Finishing the Return in TaxSlayer. Pub 4012 Tab K Pub 4491 Lesson 31

Transcription

1 Finishing the Return in TaxSlayer Pub 4012 Tab K Pub 4491 Lesson 31

2 Finishing the Return in TaxSlayer E- File Section Screens to Complete Return Type Tax Preparation and E-File Information State Return(s) Taxpayer Bank Account Information Third Party Designee Info Consent to Disclose Carry Forward Information to VITA/TCE Tax Preparation Sites Questions State ID Submission Screen 2

3 Navigation Thru E-File Screens Navigate from one screen to next screen by selecting the next button OR Navigate to next screen by selecting the specific screen bar. This approach allows you to skip optional screens such as Third Party Designee Info screen. 3

4 Navigating Thru E-File Section OR 4

5 TaxSlayer Return Type - Refund/Payment Options Select e-file from the left side menu Different options will appear in a drop down menu for Refund or Payment Additional Options will appear based on actual selections State refund/payment options appear based on the return information Bank Information is entered if required 5

6 Return Type - Refund or Payment? In TaxSlayer, refund calculator amounts are shown at top or on right side of screen, Green is a refund Red is owed Also on 1040 view, Lines Use TaxSlayer E-File section to designate how to receive/pay 6

7 Return Type - Refund/Payment Taxpayer has several choices on how to receive refund or pay amount owed 7

8 Refund Type Menu Options E-File: Paper Check Return is E-Filed Refund Check is mailed to the Taxpayer E-File: Direct Deposit Return is E-Filed Refund is deposited into Taxpayer Account 8

9 More Refund Type Menu Options Paper Return with Direct Deposit Return is mailed to IRS by Taxpayer Refund is deposited into Taxpayer Account Paper Return Return is mailed to IRS by Taxpayer Refund check is mailed to Taxpayer 9

10 Federal Return Type - Refund To review Federal/State refund select refund summary box Select federal return type from drop down box To file state only select send state only If state only return must still select federal return type of paper. 10

11 Federal Return Type Screen - Refund 11 NTTC Training - TY2017

12 Federal Return Type -Payment (Balance Due) Menu Options E-File: Mail Payment Return is E-File Payment is mailed by Taxpayer with Voucher E-File: Direct Debit Return is E-Filed Payment is withdrawn from Taxpayer Account (via ACH) Paper Return A paper Return is mailed by Taxpayer Payment is mailed by Taxpayer with Voucher 12

13 Federal Return Type Screen Payment (Balance Due) To review Federal/State balance due select refund summary box Select federal return type from drop down box To file state only select send state only If state only return must still select federal return type of paper. 13

14 Federal Return Type Payment (Balance Due) 14 NTTC Training - TY2017

15 Tax Preparation and E-File Information Screen Screen you will encounter after completing Federal Return Type Taxpayer s PIN and ERO PIN fields should be populated. Remainder of screen does NOT apply to volunteer preparers If no state return next screen will be Taxpayer Bank Account Information screen if required 15

16 Tax Preparation and E-File Information Screen 16 NTTC Training - TY2017

17 State Return Type Refund Select state return type from drop down box If no bank account information is required (paper check) next screen is third party designee screen (optional) 17

18 State Return Type - Refund or 18 NTTC Training - TY2017

19 State Return Type Balance Due Select state return type from drop down box If no bank account information is required (paper check mailed to IRS), next screen will be the Third Party Designee Screen. 19

20 State Return Type Balance Due 20 NTTC Training - TY2017

21 Refund Options Receive refund by check Receive refund by Direct Deposit Split refund (Form 8888) Deposit to three different accounts Purchase US Series I Savings Bond Receive a portion of refund by check Apply some or all to next year s tax 21

22 Refund Option: Direct Deposit IRS recommends direct deposit of refund go only to account (or accounts) in taxpayer s name Financial institutions may not allow joint refund to be deposited into an individual account 22

23 Enter Banking Information Encourage Direct Deposit Safer and Faster Use nine-digit routing transit number and account number on an actual Check provided by the Taxpayer IRS will send refund to savings account, but its routing transit number is often not easy to locate This screen will appear if form 8888 has NOT been activated. Can select checking or savings account Enter name of bank 23

