TAX-AIDE Standard Deduction Pub 4491Page 195 Pub 4012Tab F NTTC Training – 2013 1.

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Presentation transcript:

TAX-AIDE Standard Deduction Pub 4491Page 195 Pub 4012Tab F NTTC Training –

TAX-AIDE Deductions ● Subtractions from a taxpayer’s adjusted gross income (AGI) ● Reduce amount of income taxed ● Most taxpayers have a choice Standard deduction Itemizing deductions ● Use type of deduction that results in lower tax NTTC Training –

TAX-AIDE 3 Standard Deduction ● Fixed reduction of AGI based on: Filing status Age (65 or older) Blindness Dependency ● Standard amounts change each year NTTC Training –

TAX-AIDE Intake/Interview ● If filing as MFS – is spouse itemizing? ● Nonresident or dual-status alien during the year (and not married to a U.S. citizen or resident at the end of the year) NTTC Training –

TAX-AIDE Exception ● Married Filing Separately If either itemizes – both must itemize Does not matter who files first ● Note: if considered unmarried for Head of Household, may claim standard deduction NTTC Training –

TAX-AIDE Blindness ● Totally blind taxpayer OR ● Certified statement from eye doctor that Taxpayer cannot see better than 20/200 in the better eye with glasses or contact lenses -OR- Field of vision is not more than 20 degrees NTTC Training –

TAX-AIDE Standard Deduction – Special Rule ● Dependent of another Standard deduction is $350 plus their earned income Minimum: $1,000 Maximum: the regular standard deduction amount Plus $1,500 for 65 or older or blind ($1,200 if married) NTTC Training – Pub 4012 Pg F-2

TAX-AIDE Standard Deduction – Special Rule ● Dual status alien or a nonresident alien May not be eligible for standard deduction See Pub 519  International certification required NTTC Training –

TAX-AIDE Standard Deduction ● Automatically calculated based on entries on Main Information Sheet ● TaxWise Form 1040 – pg 2 NTTC Training –

TAX-AIDE Quality Review ● Verify blind (and disability if relevant to your state) entries on Intake Sheet ● Verify type of deduction if MFS ● Verify amount of deduction if Taxpayer is the dependent of another NTTC Training –

TAX-AIDE Standard Deduction Questions? Comments? NTTC Training –