WHAT S NEW TAXES 2017 Tuition and fees adjustment Exclusion of qualified principal residence indebtedness Deduction for premium mortgage insurance Non-business energy credits
What s new taxes 2017 Indexed for inflation: tax brackets EITC standard deduction mileage (53.5 cents/mile & 17 cents/mile) AMT exemption ACA shared responsibility penalty
What s new taxes 2017 Medical expenses deduction 7.5% floor for all taxpayers (retroactive) CALIFORNIA CA EITC self-employment income counts as earned income.
What s new taxes 2017 TaxSlayer handles all of these changes.
WHAT S NEW TAXSLAYER MFA (multi-factor authentication) Carry-forward (any VITA/TCE site) Carry-forward (global next year) permission form
What s new TaxSlayer 2017 Carry-forward? taxpayer/spouse name filing status SSN/ITN DOB phone number
What s new TaxSlayer 2017 Carry-forward (cont.) W-2, 1099-R, EIN Schedule D (capital loss carryforward) Schedule C (name, business code) K-1 payer information Two year comparison.
What s new TaxSlayer 2017 EITC & CTC due diligence questions have been eliminated!
What s new TaxSlayer 2017 Print or view (pdf) some individual forms Edit and delete icons edit = delete =
What s new TaxSlayer Form search function
What s new TaxSlayer Topics used will appear in left menu!
TaxSlayer tips <f11> full screen toggle ALL CAPS DOB - USE PICK LISTS ROUND (0.01-0.49 round down, 0.50-0.99 up) [ENTER MYSELF] [GUIDE ME]
TaxSlayer tips TAX EXEMPT INTEREST 1099-INT/1099-DIV ENTERED SEPARATELY
TaxSlayer tips 1099-OID taxable interest FORM 1099-INT box 9 PAB specified private activity bond interest non-taxable but subject to AMT other taxes >> AMT >> line 4
TaxSlayer tips AUTOFILL ALWAYS VERIFY CHANGE IF NECESSARY EINs MUST BE CORRECT!
TaxSlayer tips DOUBLE CHECK SSNs MUST MATCH NAMES SPOUSE & DEPENDENTS
TaxSlayer tips ENTRIES ARE NOT SAVED UNTIL YOU CLICK ON [CONTINUE]
TaxSlayer tips W-2, 1099-R, 1099-INT, DIV, IGNORE
TaxSlayer tips SUMMARY/PRINT [ ] EXPAND LEFT MENU [<<] COLLAPSE LEFT MENU
TaxSlayer tips NOTES CALCULATOR
TaxSlayer tips MULTIPLE CASH CHARITABLE DONATIONS?
TaxSlayer tips DO NOT DOUBLE ENTER READ THE SCREENS CAREFULLY ie, 1099-MISC box 7 & Schedule C
RTDF LBL DWIS WIDLIU
LOOKING AHEAD TAX CHANGES FOR NEXT YEAR How will the new tax laws affect me?
Tax changes for 2018 Lower brackets for individuals Standard deduction doubled (MFJ $24,000) Additional standard deductions for seniors and blind are retained. SALT deduction limited to $10,000
Tax changes for 2018 Mortgage interest deduction limited on new loans of more than $750,000 Medical expense deduction floor reduced to 7.5%, retroactive for 2017. Misc. 2% deductions.
Tax changes for 2018 Personal and dependent exemptions. Child tax credit doubles to $2,000 per child, up to $1,400 refundable. Qualifying relatives non-refundable credit of $500.
Tax changes for 2018 Individual health insurance mandate goes away in 2019. Estate tax threshold doubled. AMT floor increased.
Tax changes for 2018 Keeps school supplies adjustment. Keeps student loan interest adjustment. Starting 2019, new alimony awards are tax-free to the recipient and taxable to the payee.
Tax changes for 2018 Moving expenses. Chained cost of living calculations for COLAs. Number of taxpayers who owe nothing increases from 44% to 47.5%
Tax changes for 2018 How will the new tax laws affect me? 1. Does not affect this year s taxes. 2. You will likely benefit from the changes.
QUALITY REVIEW All returns must be quality reviewed. Quality reviewer must engage the taxpayer in the review process.
QUALITY REVIEW Greet taxpayer(s); introduce yourself. Check photo ID(s). Review Interview/Intake form with TP. All questions Parts I through IV answered? Any unsure boxes corrected? Gray sections for dependents and medical coverage filled in by preparer?
Quality Review Review tax return with taxpayer: Have TP verify name, address, SSNs, and phone numbers. Is filing status correct? Dependents? All income in Part III marked yes entered? Verify EINs Adjustments to income?
Quality Review Standard or Itemized Deductions? Credits? All applicable provisions of ACA considered for each person named on the tax return? Withholding shown on W-2, 1099 and Estimated Taxes correctly reported? Direct Deposit/Debit checking routing and account numbers correct?
Quality Review Go over the printed return with taxpayer. Advise taxpayer that they are responsible for the information on their return. Form 8879s are signed. Ask TP if they have any questions. Return all documents to taxpayer. Thank TP for coming and tell them you hope to see them again next year!
Quality Review If necessary, give feedback to the preparer. Remember: All returns must be quality reviewed Must engage the taxpayer in the review process Intake/Interview form must be complete.
Pub 4012 ACA tab H CRM ( duck book )
All tax household members (taxpayer, spouse, dependents) must have: or or 1. medical insurance 2. qualify for exception 3. pay a tax
To be completed by tax preparer!
MEC - minimum essential coverage Proof? No proof of coverage is needed. Oral statement from the taxpayer is acceptable, unless normal due diligence leads you to suspect the taxpayer s statement is incorrect.
FORM 1095-A MARKETPLACE STATEMENT FORM 1095-B & FORM 1095-C EMPLOYER STATEMENT
95+% of our clients Medicare A/Medicaid or employee medical plan Full year
<5% Covered California? ( market place ) Form 8962 PREMIUM TAX CREDIT
TAXSLAYER HEALTH INSURANCE
HAVE MEC ALL YEAR NOT THROUGH THE MARKETPLACE [CONTINUE] TO THE STATE SECTION. PURCHASE HEALTH INSURANCE THROUGH THE MARKETPLACE? DO NOT HAVE HEALTH INSURANCE ALL YEAR?
Member of tax family w/o minimum essential coverage all year? Exemption? IRS or Marketplace Pub 4012 tab H CRM ( duck book ) Site ACA guru
Exemptions? Form 8965 1.Hardship granted by marketplace 2.IRS Coverage Exemptions A income below filing threshold B short coverage gap C not lawfully in the US G unaffordable? site guru
No coverage AND no exemption for all or part of the year? Shared Responsibility Payment Form 1040 line 61
All tax household members (taxpayer, spouse, dependents) must have: or or 1. medical insurance 2. qualify for exception 3. pay a tax
WIDLIU Pub 4012 Tab H or consult site ACA guru