Credits and Payments 1
Amount normally appearing on a Broker Tax Statement that indicates taxes paid to a foreign country that results in a credit against US Income taxes
What is the Foreign Tax Credit?
Amount appearing on W-2 in Box 2
What is Federal Income Tax Withheld?
The final determinator of all tax law and out of scope issues for each Tax-Aide Site.
Who is the LC or Shift Coordinator?
The lowest passing score on any of the IRS Certification exams.
What is 80%?
How you should enter all data into TaxSlayer.
What is in Capital Letters? It is much easier for QR to read.
Amounts that many taxpayers will pay to the IRS each quarter to apply against their taxes owed
What are Estimated Tax Payments?
Source of information to be entered for a taxpayer who purchased Marketplace Health Insurance.
What is Form 1095-A?
What should you never tell taxpayer if you are a Counselor.
(Note: they will ask all the time)
What is the amount of a taxpayers refund or amount to be paid? The amount might change in QR and this can create problems.
The number of attempts you have to pass the IRS Certification exams
What is two?
If you do not pass on the first attempt, see your Instructor before attempting the retest.
Writing instrument you should use for all tick marks, notes, etc.
What is a Red Pen?
Credit for certain energy efficiency home improvements that are IN SCOPE
What are Residential Energy Credits?
Any energy credit property must meet this government-designated efficiency requirement.
What are the Energy Star Requirements?
Active trading (buying and selling) of this type of asset will normally put the return out of scope.
What are Digital Assets?
Standards of Conduct, I&I and QR, and the Advanced Tax Law Exam
What are the three required IRS tests for certification as a Counselor?
Where should you enter comments and information that will help QR and next year tax preparers?
What is: (i) the Notes Field inside of TaxSlayer, (ii) the provided space in the I&I, (iii) carryforward info on the White Envelope?
The American Opportunity Credit and Lifetime Learning Credit are determined based on these types of expenses
What are education expenses?
Credits that are automatically calculated by Tax Slayer if dependent information entered correctly
What are Child and Dependent Tax Credits?
The maximum amount of Health insurances paid by a retired Public Safety Officer (PSO) that can be offset against the taxable portion of pension income.
What is $3,000?
The required tax law proficiency test you must pass to be a certified counselor in The Villages.
What is the Advance Test?
If you are unable to determine what to do and have been unable find an answer in the 4012, after three minutes do this.
What is use the "three minute rule" and ask for help from the LC or SC?
Credit that can be claimed for expenses related to caring for dependents so a taxpayer can work
What is the Child Care Credit?
The typical source document for bank routing and account information for refunds or direct debits.
What is a check from the taxpayers' bank account?
NOTE in some cases with LC approval other sources may be used.
Long term care premiums up to the limitation amount based on taxpayer's or dependent's age.
How much LTC Insurance premium can be included as Qualified Medical Expense on SCH A or as a Business Expense in SCH C?
The four required sample tax returns that you must compete and have quality reviewed for 2024.
What are the Franklin, Hanson, Jackson, and Miller tax returns?
Your name badge, cell phone, password sheet, and any reference materials you might need to prepare returns
What are things you should bring with you every day you volunteer?
(And maybe a sweater if you get cold easily)