Random Stuff Flashcards
Under what circumstances do you select
“Paper return”?
Nothing that is in our scope warrants paper return so NO CIRCUMSTANCE
Where do you enter Tier I RR retirement in Taxslayer?
Enter Tier I on the Social Security Form
If a taxpayer has Social Security and RR Tier 1
Income, do you enter them separately in the Social Security section?
Because they both use the same form in tax slayer, add the numbers together and just enter one form.
Returns cannot be processed if the AGI is zero. What steps do you take to resolve this problem?
1) Add $1.00 to “Other Income” in Federal section then
2) Subtract the dollar in the Kansas section:
Go to “Subtractions from Income”
Scroll all the way down and enter a dollar under, “ other subtractions allowed by Kansas law.
If the taxpayer owes more than $1000, will they be penalized?
Possibly. Hard to tell but for the tax aid counselors, it is important to have a conversation with the taxpayer about ways to avoid this problem in the future. Depending on their circumstances, they could have more money taken out during the year through-
a) withholding on a W-2
b) withholding on a 1099 or their Social Security etc;
c) submitting estimated payments. TaxSlayer has the necessary forms to set up Estimated Payments. For retirement income, SS or earned income they should contact the administration of those organizations.
How do you set up Estimated Payments for the next tax year?
For State estimated payments go to
MISCELLANEOUS FORMS located at the bottom of the main State menu.
Usually people opt to take whatever they owed in state taxes, and divide it by four.
Each Quarter having 1/4 of the total annual amount they’d like to increase.
All similar for Federal. Find the Federal estimated tax forms under:
Federal section
- Payments and Estimates
- Vouchers for 2025 Estimated Tax Payments
Where do you record the Estimated Taxes
that were paid for the tax year?
Both Federal and State Estimated payments
are recorded in the FEDERAL SECTION:
Main Taxslayer Menu to the left see: “Other Taxes”
- Payments and Estimates
- Federal estimated tax payments
and. - State estimated tax payments
-
How old can a dependent be?
Under 19
Under 24 if they are a full time student
No age limit if they are disabled
How much can a dependent make and still be claimed as a dependent?
$5050
What form must be completed to allow the non- custodial parent to claim the child as his/her dependent?
Form 8332
When completing form 8332, when asked how many months the child lived with this other parent, scroll all the way down and select divorce or separated. Do not put in a number of months.
How much per year of a Capital Loss can be deducted?
$3,000 per year
When entering the info, enter the full current remainder (balance). TaxSlayer will
only count $3,000 and will keep track of the balance.
The form will let you indicate if this loss is a joint account or taxpayer’s or spouse’s. Be sure to confirm accuracy.
When entering Marketplace form 1095-A should you make sure that the number of household members is correct on the form and enter actual number of household members?
DO verify # of members
Don’t override what is on firm 1095-A
GET ASSISTANCE IF THERE IS A DISCREPANCY
How to Handle a W-2 from KDAD- KANSAS DEPARTMENT OF AGING
- Find out if this is a Medicaid Waiver Payment. Employee must reside with the aged or disabled person
If yes,
Try three scenarios around / with box 14-
a) don’t enter $ but do check box “include in EIC calculation”
b) enter $ AND check box
c) enter $ but do not check box.
Watch monitor to see which scenario will be most advantageous
If TaxSlayer indicates an expectation that
the taxpayer needs to enter Form 1095 A
(Info re: premium tax credit and Marketplace
health insurance ) but the tax payer says, “ no, I haven’t used the Marketplace insurance! What do you do?
This may indicate fraud- someone else may have acquired insurance with their #.
Alert support person
Must resolve before filing
If a taxpayer receives healthcare via the marketplace AND plans to itemize, make sure that the amount of health insurance expenses that they claim is consistent with form 1095 A
