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Jeopardy. Deductions &. Credits. Filing Status. Dependents. Income. Miscellaneous. Q $100. Q $100. Q $100. Q $100. Q $100. Q $200. Q $200. Q $200. Q $200. Q $200. Q $300. Q $300. Q $300. Q $300. Q $300. Q $400. Q $400. Q $400. Q $400. Q $400. Q $500. Q $500. Q $500.
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Jeopardy Deductions & Credits Filing Status Dependents Income Miscellaneous Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500 Final Jeopardy
$100 Question from H1 There are this many different filing statuses
$100 Answer from H1 What is: 5
$200 Question from H1 This Filing Status is out of scope for VITA
$200 Answer from H1 What is: Married Filing Separately
$300 Question from H1 A qualifying person for Head of Household must be related to the Taxpayer in one of these two ways
$300 Answer from H1 What is: Blood or Marriage
$400 Question from H1 List the filing statuses from most beneficial to least beneficial
$400 Answer from H1 • Married Filing Joint • Qualifying Widow w/Dependent Child • Head of Household • Single • Married Filing Separately
$500 Question from H1 Name one tax calculation affected by Filing Status
$500 Answer from H1 • Calculation of income tax • Standard deduction • Eligibility for certain credits/deductions
$100 Question from H2 If a dependent is not a US citizen or resident, they must live in one of these two foreign countries
$100 Answer from H2 What is: Mexico or Canada
$200 Question from H2 Name the two types of dependents
$200 Answer from H2 • Qualifying Child • Qualifying Relative
$300 Question from H2 This relative is not included in the list of relatives who may be claimed as a dependent even if they don’t live with the taxpayer
$300 Answer from H2 What is: Cousins
$400 Question from H2 The difference in residency requirements between the two types of Dependents
$400 Answer from H2 • Qualifying child must live with TP for more than half the year • Qualifying relative must live with TP all year as member of household (if not covered under “relatives who do not have to live with you” 4012 Table 2 pg C-5)
$500 Question from H2 Name one tax benefit that is linked to the dependency exemption
$500 Answer from H2 • Head of Household • Child Tax Credit • Earned Income Tax Credit • Child and Dependent Care Credit
$100 Question from H3 This type of taxable income is reported on a W-2
$100 Answer from H3 What is: Wages
$200 Question from H3 If this is a taxpayer’s only income, it is not taxable
$200 Answer from H3 • Social Security benefits • Public Assistance (TANF, welfare) • Veteran’s Benefits • Other- see 4012 Table B pg D-1
$300 Question from H3 Gambling winnings are reported as this type of income, on this line of the 1040
$300 Answer from H3 What is: Other Income, line 21
$400 Question from H3 This “cheat sheet” in the 4012 can help a preparer figure out where to input income on TaxWise
$400 Answer from H3 What is: Pub. 4012, Yellow Tab 2, page 2-1
$500 Question from H3 Taxpayers who are paid in cash or receive Form 1099-MISC for non-employee compensation are usually required to file this tax schedule
$500 Answer from H3 What is: Schedule C/EZ, Net Profit from Business
$100 Question from H4 For most people, the standard deduction is based on this
$100 Answer from H4 What is: Filing Status Age and/or Blindness may increase Standard Deduction Amount
$200 Question from H4 This credit is automatic for a dependent child under 17 who lived with the taxpayer more than half the year
$200 Answer from H4 What is: Child Tax Credit
$300 Question from H4 This is the best clue that a taxpayer may benefit from itemizing their deductions
$300 Answer from H4 Taxpayer owns a home and paid mortgage interest
$400 Question from H4 To claim the EITC, taxpayers and all qualifying children must have one of these
$400 Answer from H4 What is: Valid Social Security Numbers
$500 Question from H4 Explain the difference between a tax deduction and a tax credit
$500 Answer from H4 • Deductions decrease taxpayer’s AGI and reduce amount of income that is taxed • Credits decrease the amount of tax that is paid and can be refundable
$100 Question from H5 Main reference materials used by VITA tax preparers to determine and apply the tax law correctly
$100 Answer from H5 • Pub. 4012, Volunteer Resource Guide • Pub. 17, Tax Guide for Individuals
$200 Question from H5 This form must be completed by the taxpayer and reviewed by the VITA tax preparer for each tax return prepared at the site
$200 Answer from H5 What is: Form 13614-C, Intake and Interview Sheet
$300 Question from H5 After starting a new return in TaxWise, this is the first input screen
$300 Answer from H5 What is: The Main Information sheet
$400 Question from H5 A taxpayer must provide this information in order to receive their refund through Direct Deposit
$400 Answer from H5 • Routing Transit Number • Bank Account Number • Suggested that Taxpayer bring actual check with them to ensure correct Routing and Account numbers
$500 Question from H5 VITA volunteers who help Quality Review returns must be certified to this Tax Law certification level
