SCHEDULES
WHICH SCHEDULE REPORTS ITEMIZED DEDUCTIONS?
SCHEDULE A
WHAT FORM IS USED TO REPORT WAGES?
W2
WHAT CREDIT GIVES UP TO $2000 PER QUALIFYING CHILD UNDER AGE 17 AND IS PARTIALLY REFUNDABLE?
CHILD TAX CREDIT (CTC)
WHICH IRS FORM MUST ALL PAID PREPARERS COMPLETE WHEN CLAIMING THE EITC, CTC, AOTC, OR HOH FILING STATUS FOR A CLIENT?
8867 PAID PREPARERS DUE DILIGENCE CHECKLIST
HOW MANY TIMES DO YOU INPUT THE SOCIAL ON THE SOFTWAFE?
TWICE
WHICH SCHEDULE REPORTS INTEREST AND ORDINARY DIVIDENDS?
SCHEDULE B
UMEMPLOYMENT STATEMENT
1099G
ODC
OTHER DEPENDENT CREDIT
WHAT IS THE MAXIMUM PENALTY PER RETURN IF ALL FOUR DUE DILIGENCE FAILURES APPLY?
$2540
WHAT BUTTON DO YOU PRESS TO GET TO THE ESTIMATOR?
TOOLS
WHICH SCHEDULE REPORTS CAPITAL GAINS AND LOSSES?
SCHEDULE D
MISCELLANEOUS PAYMENTS LIKE RENTS, PRIZES OR PAYMENTS FOR SERVICES ARE REPORTED ON FORM: _____________________
1099MISC
FORM 8863 CONNECTS TO WHAT TWO EDUCATION CREDITS?
AMERICAN OPPORUNITY TAX CREDIT (AOTC)
LIFETIME LEARNING CREDIT
WHAT IS THE IRS PENALTY AMOUNT FOR EACH FAILURE TO MEET DUE DILIGENCE REQUIREMENTS FOR A SINGLE RETURN?
$635 PER FAILURE
WHAT LAST STEP MUST BE DONE BEFORE YOU CAN YOUR TAX PREP FEES?
MARK THE RETURN COMPLETE
WHICH SCHEDULE REPORTS PROFIT OR LOSS FROM A BUSINESS?
SCHEDULE C
HOW MANY 1099s (FORMS) HAVE WE COVERED IN TRAINING?
8
1099NEC
1099C
1099G
1099K
1099R
1099INT
1099MISC
1099SA
EIC/EITC
EARNED INCOME CREDIT
EARNED INCOME TAX CREDIT
LIST THE FOUR DUE DILIGENCE REQUIREMENTS?
KNOW THE FACTS
COMPUTE THE CREDITS BASED ON THE FACTS
COMPLETE FORM 8867
KEEP RECORDS FOR 3 YEARS
WHAT MUST BE DONE BEFORE YOU CAN GET A SIGNATURE FROM YOUR CLIENT ON A COMPLETED RETURN?
MANAGER APPROVAL, RETURN HAS TO BE REVIEWED BY MANAGEMENT, HAVE TO BE MARKED REVIEWED. (ALL ANSWERS ARE CORRECT)
WHAT SCHEDULE IS USED TO REPORT SUPPLEMENTAL INCOME & LOSS?
SCHEDULE E
WHICH FORM IS USED BY INDEPENDENT CONTRACTORS TO REPORT SELF-EMPLOYMENT INCOME?
1099NEC
MARKETPLACE INSURANCE
1095A
WHAT IS THE MAXIMUM CREDIT AMOUNT FOR AN OTHER DEPENDENT? (ODC)
$500
WHAT SHOULD CLICK TO START A NEW RETURN IN THE SOFTWARE?
CLIENTS/NEW RETURN
RETURNS/NEW RETURN
WHAT IS THE SCHEDULE FOR THE ELDERLY OR DISABLED?
SCHEDULE R
1040X
AMENDMENT
MY CLIENT PROVIDED ME WITH A DAYCARE STATEMENT WHAT FORM SHOULD I INPUT THIS INFORMATION ON?
