Page (Top) 23

24 Practice Lab Home Page (Bottom) 24

25 Practice Lab Home Page (Top) Click to do returns 25

26 Practice Lab Welcome Page Click here for

27 To Start Return 27

28 Choose 28

29 Enter SSN Twice Click after entering SSN 29

30 TaxSlayer On-line - Initial System Navigation Click create prior year and enter Social Security Number buttons and enter Courtney Smather s SSN twice: SSN for practice must have 00 as middle two digits; use 7210 as last four digits Click Start Return This routine is used to start all returns, even for joint returns that have two SSN s Use primary taxpayer s SSN to start return Spouse s SSN will be entered later 30

31 Filing Status Screen 31

32 Personal Information Screen Use pulldown or enter no 0 s 32

33 Personal Information Screen Change if needed Required! 33

34 Smathers W-2 34

35 Entering Wages in TaxSlayer Check SS# and tax year on paper W-2 s Fill out TaxSlayer W-2 form See 4012, page D-9, 10 Identify whose W-2 it is; i.e., taxpayer or spouse Verify address; modify if necessary Enter data from every box (ex control number) from paper W-2 Click continue at bottom to save and enter data Data will not save until you hit continue on each screen 35

36 Entering Federal Insurance 36

37 Entering Federal Insurance 37

38 Entering Federal Insurance Will change depending on members in household 38

39 Entering Federal Insurance 39

40 Editing MA Return Remember this screen!! 40

41 Editing MA Return 41

42 State (MA) Menu Items 42

43 Basic Health Care Questions 43

44 Basic Health Care Questions 44

45 Preview Federal and MA Return Click to create PDF 45

46 Smathers Summary To start a return, enter SSN twice Fill out Basic Information (filing status, taxpayer information, any dependents) In Federal Section, follow TaxSlayer menus to enter income, deductions, etc. Fill out ACA Health Care information Go to State Section to do MA return Create PDF of both returns and check 46

47 Samuel & Abigail Johnson Married for 50 years, 75 & 74 years old Income: Social Security 4012, page D-27 Bank interest, dividends , pages D-12 to D-15 Pensions, IRA , page D-17 to D-26 Live with daughter; pays no rent Have Medicare insurance all year 47

48 More TaxSlayer Key Items Income data entered in Federal section carried to state as taxable Exception are traditional IRA distributions Must enter taxable amount manually for MA Also, must keep track of following items for manual entry in MA return Different types of interest as shown on handout, Interest Entries in MA section of TaxSlayer Tax-exempt pensions Mandatory pension contributions (SS substitute) MA TaxSlayer Worksheet handout provided to keep manual track of these items 48

49 MA TaxSlayer Worksheet 49

50 MA Treatment of Interest 50

51 Johnson 1099-INT (4012, Pg D-13) MA bank 51

52 A Johnson SSA

53 A Johnson 1099-R (IRA) 53

54 Box 7 Distribution Codes Common codes (Pub 4012, page D23-24) 1 - early distribution, no known exceptions (usually before 59 ½) penalties possible 2 early distribution, exception applies (under 59 ½) - may avoid penalty 3 disability 4 death 7 normal G direct rollover - non-taxable Enter code from paper copy; may require additional TaxSlayer entry (not for Johnson) 54

55 Entering 1099-R s (Pub 4012, page D-18) Verify SSN & tax year on paper copy Verify address in TaxSlayer vs paper; change if needed Enter data from 1099-R paper copy to TaxSlayer 1099-R (use box # s) Double check box 2a (Federal taxable) and box 14 (MA distribution) If an IRA 1099-R, write down taxable amount (box 2a) on MA Worksheet 55

56 More TaxSlayer Key Items Use taxpayer documents to fill out MA TaxSlayer Worksheet Speeds data entry in MA section of return Must hit continue at bottom of each screen in MA section until original State Return screen is reached and refund is updated Appears data entered in MA section does not save until we do this Remember, we must create PDF of return to see MA return 56

57 MA Worksheet for Johnson 57

58 Start Johnson Return Click create prior year and enter Social Security Number buttons and enter Sam Johnson s SSN twice: Fill out Basic Information Filing Status: MFJ Personal Information, including Abigail s No dependents 58

59 Johnson Social Security Screen 59

60 Steps to Complete Johnson MA Return After entering all Johnson income, enter health insurance info, then click on State Section on left menu Answer questions about change of name/address Answer Health Care questions (next slides) Full year coverage Medicare for both (Medicare is always full-time Do not answer other questions Go to Additions to Income screen and enter both MA bank interest and IRA total 60

