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Jeopardy Filing StatusDependentsIncome Deductions & Credits Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy Miscellaneous.

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Presentation on theme: "Jeopardy Filing StatusDependentsIncome Deductions & Credits Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy Miscellaneous."— Presentation transcript:

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2 Jeopardy Filing StatusDependentsIncome Deductions & Credits Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy Miscellaneous

3 $100 Question from H1 There are this many different filing statuses

4 $100 Answer from H1 What is: 5

5 $200 Question from H1 This Filing Status is out of scope for VITA

6 $200 Answer from H1 What is: Married Filing Separately

7 $300 Question from H1 A qualifying person for Head of Household must be related to the Taxpayer in one of these two ways

8 $300 Answer from H1 What is: Blood or Marriage

9 $400 Question from H1 List the filing statuses from most beneficial to least beneficial

10 $400 Answer from H1 Married Filing Joint Qualifying Widow w/Dependent Child Head of Household Single Married Filing Separately

11 $500 Question from H1 Name one tax calculation affected by Filing Status

12 $500 Answer from H1 Calculation of income tax Standard deduction Eligibility for certain credits/deductions

13 $100 Question from H2 If a dependent is not a US citizen or resident, they must live in one of these two foreign countries

14 $100 Answer from H2 What is: Mexico or Canada

15 $200 Question from H2 Name the two types of dependents

16 $200 Answer from H2 Qualifying Child Qualifying Relative

17 $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

18 $300 Answer from H2 What is: Cousins

19 $400 Question from H2 The difference in residency requirements between the two types of Dependents

20 $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)

21 $500 Question from H2 Name one tax benefit that is linked to the dependency exemption

22 $500 Answer from H2 Head of Household Child Tax Credit Earned Income Tax Credit Child and Dependent Care Credit

23 $100 Question from H3 This type of taxable income is reported on a W-2

24 $100 Answer from H3 What is: Wages

25 $200 Question from H3 If this is a taxpayer’s only income, it is not taxable

26 $200 Answer from H3 Social Security benefits Public Assistance (TANF, welfare) Veteran’s Benefits Other- see 4012 Table B pg D-1

27 $300 Question from H3 Gambling winnings are reported as this type of income, on this line of the 1040

28 $300 Answer from H3 What is: Other Income, line 21

29 $400 Question from H3 This “cheat sheet” in the 4012 can help a preparer figure out where to input income on TaxWise

30 $400 Answer from H3 What is: Pub. 4012, Yellow Tab 2, page 2-1

31 $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

32 $500 Answer from H3 What is: Schedule C/EZ, Net Profit from Business

33 $100 Question from H4 For most people, the standard deduction is based on this

34 $100 Answer from H4 What is: Filing Status Age and/or Blindness may increase Standard Deduction Amount

35 $200 Question from H4 This credit is automatic for a dependent child under 17 who lived with the taxpayer more than half the year

36 $200 Answer from H4 What is: Child Tax Credit

37 $300 Question from H4 This is the best clue that a taxpayer may benefit from itemizing their deductions

38 $300 Answer from H4 Taxpayer owns a home and paid mortgage interest

39 $400 Question from H4 To claim the EITC, taxpayers and all qualifying children must have one of these

40 $400 Answer from H4 What is: Valid Social Security Numbers

41 $500 Question from H4 Explain the difference between a tax deduction and a tax credit

42 $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

43 $100 Question from H5 Main reference materials used by VITA tax preparers to determine and apply the tax law correctly

44 $100 Answer from H5 Pub. 4012, Volunteer Resource Guide Pub. 17, Tax Guide for Individuals

45 $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

46 $200 Answer from H5 What is: Form C, Intake and Interview Sheet

47 $300 Question from H5 After starting a new return in TaxWise, this is the first input screen

48 $300 Answer from H5 What is: The Main Information sheet

49 $400 Question from H5 A taxpayer must provide this information in order to receive their refund through Direct Deposit

50 $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

51 $500 Question from H5 VITA volunteers who help Quality Review returns must be certified to this Tax Law certification level

52 $500 Answer from H5 What is: Intermediate

53 Final Jeopardy According to a quote by Supreme Court Justice Oliver Wendell Holmes Jr., “taxes are what we pay for…” what?

54 Final Jeopardy Answer “Civilized society”


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