2441
WHEN INTERVIEWING A CLIENT WHEN PREPARING THEIR RETURN, YOUR _____________ SHOULD INCLUDE QUESTIONS ASKED AND THE CLIENTS RESPONSES?
NOTES
WHAT ARE THE TWO DIFFERENT MODES YOU CAN COMPLETE A RETURN IN THE SOFTWARE?
DIRECT MODE
INTERVIEW MODE
HOW MANY SCHEDULES DO WE HAVE TOTAL?
15
GAMBLING/ JACKPOT STATEMENT
W2G
AS A TAX PREPARER WHAT FORM WILL YOU RECEIVE THAT SHOWS YOUR EARNINGS?
1099NEC
List the three main tests a taxpayer must pass to qualify for the Head of Household filing status.
1. MARRIAGE TEST
2. QUALIFYING PERSON
3. MAINTAIN A HOME TEST
WHAT IS THE AMOUNT THAT IS AUTOMATICALLY CHARGED (ON RETURNS WITH BANK PRODUCTS) OUTSIDE OF THE TAX PREP FEE?
$345
WHAT SCHEDULE IS USED TO REPORT PROFIT OR LOSS FROM FARMING?
SCHEDULE F
EFILE SIGNATURE/AUTHORIZES PREPARES TO ELECTRONICALLY FILE THE RETURN
8879
WHAT FORM WILL A CLIENT HAVE IF THEIR CHILD WENT TO PRAIRIE VIEW COLLEGE?
1098T
HOW LONG MUST A TAX PREPARER RETAIN DUE DILIGENCE DOCUMENTATION SUCH AS WORKSHEETS, CLIENT PROOF, AND SIGNED FORM 8867?
AT LEAST 3 YEARS FROM THE DUE DATE OF THE RETURN OR THE DATE IT WAS FILED.
AFTER YOU COMPLETE THE PERSONAL INFO SECTION WHAT IS THE NEXT TAB YOU SHOULD NAVIGATE TO IN THE SOFTWARE?
ADDITIONAL INFO
WHICH SCHEDULE IS USED TO REPORT EMPLOYMENT TAXES FOR HOUSEHOLD EMPLOYEES SUCH AS NANNIES, HOUSEKEEPERS, OR CAREGIVERS?
SCHEDULE H
IF A PERSON RECEIVES PAYMENTS FROM A 3RD PARTY NETWORK THEY WILL RECEIVE A _____________.
1099K
WHAT FORM POPULATES WHEN THE CLIENT OWES TAXES?
2210
IF A PREPARER FAILS TO MAKE REASONABLE INQUIRIES TO DETERMINE ELIGIBILITY FOR A CREDIT, WHICH SPECIFIC DUE DILIGENCE REQUIREMENT DID THEY FAIL?
KNOW THE FACTS (THE KNOWLEDGE REQUIREMENT)
IN THE SOFTWARE, ON THE 8879 WHAT THREE THINGS MUST BE DONE TO IN ORDER FOR THIS FORM TO BE COMPLETE?
1. ENTER ERO PIN
2. AUTO GENERATE THE TAXPAYER PIN
3. CHECK ENTERED BY ERO
ADDITIONAL CREDITS & PAYMENTS
SCHEDULE 3
IF A CLIENT HAS BEEN DISALLOWED FROM CLAIMING CERTAIN CREDITS WHAT FORM HAS TO BE ATTACHED TO THE RETURN?
8862
WHICH IRS CREDIT WAS CREATED TO ENCOURAGE TAXPAYERS TO PURCHASE THEIR FIRST HOME BY OFFERING A REFUNDABLE TAX BENEFIT?
FIRST TIME HOMEBUYER CREDIT
WHAT ARE THE FOUR C'S OF DUE DILIGENCE
COLLECT
CONFIRM
CLARIFY
CAPTURE
WHAT BUTTON DO YOU PRESS TO SEE IF YOU HAVE ANY ERRORS ON THE RETURN?
VERIFY