61 MA Health Care Information 61

62 MA Health Care Information 62

63 TaxSlayer Additions to Income Screen 63

64 Johnson Summary Introduced SS, interest income, different retirement income types on 1099-R & how to enter in TaxSlayer Introduced MA Worksheet to keep track of items that are manually put into MA return Showed how to enter Medicare coverage for MA insurance 64

65 Sheryl Beringer Return 51 Yrs, divorced years ago Two children, mother and friend live with her Filing status and who are dependents must be determined Worked most of the year (W-2) Received unemployment (1099-G) Eligible for some Federal adjustments & credits Rents apply MA rental deduction ($1000/mo) Has full year private insurance 65

66 Exemptions and Filing Status The Filing Status and Exemptions sections of the tax return may only take a few minutes to complete but they encompass some of the most complex tax law issues. Determining the correct filing status and whether a taxpayer has a Qualifying Child or a Qualifying Relative can impact many other areas of the return. 66

67 Personal & Dependency Exemptions Pub 4012, Tab C Personal exemption Dependent exemption Qualifying child dependents Qualifying relative dependents Each Exemption reduced taxable income by $4050 for

68 Personal Exemptions One for taxpayer & one for spouse when filing jointly Taxpayer is ineligible if another can claim him/her as a dependent Widow(er), if not remarried by 12/31, can claim spouse in year of death Use 4012, page C-2 to determine if personal exemption is allowed 68

69 Requirements To Claim Dependent Exemptions Overview of rule for claiming exemption for dependent 4012 page C-3 Dependency evaluation for qualifying child - page C-5, Table 1 Tie-breaker rules for qualifying child - page C-4 Dependency evaluation for qualifying relative page C-5, Table 1, then page C-6 & C-7, Table 2 Special case of divorced, separated, or never married parents - page C-8, Table 3 69

70 Filing Status Comparison (Lowest to Highest Tax) Married Filing Jointly* Qualifying widow(er) with dependent child* Head of Household Single Married Filing Separately * same lowest tax 70

71 Analysis of Living Conditions is Critical for Filing Status Marital status as of 12/31 Who was living in the home during the year? Relationship/dependency of occupants Who paid more than half the cost of keeping up the home? If widow(er) Date of death of spouse Any dependents? 71

72 How to Determine Filing Status Use Pub 4012, pages B-1 to B-3 Read Pub 4491, Part 2 on filing status. Examples help reinforce rules Suggestion: Do exercises in 4491 using 4012 charts for practice 72

73 Dependents Information in TaxSlayer 4012, Page K-11 73

74 Beringer W , page D-10 for codes 74

75 Federal Credits Available to Beringer Non-refundable (reduces taxes) Retirement Savings Credit Child Tax Credit Refundable (provides refund even w/o owed taxes) Additional Child Tax Credit Earned Income Credit TaxSlayer calculates credits, but Some may require extra attention by us Form 8880 for Retirement Savings Credit Earned Income Credit 75

76 Prepare Beringer Return Start a new return and enter Beringer SSN ; click start return Complete Basic Information using the conclusions on filing status and who are her dependents (children & mother) Click Federal Section and Enter Myself Under Income, enter W-2 and 1099-G for unemployment Enter Health Insurance information full year coverage for Sheryl and all dependents 76

77 Beringer MA Return Click for rent 77

78 Health Insurance Information 78

79 MA Insurance Options No - or symbols 79

80 Beringer Summary Discussed how to determine best filing status and criteria for being a dependent Showed how to use form search to bring up screens to fill out in TaxSlayer Discussed different Federal income adjustments and credits available to taxpayers Used rental deduction on MA return Showed how to enter private insurance information on MA return 80

81 Tim & Nicole Sterling Return Married couple, 73 & 63 yrs Tim s sister, 65 yrs lives with them MA bank and savings bond interest (1099-INT) and dividends (1099-DIV) Social security income for all three Pensions (1099-R) for Tim and Nicole Has capital gains Own home: test for Circuit Breaker Credit 81

82 U.S. Savings Bond Interest Taxable Federally; tax-exempt in MA 82

83 Dividends 83

84 Tim s Pension Simplified Method 84

85 Capital Gains Sale of stocks, bonds, mutual funds will be reported on 1099-B to taxpayer We should file returns to establish cost basis with IRS and MA DOR; otherwise, IRS will assume all proceeds are ordinary income, whereas many times assets long term or sold at loss Cost basis is what taxpayer paid for asset (for most cases) Starting with stock purchases in 2011, 1099B must provide cost basis; mutual funds in 2012 Establishing cost basis is sometimes difficult for purchases before

