Course Goals: 1. Recap Last Class- Questions? 2. Common Forms of Income 3. Self Employment 4. Affordable Care Act 5. Itemizing 6.
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1 Course Goals: 1. Recap Last Class- Questions? 2. Common Forms of Income 3. Self Employment 4. Affordable Care Act 5. Itemizing 6. State Taxes
2 State Issues: Overview TaxSlayer indicates that, when you finish the federal return, you are done. That s not true!! Spend the time to go through the menus to look for state issues that relate to your taxpayer. Don t try to memorize all state issues: A cheat sheet will be provided at the tax site: USE IT. In most cases, the state issues you are looking for will reduce the taxpayers state tax bill. You will get used to state issues after a few returns. Ask for help; ask for information after quality review. 2
3 State Taxes- Key Terms RESIDENT The place where you live; maintain a home. You are never resident of two places simultaneously. PART YEAR RESIDENT You maintain more than one residency within a year. This may mean that you moved within the year, or that you maintain different summer and winter residences. This does not apply to temporary visits. NON RESIDENT You have earnings in this state, but do not have a home there. You may stay in this place for some period of time, but you retain your home in your resident state. RECIPROCITY Agreements between states regarding income tax withholding. The states agree that residents working in a reciprocal state will not be subject to withholding by that non-resident state. Reciprocity agreements generally apply to earned income, and may or may not apply to retirement, benefit, or business income. 3
4 State Taxes- Residency Taxpayers file in the state in which they LIVE (residence, domicile, maintain an abode). Income is taxable in the tax filers state of residency, no matter where the payer is located. This holds true for earned income as well as interest, pensions, gambling etc. Check for details if the person has moved within the year, considers residence in the state to be temporary, or maintains homes in more than one state. Active duty military personnel have a State of Legal Residency on file. They usually know. If not, it can be found on the DD
5 BASIC: State Taxes Resident and Non-Resident Taxpayers file and pay income taxes in the state in which they LIVE. Neighboring states generally have reciprocity agreements so that residents who live in one state and work in another are not required to pay income taxes (or file) in the non-resident state. Reciprocity agreements allow employees to ask their employer to withhold taxes for their resident state instead of their working state. Many employers do this automatically based on home address. BUT some employers withhold taxes based on the location of the company or worksite, regardless of where the employee lives. 5
6 BASIC: State Taxes State withholding will be shown on Forms W2, W-2G and RULE: ALWAYS check Form W2s, W-2Gs and 1099s to determine the state in which taxes were withheld! The Big Company 123 Main Street, Anywhere, PA Jane A. Doe 457 Home Avenue, Anywhere Else, OH
7 BASIC: State Taxes Non-Resident If taxes were withheld for a state in which the taxpayer does not reside, the tax-filer must file a non-resident return with that reciprocal state in order to receive a refund of that withholding. Therefore, individuals living and working in different states may need to file two state returns: 1. Resident return to pay state taxes owed; and 2. Non-resident return for a refund on taxes withheld in the state in which he worked. 7
8 BASIC: State Taxes Practice Example Sarah lives in Ohio. She works at a janitorial company cleaning an office building in Kentucky. Where should she file and why??? 1.The W2 lists the company address at its headquarters in Ohio. The W2 shows withholding in Ohio. OR 2.The W2 shows a company address in Kentucky but withholding in Ohio. Why did this happen? Where should she file? OR 3.The W2 shows a company address and withholding in Kentucky. 8
9 BASIC: State Taxes Practice Answers 1.While Sarah s worksite is in Kentucky, the W2 lists the company address at its headquarters in Ohio. The W2 shows withholding in Ohio. Sarah should file state taxes in Ohio, her state of residence. OR 2.The W2 shows a company address in Kentucky but withholding in Ohio. The company has acknowledged reciprocity and correctly withheld taxes for Sarah in her state of residence. Sarah should file state taxes in Ohio, her state of residence. OR 3. The W2 shows a company address and withholding in Kentucky. Sarah should file state taxes in Ohio, her state of residence. Sarah should ALSO file as a non-resident in Kentucky to receive a refund of the Kentucky taxes withheld. 9
10 Advanced Part-Year Resident If the taxpayer was a resident of multiple states during the year (for example, moved partway through the year), he will need to file tax returns in both states. Taxslayer allows you to enter this information and will produce multiple state returns. Some income/expenses will need to be allocated depending on where the taxpayer lives when they were received. A Part-Year Residence Worksheet will be generated and the appropriate state income tax forms will be generated. 10
11 State Issues: Doing the MATH States start with the federal adjusted gross income, then they + ADD IN Income that is taxable at the state but not federal level, DEDUCT Income that is taxable at the federal but not state level, Offer EXEMPTIONS and CREDITS based on state tax law, + File ADDITIONAL STATE TAXES that get collected with income tax. Most states have credits for individuals over 65; deductions for contributions to a state college fund; exemptions for income related to service in the state s national guard; tax on federal tax exempt municipal bonds or bond funds from other states a sales and use tax on property purchased online or out of state and for which no sales tax was charged. 11
