TAX-AIDE Preview – NTTC Training Slides Tax Year 2013 NTTC Training – 20131.
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Transcript of TAX-AIDE Preview – NTTC Training Slides Tax Year 2013 NTTC Training – 20131.
TAX-AIDE
TAX-AIDE
Preview – NTTC Training Slides
Tax Year 2013
NTTC Training – 2013 1
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Changes for Tax Year 2013
● Structure
●Content
● Format/Layout
NTTC Training – 2013 2
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Guidelines
●Highlight key points that reinforce what presenter is saying
● Short – key words and phases (not a teleprompter)
●Easy to read
NTTC Training – 2013 3
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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 – 2013 4
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Structure
Definitions
Intake/Interview
Tax Law
NTTC Training – 2013 5
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Structure (cont)
TaxWise
Quality Review
Summary with taxpayer
NTTC Training – 2013 6
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Structure (cont)
Practice
NTTC Training – 2013 7
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Content
●Expanded
●2013 IRS Forms
●TaxWise Online screen shots
● Instructor notes
NTTC Training – 2013 8
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Layout
●This presentation format
●Consistent Headings, text and logo locations Margins, fonts, colors, bullets and
background
NTTC Training – 2013 9
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Retirement Income – IRAs and Pensions
Pub 4491, Pg 109
NTTC Training – 2013 10
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Types of Retirement Income
● Individual Retirement Arrangement (IRA) Distributions
●Pensions
●Annuities
● Social Security (covered in a separate lesson)
NTTC Training – 2013 11
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Intake and Interview
NTTC Training – 2013 12
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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 – 2013 13
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1099-RWhat is this form telling you?
NTTC Training – 2013 14
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Notes Page for Previous Slide
NTTC Training – 2013 15
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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 – 2013 16
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TaxWise Form 1099-R
NTTC Training – 2013 17
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Quality Review
●Check accuracy of 1099-R EIN Withholding Carry forward data updated?
● Is there an exception for early distribution
NTTC Training – 2013 18
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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 – 2013 19
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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 – 2013 20
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Training Slides Preview
NTTC Training – 2013 21