86 Reporting Capital Gain or Loss Must determine elements of sale What is it? on 1099-B When did you buy it? long or short term When did you sell it? On 1099-B What is sales price? On 1099-B What is the cost basis? 1099-B or ask taxpayer Was it inherited? (always long-term gain) Once details of sale are entered in TaxSlayer, it runs all calculations and transfers results to Form 8949 and then to Sch D, 1040 & MA forms 86

87 MA Senior Circuit Breaker Credit (MA Manual, page 15) Credit for taxpayers 65 or over who pay real estate taxes or rent as MA residents Income level and house value are eligibility criteria (for single, HOH or MFJ) Many of our clients over 65 are eligible 2015 maximum credit was $1070 (also for 2016) Fill out screen for Circuit Breaker Credit in TaxSlayer; TaxSlayer determines credit amount (if any) Taxpayers living in subsidized or public housing are not eligible (no RE taxes are paid) 87

88 MA Worksheet for Sterling 88

89 Initial Sterling Return Steps Click start new return ; enter Tim s SSN Enter Basic Information Filing status? Remember Nicole is legally blind, disabled Does sister qualify as a dependent? Totally and permanently disabled Enter all income items Enter full time medical insurance (all 3) 89

90 TaxSlayer Pension Entry 90

91 Sterling Simplified Method Box 9a Combined ages at annuity start 6 times $227 91

92 Entering Sterling Stock Sale Go to Federal Section, then Income, then click Capital Gain and Losses (Schedule D) Click Capital Gains and Loss Items and fill out screen with data provided by taxpayer (see next slide) 92

93 Sterling s Stock Sale 93

94 Sterling MA Return 94

95 Exclude US Bond Interest 95

96 Designate MA Bank Interest 96

97 Sterling Circuit Breaker Try On MA Return main menu, click Credits and choose Senior Circuit Breaker Credit, Schedule CB Fill out screen with data provided (see next screen); hit continue at bottom and then continue twice see if MA refund changes (it won t) Go to summary/print and create PDF of returns; look at Schedule CB 97

98 TaxSlayer Sch CB Screen 98

99 Sterling Schedule CB 99

100 Sterling Summary Taxpayer and dependent had disabilities that have to be entered Simplified Method used to determine taxability of pension Accommodated stock sale Federal and MA MA bank and US Bond interest entered on MA form Example of how taxpayers over 65 may qualify for MA Senior CB Credit 100

101 Rachel Brown Return 74 yrs, widowed in 2008 Income sources: wages, social security, MA bank interest, dividends, MA refund, MA pension (spouse), MA lottery Possible itemized deductions versus taking standard deduction Brings in all information for Sch A Possible MA Senior Circuit Breaker Credit as homeowner 101

102 Brown 1099-R MA Tax-Exempt Do not fill anything in State section of TaxSlayer 1099-R 102

103 New Forms of Income 2014 MA state refund on 1099-G Brown did not itemize last year, so refund is not taxable nothing needs to be entered If she itemized last year and used MA taxes, we have to fill out State tax refund worksheet (on Income list) MA Lottery enter W-2G in Enter Form Number box; call up screen, fill in TaxSlayer recognizes EIN of MA lottery and will put income on 1040, line 21 and MA Form 1, line 8 Her gambling losses of $51 is entered when itemizing her deductions (losses cannot be larger than winnings) 103

104 TaxSlayer W-2G Screen 104

105 Itemizing Deductions See 4012, Tab F for discussion of standard vs itemized deductions Shows TaxSlayer screen shots States what items are not eligible for itemizing, including medical, taxes, interest More details available in Pub 17 Following screens show what is applicable to Brown 105

106 Itemizing Deductions 106

107 Itemizing Deductions Choose relevant deductions Here for gambling losses 107

108 Resulting Brown Sch A 108

109 Brown s MA Worksheet 109

110 Initial Brown Return Steps Click start new return ; enter Brown s SSN (from SS statement) Enter Basic Information What filing status? Enter income sources using profile, W-2, 1099-R, 1099-INT and DIV, SSA-1099 (same as other returns) 110

111 Brown MA Return 111

112 Excluding Tax-Exempt Pension Enter as a negative number 112

113 Brown Circuit Breaker Try On MA Return main menu, click Credits and choose Senior Circuit Breaker Credit, Schedule CB Fill out screen with data provided (see next screen); hit continue at bottom and then continue twice see if MA refund changes (it will this time) Go to summary/print and create PDF of returns; look at Schedule CB 113

114 TaxSlayer Sch CB Screen 114

115 Brown MA Schedule CB 115

116 Brown Summary New income items last year state refund, gambling winnings (and losses) Itemized deductions Read Tab F in Pub 4012 for details Brown eligible for MA Circuit Breaker credit 116

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