TAX-AIDE Preview – NTTC Training Slides Tax Year 2013 NTTC Training – 20131.

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Presentation transcript:

TAX-AIDE Preview – NTTC Training Slides Tax Year 2013 NTTC Training – 20131

TAX-AIDE Changes for Tax Year 2013 ● Structure ● Content ● Format/Layout NTTC Training – 20132

TAX-AIDE Guidelines ● Highlight key points that reinforce what presenter is saying ● Short – key words and phases ( not a teleprompter) ● Easy to read NTTC Training – 20133

TAX-AIDE Audience ● New volunteers No formal exposure to breadth of tax law in Tax-Aide program No experience with TaxWise® software Computer literate ● Experienced volunteers NTTC Training – 20134

TAX-AIDE Structure Definitions Intake/Interview Tax Law NTTC Training – 20135

TAX-AIDE Structure (cont) TaxWise Quality Review Summary with taxpayer NTTC Training – 20136

TAX-AIDE Structure (cont) Practice NTTC Training – 20137

TAX-AIDE Content ● Expanded ● 2013 IRS Forms ● TaxWise Online screen shots ● Instructor notes NTTC Training – 20138

TAX-AIDE Layout ● This presentation format ● Consistent Headings, text and logo locations Margins, fonts, colors, bullets and background NTTC Training – 20139

TAX-AIDE Retirement Income – IRAs and Pensions Pub 4491, Pg 109 NTTC Training –

TAX-AIDE Types of Retirement Income ● Individual Retirement Arrangement (IRA) Distributions ● Pensions ● Annuities ● Social Security (covered in a separate lesson) NTTC Training –

TAX-AIDE Intake and Interview NTTC Training –

TAX-AIDE Interview With 1099-R in hand – if IRA box checked: ● Type of IRA – Traditional ● Ever make non-deductible contributions? ● If early distribution, is there an exception to avoid additional tax? ● If rollover was made, was it timely? ● Was a qualified charitable distribution made? NTTC Training –

TAX-AIDE 1099-R What is this form telling you? NTTC Training –

TAX-AIDE Notes Page for Previous Slide NTTC Training –

TAX-AIDE Traditional IRA Distributions ● Required Minimum Distribution (RMD) Must take required minimum distribution – age 70½ Must take by April 1 of year following Can avoid two distributions taxed in one year by taking first in year turns 70½ Pub 17 Chapter 17 NTTC Training –

TAX-AIDE TaxWise Form 1099-R NTTC Training –

TAX-AIDE Quality Review ● Check accuracy of 1099-R EIN Withholding Carry forward data updated? ● Is there an exception for early distribution NTTC Training –

TAX-AIDE Exit Interview ● May need to explain 10% additional tax on early withdrawal ● Is taxpayer approaching 59½? 70½? ● Adjust withholding for next year W-4P W-4V for government payments NTTC Training –

TAX-AIDE Let’s Practice in TaxWise ● Under direction of the Instructor: Open the return for Kent in TaxWise From Pub 4491W, enter IRA income for Kent NTTC Training –

TAX-AIDE Training Slides Preview NTTC Training –