24 Verify Banking Information If taxpayer does not have check or letter from bank, may accept information from another source if Counselor advises taxpayer of responsibility for accuracy money will most likely be gone for good if incorrect Taxpayer initials printed return next to routing and account numbers 24

25 Refund Options Form 8888 Form 8888 Provides additional options for Refunds Is available in Practice Lab If the multi-site or local site administrator selects set-up option to display Form 8888 options, it will appear in e-file section automatically 25

26 Refund Options Form 8888 Options available using Form 8888 (Allocation of Refund) Direct Deposit for up to 3 accounts Purchase US Series I Savings Bond Part of the refund can be by check Is available in Practice Lab 26

27 Refund Option Form 8888 One Bank Account If taxpayer elects to deposit into one account select Pull Refund If amount of refund subsequently changes must delete amount in account and select Pull Refund again Will receive warning if amount to be deposited does not match amount of refund Select checking or savings account Enter name of bank Enter banking information twice 27

28 Bank Account Information Form 8888 Offered One Bank Account 28 NTTC Training - TY2017

29 Bank Account Information Form 8888 Offered Two Bank Accounts Total amount must equal amount of refund Enter banking information twice for each account Will receive warning if total amount does not match amount of refund 29

30 Bank Account Information Form 8888 Offered - Split Refund Two Banks 30 NTTC Training - TY2017

31 Bank Account Information Form Split Refund Bank and Paper Check Complete bank account information section Scroll down page to paper check allocation section and enter amount. Amounts must equal total amount of refund or will receive warning 31

32 Bank Account Information Form Split Refund Bank and Paper Check 32 NTTC Training - TY2017

33 Bank Account Information Form 8888 Purchase Bond(s) Can buy for self or others in $50 increments Can buy up to three in a range of amounts Fixed rate interest + semiannual inflation 33

34 Bank Account Information Form 8888 Purchase Bond(s) Can redeem after 12 months (forfeit 3 months interest if redeemed <5 years Taxpayer will receive bonds via mail and check for balance of refund 34

35 Bank Account Information Form 8888 Purchase Bond(s) Bond will not be issued if any of following apply: - request is not a multiple of $50. - More than one name is entered on line 5b, 5c, 6b, or 6c - The refund is decreased because of a math error - The refund is offset for any reason Instead, the entire refund will be sent as check 35

36 Bank Account Information Form 8888 Purchase Bond(s) To purchase bond uncheck the I do not want to purchase this bond box and Enter amount of purchase for yourself and/or others Can split amount between direct deposit and bond(s) Total amount must equal amount of refund or warning will be issued 36

37 Bank Account Information Purchase Bond - Taxpayer 37 NTTC Training - TY2017

38 Refund Options Apply some or all of refund to next year s estimated tax payments TS Navigation: Federal>Payments and Estimates>Apply overpayments to next year s estimated payments Alternate Navigation: Click link line 77 in the 1040 View 38

39 Apply Refund to Next Year May be reduced if IRS makes adjustment to return 39

40 Payment Menu Options E-File: Mail Payment Return is E-File Payment is mailed by Taxpayer E-File: Direct Debit Return is E-Filed Payment is withdrawn from Taxpayer Account (via ACH) Paper Return A paper Return is mailed by Taxpayer Payment is mailed by Taxpayer 40

41 Payment Options Check or money order mailed with Form V, Payment Voucher TaxSlayer will prepare voucher for mailing Direct Debit (Electronic funds transfer) Input Banking information into TaxSlayer Taxpayer is responsible to complete these: IRS Direct Pay Credit card (may have additional fee) Electronic Federal Tax Payment System (EFTPS) 41

42 Payment Options Electronic funds transfer also referred to as direct debit IRS direct pay is from Credit card fees may be imposed for cash advance EFTPS if already enrolled for some other purpose 42

43 Payment Due Direct Pay, Credit Card or EFTPS Pub 4012, page K-18 Taxpayer does on own through irs.gov/payments 43

44 Can t Pay Now Taxpayer has options Full Pay in 60 or 120 Days Monthly Installment Payments Contact IRS for more options File the Return ON TIME even if you cannot pay on time 44

45 Full Pay in 60 or 120 Days No user fee Interest and penalties apply on amounts paid after due date Apply online at irs.gov/payments Online Payment Agreement Application File return on time or penalty is much higher! 45

