4491-W-12 Sterling Refund Monitor TY2011

Filing Status: Married filing jointly

11-28-2011 v2-1

 

Errata – Fix before doing problem

Problem

Page

Location

Change From:

Change To:

Logic

Sterling

124

Note 4

 

Add after last sentence:
 He did not receive a 1099-B for this transaction.

Need information to assign code on Cap Gn Wkt
 (and assign to correct 8949 worksheet)

 

124

Note 8

Their combined AGI for
 2008 was $36,390, for
 2009 was $36,510 and for
 2010 was $36,605.

Their combined AGI (taxable SS benefits) for
 2008 was $36,391 ($4,126), for
 2009 was $36,511 ($4,166), and for
 2010 was $36,605 ($4,197).

Need taxable portion of benefits to
 complete Lump Sum Worksheets. 

 

124

Note 9

 

New Note:
 The Sterlings did not have any involvement with
 foreign accounts or financial institutions.

 

 

Step

TP Form/
Note(s)

TW Form

Payee/Name

Fed 37
AGI

Fed 74/76
Refund

4012
page

Notes

1

Intake etc.
Note 2
Note 5

Main Info
Prep Use

 

 

 

B-1
1-8

Hint: Use 4012 to find Filing Status

2

1099-INT

Interest Stmt

Chapman Federal S & L

125

0

2-5

 

3

1099-INT

Interest Stmt

New City Bank

1,990

0

2-5

 

4

1099-DIV

Dividend Stmt
1116 Pg 1

Bridgeport Fund

2,222

0

2-6
5-2

Hint: Add Form 1116 if not already
 in tree

5

1099-R

Note 1

1099R

Averell Pension Fund

20,620

1,715

2-17

Hint: Use Simplified Method to
 calculate taxable portion

Q: What did you put on line 5 of
 the Simplified Method worksheet?
 (A: Should be 681)

6

1099-R

1099R

Scripps Investment Partners

32,413

2,184

2-17

 

7

SSA-1099

1040 Wkt1
Scratch Pad

Social Security – SP

43,246

1,046

2-19
2-20

BP: Put in whole amount - (Deal
 with Lump Sum issue later)

BP: Use Scratch Pad for Medicare

8

SSA-1099

1040 Wkt1
Scratch Pad

Social Security – TP

50,034

576

2-19

BP: Use Scratch Pad for Medicare

9

Note 4

Cap Gn Wkt
8949 Pg 2

Chapman stock sale

71,844

(924)

2-10

BP: Resolve 8949 at same time

10

Note 5

1040 Pg 1

Still red – resolve

71,844

(924)

 

 

11

Note 5

1040 Pg 2

Still red – resolve

71,844

(924)

 

Hint: Assume no foreign stuff

12

Note 9

Sch B

Still red – resolve

71,844

(924)

 

Hint: Assume no foreign stuff

13

 

Diagnostics
Sch EIC

 

71,844

(924)

 

Hint: Fix Sch EIC if you checked
 EIC box on Main Info for Samantha

14

 

Diagnostics

 

71,844

(924)

 

No errors

15

Note 8

1040 Wkt1

Lump Sum Wkt

Lump Sum Wkt
Lump Sum Wkt

Lump Sum Election

67,984

(347)

2-20

Hint: Would not need to deal with
 Lump Sum Election if SS not taxable

Hint: See Special Topic document
 on TY2011 Preparer page

16

 

Diagnostics

 

67,984

(347)

 

No errors

17

 

Create e-file

 

67,984

(347)

 

E-file created successfully

18

 

 

 

67,984

(347)

 

Ask your mentor for Quality Review

 

Values with pink background – changed from previous

Click on links in TW Form column to see screen shot of completed TWO form (you may need to click on the picture to enlarge it)

 

Printed return – click here

 

Printable version of this page – click here

 

Please report additions/corrections to Al Hershey