Expedited Review Procedure Expedited Review Procedure Initial Review of Research.
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1NY3 Instructor Training 2010
Review
Topics Suggested by Instructors
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2NY3 Instructor Training 2010
SS vs SSDI vs SSI
• Social Security• Retirement payments• Reduced benefits at 62• Full benefits at 65, 66, 67, ???• Financed through payroll tax• Up to 85% MAY be taxable – it depends
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3NY3 Instructor Training 2010
SS vs SSDI vs SSI
• Social Security Disability Insurance• Payments to workers that become
disabled• Financed through payroll taxes• Can collect until minimum retirement
age• Entered on line 7 as earned income
• After min retirement age – becomes retirement income• Entered line 16
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4NY3 Instructor Training 2010
SS vs SSDI vs SSI
• SSI• Supplemental Security Income• For disabled with little or no income• Administered by Social Security Admin• NOT TAXABLE• Financed through “general revenues”• Clients frequently ask about children’s
SSI
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5NY3 Instructor Training 2010
NYS Retirement Exemption• NYS Subtractions – Line 26
• NYS, local, or federal pension• Includes State and City Universities• State pension from outside NYS not eligible• NYS or Federal pension received via ex-spouse
• How do you know??• Ask client• If not obvious and client doesn’t know
• Give client opportunity to find out• Assume not a full subtraction but eligible
for 20K subtraction – line 29• Explain to client
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6NY3 Instructor Training 2010
NYS $20K Income Exclusion
• Non NYS, local or Fed pensions• Is non gov’t pension received via ex-
spouse eligible?
• No – not from employer – employee relationship
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7NY3 Instructor Training 2010
1099-R – Taxable?
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8NY3 Instructor Training 2010
1099-R – Taxable?
• Payer should provide taxable amount unless reasonably unable to
• If unable to – box 2a left blank
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9NY3 Instructor Training 2010
1099-R – Taxable?
• For Pension -If box 2b “Taxable amount not determined” is checked – 2a is blank
• For Traditional, SEP, or SIMPLE IRA• Payer not required to determine taxable
amount• Box 2a will be same as box 1
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10NY3 Instructor Training 2010
1099-R – Taxable?
• If 2a is blank – Interview client• Contributions• Date of retirement• Date started collecting• Was it spouse’s pension• Connection to NYS subtraction
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11NY3 Instructor Training 2010
1099-R – Taxable?
• If client cannot provide adequate answers:• Give client option to go away and come
back with answers• Assume all taxable
• Explain assumption to client• Worst thing to happen – additional refund or
owe less
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12NY3 Instructor Training 2010
414HSUB
• This year TW will accept 414H• Eligible for Retirement Savings Credit
form 8880?
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13NY3 Instructor Training 2010
414HSUB
• NOT eligible for 8880• Not a voluntary contribution
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14NY3 Instructor Training 2010
Energy Credits
• Non-business energy property credit• Improvements made for main home• Covers energy efficient
• Windows• Doors• Insulation• Some metal and asphalt roofs• Cannot include prep and/or installation
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15NY3 Instructor Training 2010
Energy Credit
• Non-business energy property credit• Can include
• Heat pumps• Air conditioners• Water heaters• Stoves that burn bio-mass• Prep and installation
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16NY3 Instructor Training 2010
Energy Credit
• Credit is 30% of eligible costs up to $1500
• $1500 is total of 2009 & 2010 credit• If took $1000 credit in 2009 – can only
take up to $500 in 2010
• Claimed on form 5695 Part I
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17NY3 Instructor Training 2010
Energy Credit
• Residential Energy Efficient Property Credit
• Covers• Solar• Wind• Geothermal
• Form 5695 Part II• OUT OF SCOPE
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18NY3 Instructor Training 2010
NY Volunteer Preparers – Common Errors
Sheet from NYS
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19NY3 Instructor Training 2010
NYS Credits Check
• Bob Parsons sheet – New York Credits Check List