1. EKS Training November 22, December 6 and 13th

2. Review Day #1 Tax Law Review  Filing Status  Exemptions  Income: Taxable vs Nontaxable  Standard Deduction  Refundable Vs Nonrefundable Credits

3. Review Day #1 Components of the 1040  Income – adjustments = AGI  AGI – deductions and exemptions = taxable income  Taxable income X your tax rate = tax  Tax – nonrefundable tax credits = tax (down to zero)  Tax + your payments (withholding, refundable credits, etc.) = your refund or balance due

4. Review Day #1 13614-C & 1040  Review each section on the Intake & Interview Form and how it translates to the 1040

5. Standa rds of Condu ct Trainin g As a volunteer in the VITA/TCE Programs, you must: 1. Follow the Quality Site Requirements (QSR). 2. Not accept payment or solicit donations for federal or state tax return preparation. 3. Not solicit business from taxpayers you assist or use the knowledge you gained (their information) about them for any direct or indirect personal benefit for you or any other specific individual. 4. Not knowingly prepare false returns. 5. Not engage in criminal, infamous, dishonest, notoriously disgraceful conduct, or any other conduct deemed to have a negative effect on the VITA/TCE Programs. 6. Treat all taxpayers in a professional, courteous, and respectful manner. 49614961 │ VSOC Quiz │ Volunteer AgreementVSOC Quiz Volunteer Agreement

6. Scenario #3

7. 5 Step Plan: 1.As a class we will review Client Notes, and 2.Intake & Interview Sheet & supporting documents. 3.Instructor will teach Tax Law – referencing Pub 4012 and 13614-C 4.Instructor will show you how to enter information into TaxWise. WATCH! 5.Now Do! Students will enter information on TaxWise

8. Scenario #3 Let’s review Olivia & Brandon’s Information:  Pull out Interview Notes  Pull out Intake & Interview sheet 13614-C

9. Intervie w Notes Review  Brandon & Olivia are married & will file a joint return  They have two children who lived with them all year  Cash donation was made  They had unreimbursed medical expenses  Olivia & kids had health insurance  They paid property taxes  They did not itemize last year  They want to split their refund between checking & savings Review 13614-C to ensure responses match

10. Intake & Intervie w Let’s review 13614-C  Everything accurate? If not, what’s missing/wrong/needs to be changed?  Notice anything different?  Did they have all the required documents?  Make any corrections needed on 13614-C

11. Publica tion 4012 Is client eligible for VITA services? Refer to Publication 4012 page 8-9 Scope of Services Chart

12. TaxWi se Instructor: Start the return on Main Information Students: WATCH instructor

13. TaxWi se Students: Start the return on Main Information

14. Tax Law Topic #1 Individual Taxpayer Identification Number (ITIN) Open: Publication 4012, Tab L

15. TaxWi se: Start Return Enter ITIN Number on Main Info page Students watch instructor

16. TaxWi se Students: 1.Enter ITIN for Brandon and 2.Input income documents for Brandon & Olivia

17. Tax Law Topic #2 Deductions: Itemized Vs Standard http://youtu.be/FbMyVscbbko

18. Tax Law Topic #2 Itemized Deductions 1.Determine if Gonzaga’s should Itemize or take the Standard Deduction? Open: Publication 4012, Tab F

19. TaxWi se Instructor: Schedule A Students: WATCH

20. TaxWi se Students: Start a Schedule A  Mortgage interest  Insurance premiums  Property taxes  Charitable donations

21. Tax Law Topic #3 Affordable Care Act 1.Discuss coverage for Brandon, Olivia & Children 2.Determine if Brandon qualifies for an exemption Open: Publication 4012, Tab ACA

22. Publicatio n 4012: Affordable Care Act ACA Decision Trees Olivia & Children: Refer to Pub 4012, ACA-1 Brandon: Refer to Pub 4012, ACA-2 & Health Care Exemption ACA-5

23. Afforda ble Care Act Pub 4012, Tab ACA Brandon is not eligible for coverage because he is undocumented. He qualifies for a healthcare coverage exemption that will be claimed on Form 8965. See Pub 4012, ACA Tab 2

24. TaxWi se Instructor: Enter Information for ACA, Form 8965 Students: WATCH

25. TaxWi se Students: Complete Form 8965

26. CA State Return Completing CA portion of return 1.Follow instructor to learn how to complete this section

27. Reviewin g and completi ng the return 1.Splitting the Refund  Pub 4012 Tab K-1 & K-2 2.Review the federal return  Peer-Return Review 3.Finish the return

28. Knowle dge Check! If your client is itemizing their deductions, which Schedule do you complete in TaxWise?  Schedule A What are two items does a client usually have to indicate that they may itemize?  Mortgage interest from owning a home and really high unreimbursed medical bills True or False: Filers with an ITIN are eligible to receive the Earned Income Tax Credit?  False

29. Now Let’s Practice Pull Out your 6744