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Training Specifics Friday

Training Specifics Friday. NJ Division of Taxation . What’s new? FLI in box 14 (family leave insurance ) Jim Gordon 609-633-6015 Jacob Foy 609-633-8899 www.state.nj.us/treasury/taxation. New. Fed 1040. New. Harry Bonfanti INTAKE SHEET. New. Schedule L Schedule M.

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Training Specifics Friday

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  1. Training SpecificsFriday

  2. NJ Division of Taxation • What’s new? • FLI in box 14 (family leave insurance) • Jim Gordon 609-633-6015 • Jacob Foy 609-633-8899 • www.state.nj.us/treasury/taxation

  3. New • Fed 1040

  4. New • Harry Bonfanti INTAKE SHEET

  5. New • Schedule L • Schedule M

  6. Voice Over Slides • Demo • NJ Property Tax Reimbursement • Joe McFadden

  7. Required Problems • Moore Fleming Sterling AARP requires we do 4 problems minimum Plus pass the test Do them on 2008 software Mentors review the data entry 100% correct!!!!!!!!

  8. Required Problems cont’d • Assign them as homework • Use class time for other training • Yes answer keys are in the back of the book, but it is important that the got the answers in an acceptable way. • Add NJ components to finish exercise

  9. Proficiency Problem • Aka Jones problem • Goal: To ensure all volunteers are 100% proficient in data entry, esp NJ. • There are some potential pitfalls • No one should proceed to a site till they are 100% accurate on this NJ example Great final exercise!!!!

  10. Proficiency Problem • Suggested format • Do in class, independent of everyone else • It may take more than an hour • Another measure of proficiency will be the time it takes them to complete problem, not the how fast, but the how long

  11. Workbook Comprehensive Problem • Good old Dalhart is now Kent • Same old scenario • Should not count as one of the 4 required • Incorporate it in your training of new volunteers • Best done only in class as it is easy to get out of order

  12. Lesson Plans • AARP suggested • NJ reworked • All on website • Start there and rework to suit

  13. Website • Our joint source of information • Software downloads • Power point presentations • Additional information • Possible inserts • Updates • Warnings

  14. Tax Law Specificsneed to revisit • K-1 • Schedule E • 1099A/ 1099C • IRAs with contributions 8606 • Other States • PTR teach skills needed QR at site • Balance Due

  15. K-1 • Simple ones • Interest, div, cap gains • When in doubt, stop! • Text 12-1 to 2 • PBT • K-1 ppt on website

  16. Schedule E • Nothing has changed • We do not do rental property no matter what • In text it jumps from K-1 to Sch E • Please observe Schedule E is for military , not us

  17. Debt Cancellation • Start with sale of home • Lead into cancellation of debt and • Abandonment of property • Everyone needs to learn this • Chapter 10 in text, good explanation • PBT 2.4 • Several powerpoints on web

  18. IRAs • Will see more where tp made contributions and are now taking distribution • PBT slides cover nicely • How to use 1099R, and fill out 8606 • Requires complete data

  19. 1040 X • New paper format • Change in software? • Probably still have to mark the same little box on Fed and NJ • Make a point of checking this out later

  20. Other States • New York • NY only non resident returns, ie live in NJ • If it looks tricky, don’t do it! • Limit preparers to those few who have studied the law and understand the procedure PBT 2.5 • Any other states? NO

  21. PENNSYLVANIA • If NJ resident and W-2 has PA w/h • 1. must request refund of PA tax (0 taxable income line 1a, w/h line 13, copy of W-2, copy of NJ resident return)paper return to mail • 2.must file NJ return using PA wages and 0 withholding

  22. Pennsylvania cont’d • Additional consideration • Philadelphia wage tax • Now must fill out “taxes to other jurisdictions” section of NJ tax return

  23. PTR • Reaching more each year • Train on filling out PTR-1 and PTR- 2 • Make sure preparers know the rules for who files, when, what’s required to file (cribsheet in 4012?) • Be sure taxpayer has a copy, preferably in tax envelope • When completed, it must have QR • Mark sign-in sheet state only and QR • Issues? Jim or Jacob can often solve • PBT 1.32, 1.33

  24. Balance Due • New this year, software will not include penalty for underpayment • Mark up 4012 (p.13-7)to include: • Choices • 9465 procedure • Fees mentioned in text not 4012 • IRS.gov search “OPA” to set up payments

  25. Be Aware • Pensioners may have insufficient withholding and for the first time in years, may owe or not receive their nice refund

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