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1 NY3 Instructor Training Albany 2009 AARP Tax-Aide Scope What's Out What's In
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2 NY3 Instructor Training Albany 2009 Out of Scope Schedule C (Business Profit and Loss) Complicated/Lengthy Schedule D (Capital Gains and Losses) Schedule E (Rental Property, Royalties, Partnerships, and Trusts that involve depreciation)
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3 NY3 Instructor Training Albany 2009 Out of Scope (Con't) FORM: 2106 (Employee Business Expense) 3903 (Moving Expenses) 8615 (Minor’s Investment Income) 8606 (Nondeductible IRA) when taking distribution Schedule K-1’s other than interest and dividends
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4 NY3 Instructor Training Albany 2009 In Scope FORM: · 1040EZ · 1040A with Schedules 1, 2, 3 and EIC · 1040 with Schedules A, B, C-EZ, EIC, R · Simple Schedule D · Schedule E (Oil & Gas Leases or Royalties) payments reported on 1099-Misc, that do not involve depreciation, depletion, or any other expenses against that income
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5 NY3 Instructor Training Albany 2009 In Scope · 1099 Misc (box 7 nonemployee comp reported on Schedule CEZ) · 1099Misc (box 1, 2 or 3 - rents, royalties, or other income with no expenses) - reported on Line 21 – Other Income 8606 to record Non-deductible IRA contribution
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6 NY3 Instructor Training Albany 2009 In Scope · 1040-V · 1040-ES (Estimated Payments) · 2106-EZ (Employee Business Expense) · 2441 (Child & Dependent Care) · 8283, Section A, Part 1 – non-cash contributions to charity exceed $500 but less than $5000
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7 NY3 Instructor Training Albany 2009 In Scope · 8880 (Qualified Savings Credit) · 8812 (Additional Child Tax Credit) · 8863 (Education Credits) · 9465 (Installment Agreement) · 8379 (Injured Spouse) · 1040X (if trained)
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8 NY3 Instructor Training Albany 2009 In Scope · Limited Schedule K-1 that provides information only for Schedule B or D (if trained) · Contributions to Charities from an IRA
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9 NY3 Instructor Training Albany 2009 In Scope (Con't) Schedule E (Oil & Gas Leases or Royalties) payments reported on 1099-Misc, that do not involve – depreciation – depletion – any other expenses against that income
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10 NY3 Instructor Training Albany 2009 “Refer to Professional Tax Preparer” Sale of home when non-qualified use Energy Credit – Solar, WindTurbine, Geothermal Farm Income Under 18 with investment income > $1,900 Coverdell or 529 funds not used for education
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11 NY3 Instructor Training Albany 2009 “Refer to Professional Tax Preparer” Alimony paid under divorce agreement pre 1985 C-EZ – wants to or has used actual expenses Sale of other than stocks, mutual funds, personal residence Tax payer doesn't know basis of stock
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12 NY3 Instructor Training Albany 2009 “Refer to Professional Tax Preparer” In kind exchanges, wash sales, worthless securities Sale of home – reduced exclusion Sale of home used as business or rental income after May 6, 1997 Determining adjusted basis of gifted property
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13 NY3 Instructor Training Albany 2009 “Refer to Professional Tax Preparer” Cancellation of debt due to bankruptcy Non-deductible contributions to IRA If taxpayer has used General Rule in past to determine taxable portion of pension Lump sum pension distribution spread over previous years Form 6251 AMT
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14 NY3 Instructor Training Albany 2009 “Refer to Professional Tax Preparer” Casualty & Theft Loss Charitable contributions > 20% of AGI Form 8283 non-cash contributions > $500 Household employment taxes
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15 NY3 Instructor Training Albany 2009 REMEMBER To prepare an accurate return, AARP Tax Counselors can determine if a return is too complicated or outside the scope of their training
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