1 / 10

Preparing a Familiarization Return

This detailed guide provides step-by-step instructions for preparing a tax return using the FAM-50 Familiarization Return process. It includes preparation tips, a watch walkthrough screencast (if available), and resources to help you gather necessary personal information and tax forms. Follow the Refund Monitor to ensure accuracy, and review each step closely with your coach. Learn best practices and utilize tools like FAM-42 and TWO-81 to facilitate a seamless filing experience. This resource is designed for both beginners and experienced preparers who wish to refine their skills.

toshi
Télécharger la présentation

Preparing a Familiarization Return

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. Preparing a Familiarization Return FAM-50 Preparing a Familiarization Return

  2. Sequence • Preparation • Watch Walk-Thru ScreenCast (if available) • Prepare the return • Ask Coach to review FAM-50 Preparing a Familiarization Return

  3. Preparation • Print & Review (for this Scenario) • Scenario Write-up • Refund Monitor • Common Resource(s) • FAM-42 Familiarization Form Lookup Tool • TWO-81 Main Info and Prep Use Job Aid • TWO-82 W-2 Job Aid FAM-50 Preparing a Familiarization Return

  4. Scenario Write-up • Intake Sheet p1 • Personal Information • Dependents • Intake Sheet p2 • Checklist • Intake Sheet p3 • Misc • Notes • Information gathered via TP interview • Information you would ordinarily lookup or figure out • Documents • SS Card(s) • Other Tax Forms FAM-50 Preparing a Familiarization Return

  5. Refund Monitor • For each step in preparing the return • Process: Overall Process • Step: Step Number • TP Form / Notes: Source TP document or Note(s) the information is coming from • TW Form: Which TaxWise Form/Worksheet the information is being entered on • Note: Click here to get a Screen Shot of the completed TW form (You can click on the Screen Shot to zoom in, then use scroll bars to move around) • Payee / Name: Issuer of document • AGI & Refund: Values from federal return after information has been entered • NJ 37 & NJ 55/65: Values from NJ return after information has been entered • Notes: Useful commentary • Hint: Helpful hints • BP: Best Practices FAM-50 Preparing a Familiarization Return

  6. Watch Walk-Thru ScreenCast • Note: Walk-Thru ScreenCast may not be available • Video of experienced preparer as they prepare this return (plus color commentary) • You can pause / rewind / etc. • View full screen to make it easier to see detail on screen • Remember: You can go back and watch sections again when you’re preparing the return yourself FAM-50 Preparing a Familiarization Return

  7. SSNs & EINs • Important Rules for SSNs & EINs: • SSN: nnn-xx-yyyy • nnn – from SS card or notes in scenario • xx – Your individual “magic 2-digit number” provided by Training Coordinator • yyyy – Special 4-digit value for all training returns under this Client ID (last for digits of EFIN) – also provided by Training Coordinator • EIN: nn-nxxyyyy • nn-n – from tax form • xx & yyyy – same as for SSN FAM-50 Preparing a Familiarization Return

  8. SSNs & EINs • Examples: • My information (from my Training Coordinator): • My “magic 2-digit number” = 49 • My 4-digit value = 7611 • SSN: • Scenario says 621-xx-yyyy, so I use 621-49-7611 • Scenario says 642-xx-yyyy, so I use 642-49-7611 • EIN: • Scenario says 62-9xxyyyy, so I use 62-9497611 • Scenario says 64-8xxyyyy, so I use 64-8497611 FAM-50 Preparing a Familiarization Return

  9. Prepare the Return • Login to TWO • Create a New Return (or re-open to pick up where you left off) • Do each step (in order) from Refund Monitor • See next slide for detail • When Complete, Ask Coach for Review FAM-50 Preparing a Familiarization Return

  10. For Each Step • After you have entered all information on current TW form: • check that your federal AGI and Refund amounts agree with values in Refund Monitor • If amounts are different, then STOP! and resolve • Most likely the problem is caused by an error on current form – Double check that numbers are entered correctly and appropriate boxes checked (compare with Screen Shot for differences) • Go back and review previous forms if necessary • Talk to your Coach if you can’t resolve the problem or if you still have questions FAM-50 Preparing a Familiarization Return

More Related