WEBINAR RECORDING: https://app.brainshark.com/taxslayer/vu?pi=zGfzIGiAczQIFXz0
NOTES from Live Webinar 3
- Presenter went over the entry of advanced tax topics on page 210
ENTERING INCOME: 1099-Misc
- EIN database also applies here and pre-populates data from previous entry
- For Sch C, Finding business code (use “click here” button on 1099-Misc)
- Houses business code list and description
- Use CTRL-F to search that list
- Once you find the business code that applies, click on it and it plugs it into the return
- 999999 is the manual entry for “unclassified”
- If you Box 7 (like hobby income), you
- Error is generated when 1099-MISC is not connected to a Schedule C
- Box 3 (other income) carries to 1040 Line 21
- Put in “rents and royalties” → takes you to Sch E
SCHEDULE D: CAPITAL GAINS AND LOSSES
- “Other capital gains data” menu is where carryover is entered from previous year
- You will be able to upload supporting broker statements (it will be the 5th menu item) in “Schedule D Capital Gains” menu
SCHEDULE K-1 (page 1041)
HOW TO HANDLE MEDICAID WAIVER EXCLUSION (page 244)
- Use “Other Income” line
- Description of other income: Notice 2014-7
- This is where medical waiver payment is subtracted (enter amount as a negative number)
- In development: There will be a Box 1 checkbox so software doesn’t include W2 Box 1 wages to determine EITC or CTC
IRA Deduction (page 245)
ACA (page 180)
- On “Do you qualify for Healthcare Exemptions” page, help links will be added onto this page
- For exemption type, you choose the reason (then TaxSlayer enters the appropriate code based on the reason selected)
STATE RETURN (page 192)
- State specific questions should be emailed to TaxSlayer
- They didn’t cover this in the webinar because this was a webinar with multiple state participants
- Applicable items carryover from federal return
RETURN HISTORY (page 206)
- On client list, select “Client Status” from drop-down menu
- It shows who else has accessed the return and when. Also shows taxpayer’s e-file status (acknowledgements- accepted vs rejected and reject codes)
Credits will be covered in next webinar
Q & A: Post-webinar
Q: Where do you put the client’s email?
A: That will be covered in next week’s webinar, in the e-file section.
Q: Can you prepare a state return without having done a federal return?
A: Can’t efile a state only return.
Q: Can you prepare a return and not save it?
A: No. You can deactivate / delete a return (only admins can do this, or users that the admin gives the power to). Returns cannot be retrieved once deactivated / deleted.
Q: Can taxpayer get the return on a flash drive?
A: Yes, you can save the PDF. You can encourage taxpayers to bring a flash drive so they will always have their tax return record.
Q: Where is EIN data coming from?
A: It’s stored in the site level database and autopopulates based on the FIRST-ever entry into the TaxSlayer system. So make sure your EIN data is entered correctly.