August 17, 2016 – TaxSlayer Webinar (3 of 4): Tax Return Prep – Part 2

WEBINAR RECORDING: https://app.brainshark.com/taxslayer/vu?pi=zGfzIGiAczQIFXz0

 

ATTACHMENTS:

 

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.