4491-W-C Kent Refund Monitor TY2011

Filing Status: Married filing jointly

12-09-2011 v1-2b

 

Errata – Fix before doing problem

Problem

Page

Location

Change From:

Change To:

Logic

Kent

 

 

 

 

 

 

Step

TP Form/
Note(s)

TW Form

Payee/Name

Fed 37
AGI

Fed 74/76
Refund

4012
page

Notes

1

Intake etc.
Note 3
Note 4
Note 5

Main Info
Prep Use

 

 

 

B-1
1-8

Hint: Use 4012 to find Filing Status

2

W-2

W2

Jefferson Independent School

13,817

5081

2-3

 

3

W-2

W2

Americus Petroleum

41,951

3,090

2-3

 

4

Text

Sch B

Campbell Mortgage

44,733

2,815

2-4

 

5

1099-INT

Interest Stmt

Kendall Federal Credit Union

45,143

2,775

2-5

 

6

1099-INT

Interest Stmt

Gordon Investments

45,143

2,775

2-5

 

7

Broker Stmt

Interest Stmt

ZYX Investments

47,721

2,760

2-5

 

8

Broker Stmt

Dividend Stmt
1116 Pg 1

ZYX Investments

48,022

2,764

2-6
5-2

May need to add 1116

9

Text

Sch B

Still red - resolve

48,022

2,764

 

10

1099-G

1040 Pg 1
St Tax Refund

State Income Tax Refund

48,459

2,719

Link to St Tax Refund from
 line 10

11

Text plus
1099-MISC

Sch C Pg 1
Sch C Pg 2
1099 MISC
Scratch Pad

Pratt Medical etc.

50,669

2,101

2-8

Hint: Be sure to link to 1099-MISC
 from Sch C Pg 1 and link from same
 box for Scratch Pad for other income

12

1099-B

Cap Gn Wkt
8949 Pg 2 (A)

Pelrum Brokerage Service

49,370

2,289

2-11
2-18

BP: Deal with 8949 now

Hint: Using Code “I” for commission

13

Broker Stmt

Text

Cap Gn Wkt
8949 Pg 2 (A)
8949 Pg 2 (B)

ZYX Investments

47,600

2,507

2-11

BP: Deal with 8949 now
Hint: Need separate 8949 Pg 2 for
 each Code (A, B, C)

14

1099-R

1099R

Saulk Trust Company

48,438

2,422

2-17

 

15

1099-R
Text

1099R
1040 Pg 1
IRA Rollover

Yale Security IRA

48,438

2,422

2-17

BP: Deal with Rollover explanation now

16

1099-R

1099R

DFAS Military Retirement Pay

49,638

2,244

2-17

Hint: See NJ Special Handling

BP: What to do if box 2a blank??

17

1099-R

1099R

Stillman Pension Fund

67,928

1,221

2-17
2-18

Hint: Don’t worry about combined age if
 not joint annuity

18

K-1

Sch E Pg 1

Black Jack Production

68,978

1,064

2-21

Assume no required 1099 pmts

Hint: Special Topic document currently
 out of date – Use 4012

19

1099-G

1099G Wkt

Indiana Unemployment Comm

71,528

801

 

 

20

SSA-1099

1040 Wkt1
Scratch Pad

Social Security

83,158

(586)

2-19

BP: Use Scratch Pad for Part B + Part D

21

W-2G
Text

W2G

Lottery Board

84,358

(766)

 

Hint: Add W2G if necessary

BP: Include gambling losses here
Q: Should you check special lottery box?

22

Text

1040 Wkt2
Business Exp

Classroom supplies

84,108

(729)

 

Hint: See 1040 Wkt2 instructions on how
 to handle amount above $250 limit

23

Text

1040 Pg 1

Alimony paid

80,508

(189)

 

Hint: Ok to enter on line 1040 line 31

Hint: Don’t worry about red on
 1040 line 21 (yet)

24

Text

IRA Wkt

IRA contribution

74,508

711

 

 

25

Text

1040 Wkt2

Student loan

74,240

749

 

 

26

Text

Sch A
Scratch Pad
A Detail

Various deductions

74,240

1,131

F-8
4-2
4-4

BP: Use Scratch Pad for Prop Tax
 detail

27

Text

2441 Pg 1

Maryville Day Care

74,240

1,351

5-3

 

28

Text

 

Education expenses

74,240

1,351

BP: Do evaluation last

29

Text

5695 Pg 1

Energy related expenses

74,240

1,569

G-9

Hint: May need to add form 5695

30

Text

F/S Tax Pd

Estimated payments

74,240

1,969

6-1

Hint: Also un-estimate State balance
 due box if red

31

1040 Pg 1

Still red – resolve

74,240

1,969

Hint: “GAMBLING WINNINGS”

32

Diagnostics

 

74,240

1,969

Hint: If get EIC errors, easiest to just
 un-check EIC boxes on Main Info

33

Diagnostics

 

74,240

1,969

No Errors

34x

Text

1040 Wkt2

Education expenses – eval

71,172

2,464

All as AGI deduction

Assuming: Books and supplies not paid
 to institution; therefore, not includable

34x

Text

8863 Pg 1

Education expenses – eval

74,240

2,583

All as Lifetime Learning

Assuming: Same as for AGI deduction

34

Text

8863 Pg 1
Scratch Pad

Education expenses

74,240

4,346

5-4

Kendra – American Opportunity

Kara – Lifetime Learning

BP: Use Scratch Pad for Kendra calc

35

Diagnostics

Make sure no issues

74,240

4,346

No Errors

36

Note 6

Main Info
1040 Pg 2

Refund to checking

Half applied to next year

74,240

2,173

6-2

 

37

 

Diagnostics

 

74,240

2,173

No errors

38

 

Create e-file

 

74,240

2,173

E-file created successfully

39

 

 

 

74,240

2,173

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