HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

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1 HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

2 + H E L P F U L T I P S F O R O U T O F S C O P E T O P I C S O N T H E I R S B A S I C C E R T I F I C A T I O N E X A M OUT OF SCOPE FOR S AVEFIRST BAS IC VOLUNTEERS AT TAX PREP ARATION SITE Some topics on the IRS VITA Volunteer Basic Certification Exam will remain out of scope for SaveFirst Basic volunteers. The certification exam is open-book and open-note. You should consult the information below to aid you in responding to questions and scenarios in the IRS Basic Certification Exam. As a reminder, a SaveFirst Campus Fellow, Advanced Trained Volunteer or Site Coordinator will prepare the topics below at SaveFirst tax sites. AFFORDABLE CARE ACT TAX PROVISONS The Affordable Care Act requires individuals to: o Have qualifying health coverage, called minimum essential coverage (MEC) for each month of the year o Qualify for a health coverage exemption, or o Make a shared responsibility payment when filing their federal tax returns This essentially means that taxpayers who did not have health coverage or a good reason for not having health coverage, they must pay a penalty on their tax returns HEALTH COVERAGE EXEMPTIONS Short Coverage Gap (less than three months) o Any person that did not have coverage for 2 months or less can claim a short-coverage gap health coverage exemption on Form 8965 Certain noncitizens and U.S. Citizens Living Abroad o Individuals who are not lawfully present in the United States can claim a health coverage exemption on Form 8965 SHARED RESPONSIBILITY PAYMENT A shared responsibility payment must be made for ANY month for ANY person listed on the return for which the person does not have 1) minimum essential coverage, OR 2) a health coverage exemption Note that if a taxpayer has MEC for one day of the month, they are considered to have had it the entire month PRACTICE EXERCISE #1: PETER & NANCE ARMISON Peter, age 27 and Nance, age 24, are married and want to file a joint return They lived in the United States all year and have Individual Taxpayer Identification Numbers (ITINs) They are not U.S. citizens and are not lawfully present in the U.S. Peter and Nance did not have any health insurance in the tax year. 2 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

3 PRACTICE QUESTIONS FOR EXERCISE #1: PETER & NANCE ARMISON 1. Peter & Nance qualify for a health coverage exemption a. True b. False PRACTICE EXERCISE #2: FRANCIS & CLAIRE UNDERWOOD Francis & Claire want to file a joint return Francis was covered by employer-sponsored health insurance until October. He did not have coverage the rest of the tax year Claire had no health insurance all year, and does not qualify for any coverage exemptions Francis worked until October, when he lost his job, and brought a Form W-2. ENTER THE BASIC INFORMATION AND THE FORM W-2 INTO TAXSLAYER HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 3

4 NOW, GO TO HEALTH INSURANCE TAB ON THE LEFT-HAND SIDE OF THE SCREEN AND ANSWER THE QUESTIONS 4 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

5 GO TO 1040 PG 2 AND VERIFY THAT THE HEALTH CARE: INDIVIDUAL RESPONSIBILITY PAYMENT APPEARS ON LINE 61 PRACTICE QUESTIONS FOR EXERCISE #2: FRANCIS & CLAIRE UNDERWOOD 1. The Underwoods are not required to make a shared responsibility payment on Form 1040, page 2. a. True b. False HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 5

6 2. Francis did not have Minimum Essential Coverage (MEC) for two months of the tax year. How does this affect their tax return? a. He must make an Individual Responsibility Payment for himself b. He must complete Form 8965 to claim the short coverage gap exemption c. It does not affect the tax return d. None of the above RETIREMENT INCOME: IRAS AND PENSIONS Taxpayers who received income during the tax year from a retirement account (IRA, pension, etc.) will receive a Form 1099-R to report on their tax return. Most taxpayers receive this after they retire, but some taxpayers may have made an early withdrawal from a retirement account HOW TO ENTER INTO TAXSLAYER Choose IRA/Pension Distribution from the Income Landing page and Add or Edit a 1099-R Enter the following information (if provided on the taxpayer s Form 1099-R) into the 1099-R on TaxSlayer o Gross distribution o o Taxable amount Boxes in line 2b (check in TaxSlayer if checked on the taxpayer s form) Taxable Amount Not Determined Total Distribution o Federal Income Tax Withheld o Distribution Code(s) o Total Employee Contributions Check Form 1040, line 16 in TaxSlayer to verify the amount pulled through FORM W4-P Withholding Certificate for Pension or Annuity Payments This form allows taxpayers to tell payers the correct amount of federal income tax to withhold from payments ADDITIONAL TAX ON IRAS, OTHER QUALIFIED RETIREMENT PLANS, ETC. Can be found in the Other Taxes section of the Form 1040, Page 2, line 59 Taxpayers who make an early withdrawal from a 401(k) may have an additional tax penalty that will appear here 6 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