12 OHIO: SCHOOL DISTRICT TAX SCHOOL DISTRICT TAX: The School District tax is an Ohio State Tax (not a local tax) that must be filed if the taxpayer lives in one of the districts that charges this tax. Hamilton County: Southwest and Wyoming School Districts Clermont County: Clermont/Northeastern and Goshen Butler County: Madison, New Miami, Ross, and Talawanda. It does not matter whether or not the taxpayer has children in the district. Some W2s will show withholding for this tax. In Taxslayer, select Form SD 100; if you use the drop down to enter the appropriate school district, Taxslayer will complete the form. 12
13 OHIO: THE BIG TWO ISSUES BUSINESS/SELF EMPLOYMENT INCOME: Schedule C Income is not taxable in Ohio. Independent contractors may not consider themselves to be businesses, but they can and should take advantage of this tax law. This Business income can be deducted by filing an Ohio IT-BUS. Unfortunately, Taxslayer does not automatically complete this form. CHECK THIS FOR ALL SCHEDULE C FILERS!! RETIREMENT: Ohio does not tax Social Security, Military Pension, Railroad Pensions and most Disability and Survivor Benefits that may be taxable federal income. For other pension and retirement income that is shown on the federal return and is part of the Ohio tax base, there is a Retirement Credit of up to $
14 OHIO: Other State Issues MEDICAL: A number of deductions, adjustments and credits for unsubsidized or unreimbursed health insurance, employer-paid insurance for qualifying relatives, medical savings accounts, medical payments and organ donor expenses. (Complete Federal Schedule A) EDUCATION OR TRAINING: Deductions for Pell Grants and/or Ohio College Opportunity Grants used to pay for college room and board; a credit for retraining expenses for qualified dislocated workers; exmption for contribution to Ohio College Advantage 529 plan. DISABILITY AND SURVIVORSHIP BENEFITS: Benefits paid as the result of a permanent disability or benefits paid from a qualified survivorship plan as a result of death. Such payments are not taxable in Ohio. If the taxpayer is below retirement age and is receiving disability pay recorded on Form 1099-R, this income is counted as wages on the federal return (which can help with the earned income credit), but this income is not taxable in Ohio. FAMILY: Joint filing credit, dependent or child care credit; non-refundable earned income credit will automatically compute. 14
15 Common State Issues: KENTUCKY: BIG ISSUES ITEMIZED DEDUCTIONS: Itemized deductions are allowed on the Kentucky state return if they exceed the standard deduction of $2,480. This means it can be advantageous to itemize at state level, even if you did not itemize federal. TaxSlayer will compute this for you as long as you have entered the information on the federal Schedule A. FAMILY STATUS: Individuals who can be claimed as dependents at the federal level may file as individuals at the state level. Spouses who file jointly at the federal level can file separately in Kentucky. Also, Kentucky does not recognize the federal injured spouse status. 15
16 Common State Issues: KENTUCKY: Other Common Issues PENSIONS ANNUITIES AND RETIREMENT PLANS: The first $41,110 of retirement income is exempt; there are special issues for pensions and annuities starting between 1986 and Use the Kentucky Schedule P. GAMBLING: gambling winnings and losses, especially those from other states, require special treatment. Seek a site supervisor. STUDENT: A Kentucky Education Tuition Tax credit for undergraduate studies within Kentucky and may be carried forward for up to five years. CREDITS: FAMILY SIZE CREDIT for low income families. CHILD AND DEPENDENT CARE CREDIT based on the federal credit. TaxSlayer can compute these. 16
17 Common State Issues: INDIANA: The BIG ISSUES HOME RENTERS: A deduction if you paid rent on your principal residence (except dorms or tax-exempt buildings). Make sure to ask the client whether he is a renter! HOME OWNERS: A deduction for property taxes on your principal residence. UNEMPLOYED: Deduction for unemployment compensation payments that were taxed on the federal return. ACTIVE MILITARY, MILITARY RETIRED: Several deductions on federally taxable income for active military or military retirement income. UNIFIED TAX CREDIT FOR THE ELDERLY for people age 65 and over with income less than $10,000. (Even if there is no filing requirement - the credit is refundable) Some filers file for this credit alone, without filing a federal tax return. 17
18 INDIANA: Common State Issues NON-INDIANA LOCALITY EARNINGS DEDUCTION: A deduction for wages earned outside of Indiana that were taxed by a non-indiana locality. For example An Indiana resident who works in Cincinnati will pay city taxes. These wages are eligible for the deduction. CREDIT FOR LOCAL TAXES PAID OUTSIDE INDIANA An Indiana resident or partyear resident who works outside of Indiana and has withholding for a local tax district (City, County, School District, etc.) is entitled to a credit against the county income tax that must be paid in Indiana. LIVING IN A CARE FACILITY: Deduction for Medicaid recipients living in care homes, long-term care facilities and nursing homes. PRIVATE SCHOOL/HOMESCHOOL: deduction for education expenditures paid for dependent children enrolled in a private school or homeschooled. EARNED INCOME CREDIT: Based on eligibility for federal Earned Income Credit 18
19 Review Alan Smith s state return in Taxslayer
20 NEXT STEPS: 1. Introduction to VITA 2. Tax Preparation Part A (federal) 3. Tax Preparation Part B (federal and state) 4. Taxslayer Software and Test
21 QUESTIONS?
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