1. 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 Tax LawMore TaxTax WiseSitesPotpourri

2. Tax Law 100 How do we handle rental income from two family homes? We don’t – Out of Scope

3. Tax Law 200 How can commissions impact gain / loss on sale of stock? If net, then cost; if gross, then no impact

4. Tax Law 300 What is available to first time home buyers in 2009? $8,000 refundable tax credit

5. Tax Law 400 How are tuition and fees handled on Form 1040? As an adjustment to income or a tax credit

6. Tax Law 500 If MFJ taxpayer does not itemize, what is the maximum deduction for real estate taxes? $1,000

7. More Tax What is the maximum amount for Make Work Pay Credit? $400 or $800 MFJ

8. More Tax 200 What change was recently made for a Qualifying child to be a dependent? Must be younger than taxpayer(s)

9. More Tax 300 What is the exclusion of Unemployment Compensation from Gross Income? $2,400 maximum

10. More Tax 400 What is the maximum refundable education credit? 40% up to $1,000

11. More Tax 500 How did recent legislation change EITC? For 3+ qualified children, both max credit and max income increased

12. TW 100 How are interest and dividends entered if state taxable amount differs from federal amount? Must use the +/- column on Interest / Dividends Worksheet

13. TW 200 What are major reasons for IRS rejections of e-file? Wrong Social Security Number Mismatch of DOB/Name/SSN Dependents already claimed by another TP Incorrect dependent info

14. TW 300 What entry in the purchase date column of the capital gain worksheet always results in a long term transaction? Various or Inherit

15. TW 400 Can either an amended return or prior year return be prepared and e-filed with TaxWise? Prepared: Yes, e-filed: No

16. TW 500 Where are State Sales & Excise Taxes on a new vehicle reported if you are not itemizing? Schedule L

17. Sites 100 What is the minimum number of counselors at a site? 2

18. Sites 200 Name two forms that must be used at every site 1) Site Sign-In sheet, 2) IRS Intake & Interview Sheet (Form 13614-C) 3) AARP Tax-Aide Record Envelope (current year)

19. Sites 300 Does everyone working at a Tax Site have to be certified? No, only those preparing or quality reviewing returns

20. Sites 400 What is a must with respect to Quality Review? Must be a certified counselor

21. Sites 500 What taxpayer documentation does the counselor keep? Only W-2 and 1099 documents containing withholding tax required to be sent to IRS

22. Potpourri 100 What is the first step in the tax preparation process? Intake and Interview sheet

23. Potpourri 200 What is the personal exemption amount? $3,650

24. Potpourri 300 What are the major reference publications necessary to have? 1) Pub 4012 2) Pub 17

25. Potpourri 400 What alternative sources are there for Pub 17 and/or Pub 4012? Site Reference Tab on Tax Wise

26. Potpourri 500 What document is used to determine what is in scope? “NJ Can Do List” on WebSite and in Site Reference Tab on Tax Wise

27. Final Jeopardy Why do most men die before their wives? Out of self defense!!