7 PRACTICE EXERCISE #3: SARAH BROWN Sarah Brown is single with no dependents. In December of the current tax year, she lost her job. Since she was unemployed, Sarah cashed in her 401(k) savings from her previous employer and used the money for household expenses. She received the following 1099-R. Since she is before retirement age, this is considered an early distribution, indicated by the Code 1 in Box 7 of the 1099-R. Sarah does not qualify for any exception to the additional tax on early distributions. ENTER THE BASIC TAXPAYER INFORMATION INTO TAXSLAYER AND CREATE THE 1099-R FOR SARAH. HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 7

8 ENTERING INTO TAXSLAYER Select IRA/Pension Distributions (1099-R, 1099-SSA) Select Add or Edit a 1099-R 8 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

9 ENTER INFORMATION INTO 1099-R IN TAXSLAYER EXACTLY AS IT APPEARS ON THE TAXPAYER S 1099-R FORM. PRACTICE QUESTIONS FOR EXERCISE #3: SARAH BROWN: 1. What is the amount that appears on Form 1040 Line 16b Taxable Amount? 2. What is the amount of Total Earned Income on Form 1040 page 1? 3. What is the amount of Total Income on Form 1040 Line 22? 4. What is the amount of additional tax on IRAs, other qualified retirement plans, etc. on Form 1040, Line 59? HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 9

10 5. What is the amount of Federal income tax withheld on Form 1040 Line 64? 6. Sarah must pay a 10% additional tax on the distribution from her 401(k) because she is under 59 ½ years old and does not qualify for an exception. Circle one: True or False ADDITIONAL PRACTICE FOR FORM 1099-R REVIEW 1. Sarah s sister, Kerry, receives an annual distribution from her retirement account but does not have any tax withheld so she always has a balance due every year. Kerry can submit a Form W4-P to have tax withheld on her pension. Circle one: True or False ITEMIZED DEDUCTIONS The following items ARE ELIGIBLE to be included as an itemized deduction (you should include these on the return if the taxpayer chooses to itemize) o Unreimbursed doctor bills for taxpayer, spouse, and dependents o Unreimbursed prescription drugs for taxpayer, spouse, and dependents o Donations to church o The fair market value (FMV) of non-cash goods donated to charity o Expenses for a safe deposit box o Home mortgage interest from Form 1098, line 1 o Real estate taxes from Form 1098, line 4 The following items ARE NOT ELIGIBLE to be included as an itemized deduction (you cannot include these on the return if the taxpayer chooses to itemize) o Nonprescription drugs (including vitamins) o Donations (for personal, medical, or any other type of expense) given to an individual o Homeowner s insurance EDUCATION CREDITS Taxpayers with higher education expenses may be eligible for either for one of two education credits. o A taxpayer may only claim one of these tax benefits (Lifetime Learning Credit or American Opportunity Credit) Only out-of-pocket expenses can be claimed as eligible expenses. Amounts paid with scholarships and grants are NOT eligible expenses (since the taxpayer is not actually paying those expenses) o Expenses paid with loans or savings DO count as out-of-pocket expenses. o Room and board are NOT eligible expenses for any of these benefits o If not required for course enrollment, a parking permit is NOT an eligible expense for any of these benefits Important Note:You cannot claim either education credit if you are filing MFS! 10 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

