1 / 13

Filing Basics

4491-03 Filing Basics v1.0 VO.ppt. Filing Basics. Pub 4012 Tabs A, 1, 14 Pub 17 Intro, Chapter 1. LEVEL 2 TOPIC. Need To Know. Filing status, age & marital situation Is taxpayer a dependent? Blind? All sources of income Excluded or exempt income

fancy
Télécharger la présentation

Filing Basics

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 4491-03 Filing Basics v1.0 VO.ppt Filing Basics Pub 4012 Tabs A, 1, 14 Pub 17 Intro, Chapter 1 LEVEL 2 TOPIC NJ Training TY2010 v1.0

  2. Need To Know • Filing status, age & marital situation • Is taxpayer a dependent? Blind? • All sources of income • Excluded or exempt income • Whether TP received advanced Earned Income Credit (EIC)? • Any withholding or estimated taxes paid • Any carry-forward capital losses NJ Training TY2010 v1.0

  3. Where To Get T/P Info • Intake Sheet • Tax Documents • Prior Year Return NJ Training TY2010 v1.0

  4. Principal Sources Of Income • Salaries/Wages • Interest and Dividends • Sale of Securities-1099B • Pensions/IRA Distributions • Social Security Benefits NJ Training TY2010 v1.0

  5. Filing Requirements(See Pub 4012 Tab A) • Pub 4012: Page A-1 NJ Training TY2010 v1.0

  6. Filing Requirements(See Pub 4012 Tab A) NJ Training TY2010 v1.0

  7. Pub 4012, Tab AChart A - Footnotes • If TP turns 65 on Jan 1 of next year considered 65 for prior year • When using chart, do NOT include social security benefits unless: • You are married filing a separate return and you lived with your spouse at any time during the year, or • One-half of your social security benefits plus you other gross income is more than $25,000 ($32,000 if MFJ) • MFJ not living with spouse at end of year and had gross income of $3,650 or more, must file regardless of age NJ Training TY2010 v1.0

  8. Also Must File If • Over $400 of net self employment income • Received advance EIC – from W2 box 9 • Owe special taxes (unreported tips, household employment, etc) NJ Training TY2010 v1.0

  9. Children & Other Dependents • Pub 4012: Page A-2 • Must File • Single dependents under 65 with unearned income over $950 and/or earned income over $5,700 • Married dependents - 65 or older or blind • See Pub 4012 Tab A NJ Training TY2010 v1.0

  10. Who Should File • Pub 4012: Page A-3 • Claiming refund of withheld taxes or estimated taxes paid • Claiming earned income credit • Claiming additional child tax credit • If TP received 1099B, Sale of Capital Assets NJ Training TY2010 v1.0

  11. When Not To File NJ • Not a resident (for tax purposes) of New Jersey • Adjust State Return box on Main Info screen • Do not file NJ 1040 return if ALL of the following conditions exist: • Homeowner (not a Tenant) • Income below filing threshold • No withholdings to be refunded • Not eligible for Earned Income Credit (EIC) • Click NO on box “Do You Want To Electronically File This Return”, page 3 of NJ return NJ Training TY2010 v1.0

  12. MUST/SHOULD FILE QUIZ #1 • Miranda, 17, claimed on her parents’ return • W-2 shows $2000 in wages and federal tax withheld of $155 • Grandparents gave her a $3000 CD as a gift • She has no other income • Must or should Miranda file? • Should: to get back her withholding • CD is a gift – not counted in income NJ Training TY2010 v1.0

  13. MUST/SHOULD FILE QUIZ #2 • Kathy, 22, attends college full time • Earned $850 babysitting and had $3000 reported on a W-2; no tax was withheld. • Must or should Kathy file? • Must: had >$400 in self-employment. • If only W-2, would not have needed to file. NJ Training TY2010 v1.0

More Related