46 Installment Payments Through OR In Miscellaneous Forms section, select Installment Agreement (Form 9465) NEW HIGHER FEES 46

47 Online Payment Agreement at 47

48 Monthly Installment Payments Proposed 1/1/2017 Fee Schedule Filing Form 9465 $225 (if direct debit $107) Online payment agreement $149 (if direct debit $31) Interest and penalties added 48

49 Line 77 Estimated Tax Penalty If tax owed is $1,000 or more AND Withholding and estimated payments less than the smaller of: 90% of tax shown on current tax return OR 100% of tax shown on 2016 tax return Advise the taxpayer of possible penalty 49

50 Line 77 Estimated Tax Penalty We do not calculate penalty IRS will automatically compute whether penalty is due based on current year or prior year s facts IRS will send notice and bill if appropriate 50

51 Third Party Designee Info Screen (Optional) To skip this screen, after completing the Taxpayer Bank Account Information screen, do not select next. Instead, scroll to bottom of the Taxpayer Bank Account Information screen and click on the Consent to disclose screen. 51

52 Third Party Designee Info Screen (Optional) May NOT be Tax-Aide volunteer Adult child of elderly parents Family member of overseas taxpayer 52

53 Carry Forward Data Carryforward data includes: 1. Taxpayer s/spouse s name, filing status, SSN/ITIN, dob and phone # 2. W-2, 1099-R EIN, 3. Schedule D (Capital loss carryforward) 4. Schedule C name, business code and description 5. Schedule K-1 payer information 53

54 Carry Forward Data 6. Child care providers with dependents claimed 7. Banking information for direct deposit 8. Schedule B financial institution information Form 1099-INT/DIV 9. State and local refund worksheet Counselor can choose which, if any, items to carryforward 54

55 Consent to Disclose Carry Forward Information to VITA/TCE Tax Preparation Sites Screen Currently, this screen must be completed in order to e-file the 2017 return. The wording of this screen is in draft form and may change When preparing the 2017 return during the upcoming 2018 tax preparation season, information will be carried forward from any active TCE (not VITA) site The information will appear once the personal information section is completed. 55

56 Consent to Disclose Carry Forward Information to VITA/TCE Tax Preparation Sites If the taxpayer grants consent, taxpayer information will be carried forward from any active VITA/TCE site when completing the taxpayer s 2018 tax return (2019 tax filing season) If the taxpayer denies consent, carry forward will not take place when preparing the 2018 tax return in the 2019 tax filing season, unless the return was prepared at the same Tax-Aide site as in the previous tax preparation season. 56

57 Consent to Disclose Carry Forward Information to VITA/TCE Tax Preparation Sites 57 NTTC Training - TY2017

58 Questions Screen First four questions are from AARP National Order of answers for these screens cannot be changed and questions must be answered to e- file return Remaining screens are added by site administrators. Order of answers for these screens can be changed. These questions may be mandatory as determined by site administrators. 58

59 Questions Screen 59

60 State ID Screen This screen will appear only for a state return Some states may require this information for the state return to be accepted Check with your state tax department 60

61 State ID Screen 61

62 Submission Screen Last screen in E-file section Portion preparer completes will vary from site to site based on site procedures Last screen prior to quality review If complete is checked, return will be added to transmission list 62

63 Submission Screen (Cont) May be starting point for quality review process Can be used to verify federal and state refund type and amount Can be used to verify bank account information Can add tags Preparer checks ready for review to notify quality reviewer 63

64 Submission Screen (Cont) 64

65 Submission Screen (Cont) 65

66 Submission Screen (Cont) 66

67 Submission Screen (Cont) 67

68 Quality Review No estimated tax penalty shown Verify bank information if direct deposit or direct debit State refund or balance due options? 68

69 Summary with Taxpayer Refund or balance due If paying balance due by check, ensure s/he understands when/how to mail it If under or over withheld Revise withholding Forms W-4 Estimated taxes (another lesson) 69

70 Summary with Taxpayer If possible penalty, be sure taxpayer is aware may receive notice/bill from IRS If the taxpayer owes taxes and is unable to pay full amount, the counselor should explain the various payment options and fees and how to get to 70

71 Refund/Tax Due Questions? Comments 71