11 American Opportunity Credit Up to $2,500 credit per eligible student Available for the 1 st 4 years of college Student must be pursuing a degree or recognized education credential Student must be enrolled at least half time No felony drug conviction on student s record Expenses include tuition, fees, and required course materials (includes required books) Lifetime Learning Credit Up to $2,000 credit per return Available for all years Student does not need to be pursuing a degree or credential Available for one or more courses Felony drug conviction does not factor Expenses include only tuition and fees (no books, UNLESS purchase was a condition of enrollment) PRACTICE EXERCISE #4: LESLIE KNOPE Leslie is single and employed as a parks employee. Leslie earned $35,000 in wages, and had no other income. In the tax year, she took a computer class at the community college to improve her job skills. She has a student account statement showing she paid $1,250 for tuition She paid $250 for a course book that she ordered from an online bookseller. Purchase of the book was not a requirement for enrollment. She also paid $75 for a parking permit that was not a requirement of enrollment. The parking permit was not a requirement of enrollment. Leslie does not have enough deductions to itemize. Leslie is a U.S. citizen with a valid social security number. PRACTICE QUESTIONS FOR EXERCISE #4: LESLIE KNOPE 1. Which education credit is Leslie eligible to take? a. American opportunity credit b. Lifetime learning credit c. Both the American opportunity credit and lifetime learning credit d. She does not qualify for any education credit 2. Is Leslie s course book a qualified educational expense for the lifetime learning credit? a. No, because the book costs too much b. No, because it is not required as a condition of enrollment and paid to the institution c. Yes, because it will improve her job skills d. Yes, because qualified educational expenses are the same for all education credits HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 11

12 PRACTICE EXERCISE #5: EWAN MCGREGOR Ewan s wife moved out in Ewan will not file a joint return with his wife. Ewan has paid all the costs of keeping up the home. His son, Carl, did not work and provided less than 50% of his own support. Ewan has never taken a distribution from a retirement account and is not a student. In the tax year, Carl was a first year student at Brown College, an eligible educational institution. He is pursuing a degree in Computer Science. Carl used his savings and the proceeds of a student loan to purchase courserelated books for $1,500, pay $9,000 for room and board, and pay the $1,000 tuition not covered by his scholarship. Carl does not have a felony drug conviction. Carl lived in a dorm on campus during the school year. Carl lived with Ewan before he started attending college and during school breaks. The terms of Carl s scholarship state that it must be used to pay qualified tuition. Ewan wants to know if he has enough deductions to itemize. He gives you receipts and statements for the following items he would like to deduct: o Unreimbursed doctor bills for Ewan: $600 o Unreimbursed prescription drugs: $1,100 o Over the counter vitamins for $200 o Safe deposit box for $250 o A statement received through his church showing donations made throughout the year totaling $1,450 o Receipt for donation of furniture in good, used condition to Goodwill. The estimated fair market value is $270 o $150 given to a friend for her daughter s medical bill o Ewan paid $1,400 for homeowner s insurance o Home mortgage interest (on Form 1098) o Real estate taxes (on Form 1098) Ewan is repaying a student loan from his technical school education. The loan was for qualified education expenses at an eligible institution. Ewan and Carl were covered all year under a health care plan through Ewan s employer. Ewan did not itemize deductions last year. 12 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

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17 FIRST, ENTER THE FILING STATUS, PERSONAL INFOMRATION, DEPENDENT INFORMATION, AND THEN ENTER ALL INCOME FROM EWAN DURING THE YEAR. CARL S HIGHER EDUCATION EXPENSES: Since Carl is Ewan s Qualifying Child, Ewan can claim the educational expenses paid for Carl at Brown College. Carl is attending an eligible institution, is enrolled at least half-time, is in his first year of college, is pursuing a degree, and does not have a felony conviction. Thus, Ewan can claim the American Opportunity Credit for Carl s qualifying expenses. WHICH OF CARL S EXPENSES QUALIFY FOR THE AMERICAN OPPORTUNITY CREDIT? Course-Related Books: $1,500 Room and Board: $9,000 Tuition and Fees from Form 1098-T: $6,000 o Carl received scholarship or grant money. You must subtract the scholarship/grant amount from the tuition and fees amount to determine how much was paid out of pocket. o $6,000 - $5,000 = $1,000 o Out of Pocket Tuition and Fees: $1,000 qualifying expense for Education Credit Add up Carl s total qualified expenses for the American Opportunity Credit: $ ENTERING INFORMATION FOR AMERICAN OPPORTUNITY CREDIT INTO TAXSLAYER: GO TO THE DEDUCTIONS SECTION ON THE FEDERAL SECTION HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 17

