TAXSLAYER TIPS HERE
BEST PRACTICES FOLLOW THESE TIPS
Item: Easier way to view the return while in preparation
Viewing a tax return and forms in TSP, requires going to Summary/Print and then Preview Return. This takes you to a pdf file that you can scroll down to see what the tax return will look like.
If, after viewing the return, you want to navigate back to where you were in the return takes a lot of mouse clicks.
Here's a little shortcut:
From wherever you are in preparing the return (for example, income, interest) right click on Summary/Print and select "open in a new tab." You can then look at the FORM 1040 and/or review the pdf file.
To return to where you were in the return, simply click on the first tab.
Note: when returning to the Summary/Print in the second tab after making any changes to the return, you must click "Continue" on the 1040 page and the Preview to update the pdf file.
Try it, you'll like it.
------
Item: QUICK FILE
TaxSlayer Pro has an alternative method for preparing simple tax returns called "quick file."
Let's say the taxpayer's income consists solely of interest, social security, and a pension - a very common profile for our clients.
After entering basic information (SSN, filing status, DOB, address, phone number and dependents) click on the client's name in the upper left hand corner of the screen. Select "quick file."
In the box, search for
1099int and select 1099-INT
1099ssa and select 1099-SSA
1099r and select 1099-R
Continue
TaxSlayer will now bring up the three screens for you to complete in order.
From there, you can add a state return, complete the health care section, e-file, and save the return.
No need to navigate through all of the income, deductions, etc. How simple is that?
Go back to the first homework assignment, Dorothy Smith. Start a new return for Dorothy using a different SSN (444-00-1234). Try using "quick file." I think you will find it much easier to complete her return.
------
Item: TAXSLAYER PRO TIPS
CAPS LOCK - In TaxSlayer, it makes no difference whether you use all caps; all lower case; or a mixture of caps and lowercase; the printed tax return will be all caps. It is, however, better to turn on the caps lock and enter all caps in the return as entering data is faster and caps are easier to read on the computer screen.
Tab key – It is faster to tab from one entry box in TaxSlayer to the next using the tab key. It takes much longer to lift your hand from the keyboard to the mouse and click on the next field in most cases.
Space bar – To enter an X or check mark in a box in TSP tab or click on the box and then use the space bar.
Pick lists – Some boxes, such as date-of-birth, have pick lists. Be very careful to verify that you selected the correct entry from the pick list before moving on.
CONTINUE – Entries in TSP are not saved until you select CONTINUE! Do NOT use the browser back arrow in an attempt to return to the previous screen.
Taxpayer/Spouse/Joint – Ignore this entry in TSP, it does not apply to community property states like California.
MENU – When looking at the 1040 view, select the three bar icon in the upper left hand corner to bring up the navigation menu. (This isn't obvious!)
FORM 1040/FORM 1040A/FORM 1040EZ – TSP will choose which form to print.
ENTER MYSELF – When given the choice between GUIDE ME and ENTER MYSELF, always choose ENTER MYSELF . Do not use GUIDE ME.
======
BEST PRACTICES HERE
Item: Quick access to various IRS websites from within TSP
Use the links in the Main Menu section:
IRS website
IRS Mailing Addresses
Interactive Tax Assistance (IRS Decision Trees)
IRS Forms and Publications
------
Item: DUE DILIGENCE – EITC & Child Tax Credit
The questionnaire in TSP has been updated. Here are "correct answers" that will clear the form:
1. No
2. No
3. Yes
4. Yes
5. Yes
6. No
7. Yes (This is a lie, we are not allowed to keep documents, but must be answered in the affirmative.)
Type "AARP TAX-AIDE" in the box that pops up.
8. Yes
9. Yes
10. No
The rest of the questions are pretty clear.
MEDICAID WAIVER W-2s
So-called "Roseville" W-2s - are compensation from In Home Health Services for people who care for
others. These W-2s have Roseville, CA addresses and share a common EIN but the payee's name is
different in each case. When you enter these into TSP, make sure you change the payee's name when
information is populated after entering the EIN.
Now, for the messy part – if the person being cared for shares a common residence with the tax-payer,
then the income is NOT TAXABLE. The "fix" in TSP is convoluted.
1. Enter the W-2 like you would any other. Key what you see. If the caregiver and recipient do not live
together, you're done.
2. If they share a residence, you must make the income tax exempt:
Income > other income > other income not reported elsewhere >
Description = "IRS 2014-7 Medicaid Waiver"
Amount = enter W-2 box 1 amount as a negative number
3. If they share a residence, we also need to make the income UNEARNED INCOME:
Income > other income > other compensation > prisoner earned income
Taxpayer's prisoner earned income = W-2 box 1 amount
4. If Box 1 is zero dollars or blank and taxes were withheld, the return must be paper.
------
Item:Messages in TSP & Zero Balance Returns.
Messages in TaxSlayer Pro
When you log into TSP and "MESSAGES" is flashing, you should click and read as we may send important information to you that way.
Zero Balance Returns
Pro Online: Federal Return Type Definitions
21 Jan 17
Kim Manuel
Efile Tips,Pro Online,Tax Prep
Federal Return Types for Returns with a Refund
Electronic Mailed: The return will be electronically filed and the taxpayer will receive their refund via check.
Direct Deposit: The return will be electronically filed and the taxpayer will receive their refund via the bank account information entered.
Paper Return with Direct Deposit: The return will NOT be electronically filed. The preparer will be prompted to enter the bank information where the refund will be deposited.
Paper Return: The return will NOT be electronically filed and the taxpayer will receive their refund via check.
Federal Return Types for Returns with a Balance Due
Mail Payment: The return will be electronically filed and the taxpayer will mail payment. You should use this type to electronically file with $0 balance due.
Direct Debit: The return will be electronically filed and the taxpayer will have the balance due withdrawn from a checking/savings account.
Paper Return with Direct Deposit: The return will NOT be electronically filed. (this type will be removed)
Paper Return: The return will NOT be electronically filed. The taxpayer will file their return via paper.
------