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One Day Returning Counselor Training

One Day Returning Counselor Training. DEDUCTIONS/CREDITS. Page F-6. $5,950 2012. $11,900 2012. $8,700 2012. Page F-7. Arizona Standard Deductions. Federal. $4833. $5950. $11,900. $9665. $8,700. $9664. $4833. Itemized Deductions. Page 4-2. Sales Tax Worksheet.

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One Day Returning Counselor Training

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  1. One Day Returning Counselor Training DEDUCTIONS/CREDITS

  2. Page F-6 $5,950 2012 $11,900 2012 $8,700 2012

  3. Page F-7

  4. Arizona Standard Deductions Federal $4833 $5950 $11,900 $9665 $8,700 $9664 $4833

  5. Itemized Deductions

  6. Page 4-2

  7. Sales Tax Worksheet

  8. Schedule A – Itemized Deductions Continued

  9. Nonrefundable Credits

  10. Page G-1

  11. Must Check DC to Load Form 2441

  12. CHILD/DEPENDENT CARE QUIZ Joe & Mary have one child, 10, a dependent Both work and pay child care - AGI is $33,000 and tax before credits is $1,100 Day care center was paid $250 per month for a total of $3,000 for 2012 The expenses are necessary so that both Joe and Mary can work Can they claim the credit, if so, how much?

  13. DEP CARE QUIZ ANSWER Tab G YES, credit is available Child is under 13 and qualifying person Check “DC” box on dependent line Complete Form 2441 to calculate credit Amount of credit is nonrefundable and, based on their AGI, is 25% of $3000 expenses or up to $750 based on tax liability

  14. Page G-3

  15. EDUCATION QUIZ #1Tab G Jim & May Brown, $28,000 AGI, 2 children Rose, sophomore, in college full-time John, 4th year full-time college senior Both children claimed as dependents Browns made tuition payments of $6000 in August for 2012 classes and $6000 in December for 2013 For what education credits do they qualify?

  16. EDUCATION QUIZ #1ANSWER 1 AMERICAN OPPORTUNITY CREDITfor both children Can the Browns include the payments they made in December for 2012?

  17. EDUCATION QUIZ #1ANSWER 2 AMERICAN OPPORTUNITY CREDITfor both children Can the Browns include the payments they made in December for 2012? YES

  18. EDUCATION QUIZ #2 If Rose had paid for her own tuition, how would the answer differ?

  19. EDUCATION QUIZ #2 ANSWER If Rose had paid for her own tuition, how would the answer differ? NOT AT ALL, unless Rose not claimed as a dependent. If Rose claimed as a dependent, Jim and May can claim the education credit no matter who paid the expenses.

  20. EDUCATION QUIZ #3 Tab G If Jim and May had not claimed Rose as a dependent (even though entitled to the exemption), who could claim the credit?

  21. EDUCATION QUIZ #3 ANSWER Tab G If Jim and May had not claimed Rose as a dependent (even though entitled to the exemption), who could claim the credit? ROSE could claim the nonrefundable portion, but not the refundable portionG-3 (can’t claim personal exemption either) Jim and May could not claim the credit.

  22. Form 8863 – Page 2

  23. Form 8863 – Page 1

  24. Page G-7

  25. Payments & Refundable Credits

  26. REFUNDABLE CREDITSQUIZ #2 Which form in TW would you use to claim estimated taxes paid?

  27. REFUNDABLE CREDITSQUIZ #2 ANSWER F/S Tax Pd, Estimated Tax Payments Made for the Current Tax Year Which form in TW would you use to claim estimated taxes paid?

  28. Page H-1

  29. Check EIC If Dependent Appears to Qualify for EIC

  30. Page H-2

  31. EIC QUIZ #2 A young father of two earns $15,000. He sells his only stock, inherited from his mother, and makes a $3,500 capital gain. He is expecting a sizeable EIC. Is he correct?

  32. EIC QUIZ #1Tab H A 65-year-old gentleman, with no qualifying children, earned $5,000. Taxwise does not give him any EIC. Is this correct?

  33. EIC QUIZ #1 ANSWERTab H A 65-year-old gentleman, with no qualifying children, earned $5,000. Taxwise does not give him any EIC. Is this correct? YES. He is too old to get the EIC. He is 65 years old.

  34. EIC QUIZ #2 ANSWER A young father of two earns $15,000. He sells his only stock, inherited from his mother, and makes a $3,500 capital gain. He is expecting a sizeable EIC. Is he correct? NO.He gets nothing because his investment income is over the limit.

  35. EIC QUIZ #3 Sara, 23 and unmarried, earned $5,000. Daughter, Jane, 5, lived with her all year. Matt, 25 and unrelated, earned $16,000 and lived in the home all year. Matt is not Jane’s father, but provided more than half her support Who is eligible to claim EIC?

  36. EIC QUIZ #3ANSWER SARA can claim EIC using Jane Jane is Sara’s Qualifying Child Matt cannot claim EIC credit Jane is not Matt’s Qualifying Child He cannot claim EIC without a Qualifying Child because his income is too high. Mattcan claim Jane as a Qualifying Relative Dependent if Sara is not required to file or files only for a refund of withheld taxes

  37. EIC QUIZ #4 Mike, 40, earned $18,000 His two sons, Joe and George, ages 16 and 18, lived with him all year. Mike’s sister, Susan, 36, earned $11,000 Susan lived with Mike and his sons over half the year Who is eligible to claim EIC?

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