18 SELECT EDUCATION CREDITS (FORM 1098-T) FROM THE CREDITS MENU YOU WILL SELECT THE ELIGIBLE STUDENT AND THE TYPE OF CREDIT YOU ARE CLAIMING YOU WILL FILL OUT THE INSTITUTION INFORMATION AS IT APPEARS ON THE 1098-T 18 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

19 YOU WILL THEN ANSWER THE QUESTIONS AT THE BOTTOM OF THE FORM HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 19

20 TAXSLAYER WILL NOW CALCULATE THE CREDIT AMOUNT AUTOMATICALLY. RETURN TO THE 1040 PAGE 2 AND SEE WHERE TAXSLAYER CALCULATED THE NONREFUNDABLE PORTION OF THE EDUCATION CREDIT ON LINE 50. AND THEN SCROLL DOWN TO SEE THE REFUNDABLE PORTION OF THE EDUCATION CREDIT IN THE PAYMENTS SECTION OF THE 1040 PAGE 2 ON LINE SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

21 EWAN IS ALSO PAYING A STUDENT LOAN FOR QUALIFIED EDUCATION EXPENSES AT AN ELIGIBLE INSTITUTION, FOUND ON HIS 1098-E. THIS AMOUNT CAN BE TAKEN AS AN ADJUSTMENT TO INCOME GO TO THE ADJUSTMENTS ON THE FEDERAL SECTION SELECT STUDENT LOAN INTEREST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 21

22 ENTER IN THE AMOUNT OF STUDENT LOAN INTEREST PAID DURING THE YEAR RETURN TO THE FORM 1040 PG 1 AND SCROLL DOWN TO LINE 33 TO SEE THE STUDENT LOAN INTEREST ADJUSTMENT ON LINE 33. ENTERING ITEMIZED DEDUCTIONS INTO TAXSLAYER Which of the following can Ewan itemize? o Unreimbursed doctor bills for Ewan: $600 o Unreimbursed prescription drugs: $1,100 o Over the counter vitamins: $200 o Safe deposit box: $250 o A statement received through his church showing donations made throughout the year totaling $1,450 o Receipt for donation of furniture in good, used condition to Goodwill. The estimated fair market value is $270 o $150 given to a friend for her daughter s medical bill o $1,400 for homeowner s insurance o Mortgage Interest from Form 1098: $6,552 o Real estate taxes from Form 1098: $1,954 TO ENTER ITEMIZATION IN TAXSLAYER, GO TO DEDUCTIONS IN THE FEDERAL SECTION THE EXPENSES ARE DIVIDED UP INTO CATEGORIES. 22 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

23 WE WILL START WITH MEDICAL/DENTAL EXPENSES. HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 23

24 YOU WILL ENTER THE EXPENSES IN THEIR APPROPRIATE DESCRIPTION THE SAFE DEPOSIT BOX CAN BE FOUND IN THE MISCELLANEOUS DEDUCTIONS CATEGORY 24 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

25 NEXT, YOU WILL ENTER THE CHARITABLE CONTRIBUTIONS HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 25

26 YOU WILL CLICK THE OVERRIDE BUTTON ON THE CASH CONTRIBUTIONS PAGE(AS OPPOSED TO LISTING OUT INDIVIDUAL CONTRIBUTIONS) 26 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

27 WHEN YOU CLICK NON-CASH GIFTS TO CHARITY YOU WILL ENTER THE FMV OF ITEMS DONATED TO GOODWILL ON THE LINE NON-CASH LESS THAN OR EQUAL TO $500 NEXT, CLICK THE MORTGAGE INTEREST AND EXPENSES CATEGORY HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 27

28 CLICK MORTGAGE INTEREST REPORTED ON FORM 1098 ENTER THE REAL ESTATE TAXES PAID, AND THEN CLICK EDIT INTEREST & POINTS PAID 28 SAVEFIRST HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM

29 PRACTICE QUESTIONS FOR EXERCISE #5: EWAN MCGREGOR 1. What is Ewan s total itemized deduction on Schedule A, line 29? $ 2. To compute the American opportunity credit, which of Carl s following expenses qualify? a. Tuition and fees paid by the scholarship b. Room and board c. Course-related books d. All of the above 3. What is the amount of Ewan s student loan interest deduction from Form 1040, page 1? $ HELPFUL TIPS FOR OUT OF SCOPE TOPICS ON THE 2016 IRS BASIC CERTIFICATION EXAM SAVEFIRST 29

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