All About States
8 states have no personal income tax. What are two of them?
AK, FL, NV, SD, TN, TX, WA, WY
When entering stock sales on a return, these 2 types of transactions should be reported as detailed line items when possible.
Non-covered transactions and transactions with adjustments
Willful failure to pay taxes is called ______ ________.
_____________ means you can't calculate for the client. But, it doesn’t mean that we can’t prepare the return.
You can provide guidance to a client on how they can gather the information to perform the calculation themselves.
An unable-to-serve calculation
https://help-content-sso.app.intuit.com/content/ctg/en-US/L14iHCBRt_US_en_US
Your first task at the beginning of your shift would be to ___________ and ____________. (Most often done before you clock into Workday)
connect to the VPN and sign in to Google
(Global Protect and Chrome)
6 states DO NOT have national lottery winnings. Name 1 of them.
AL - CA (only within CA) - DE - HI - MS - UT
In the rare case that a client has no___________, it must be documented that the expert confirmed with the client that there are no deductible ___________ and explain why it’s reasonable.
business expenses
expenses
__________ reduce taxable income, while _________ are subtracted directly from taxes owed.
Tax deductions
Tax credits
TTL can not help in determining the _______________ of an inherited property. This situation is excluded unless the client can provide the needed information.
fair market value
_________ is the most common service type. You will answer the customer’s burning questions and help with navigation inside Turbo Tax software.
Tax Advice
This is an agreement between two states that allows residents of one state to request exemption from tax withholding in the other state. This can save you the trouble of having to file multiple state returns.
Reciprocal Agreement or Reciprocity
True or False: It is acceptable for one Full Service expert to complete both the personal and business returns for a client.
TRUE: There's no conflict of interest present if a Full Service expert prepares both the personal return and business return. Therefore, it's acceptable for one Full Service expert to complete both the personal and business returns for a client.
The IRS is an agency of this department, and has its headquarters in Washington, D.C.
Department of the Treasury
The tax expert should notate the engagement, then detach and help the client return to preparing their return on their own for any tax situations where the tax expert determines Intuit shouldn't prepare the return. Give an example of one of the these tax situations.
Potential suspicious activity,
If the client insists on inaccurate/incorrect reporting
If there’s insufficient documentation to satisfy due diligence requirements
TurboTax Online has 2 great search tools located in Tax Tools. They are __________ and ___________.
Topic Search
Topic List
AL - CA - IN (partial) - MD (TY 2020 and 2021 only) - NJ - PA
If a tax associate doesn’t have a registration in this state and has already prepared 5 tax returns, the return must be reassigned to a credentialed tax expert.
Maryland
This allows high earners to open an IRA with after tax dollars despite IRS-imposed income limits.
Backdoor Roth
If a Full Service customer has Non-Ethereum-based NFTs and is using a third party aggregator, these situations ARE NOT out of scope if they provide _________________.
the gain/loss .csv file
These contacts may not be tax related. Please be prepared to help customers navigate and troubleshoot the TurboTax software.
Product Support
There are about 17 states that require nonresidents to file if they receive any gross or little income from that state! Name 3 of them.
AR, AZ, CA, CO, GA, HI, IL, IN, LA, NC, NJ, NM, NY, OK, PA, SC, VA
Intuit will not provide any letters or documentation of any kind to a client's bank, lender or other third party. These letters, which are usually requested from CPA's are called what?
Bank Comfort Letters
Contributions to this cannot exceed the amount necessary to provide for the qualified education expenses of the beneficiary.
529 Plan
Any taxpayer or spouse who filed an NR form in the prior year
Any taxpayer or spouse who is a dual status US resident, part-year US resident, or must elect to be treated as a resident
There are 3 important tips to know about the phone tool. Name one of them.
1st: Always accept any pop-ups you see in IEP requesting to access your microphone.
2nd Do not set your status to available until you have opened all of your tools and are ready to take your first customer contact.
3rd While on a live contact you can switch between statuses. This will put you in a pending status as you can see the screenshot to the right. This will prevent you from having to take another contact when you really need to head out.