1 / 32

VITA

VITA . This Presentation is designed to: Assist you in completing simple State of California Tax Returns. Provide a reference while using TaxWise software. For tax law information please consult FTB 5130, Volunteer Reference Manual, or the 540 Booklet. Where do I get help?.

drago
Download Presentation

VITA

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. VITA • This Presentation is designed to: • Assist you in completing simple State of California Tax Returns. • Provide a reference while using TaxWise software. • For tax law information please consult FTB 5130, Volunteer Reference Manual, or the 540 Booklet.

  2. Where do I get help? • Volunteer Hotline – 1.800.522.5665 • Operating hours – Monday thru Friday • 8 am until 4:30 pm • Volunteer Reference Manual – FTB 5130 • 540 Booklets • Mark Callahan, Statewide Volunteer Program Coordinator

  3. 2013 Changes • Exemption Credit Amount Increase • $326 • Child & Dependent Care Expense and Renter’s Credits are Non-Refundable

  4. Are You Ready? Let’s Begin!

  5. Happy Vita – DOB 05/12/1979 - Laborer Spouse Vita – DOB 12/01/1981 - Student Baby Vita – DOB 05/11/2004 Check DC/EIC/CTC Address – 2222 22ND Street Sacto CA 95814 Use a Practice SSN Phone Number – 916.444.4444 Married Filing Joint filing status Direct Deposit for refund Routing: 121000358 Account: 001500155 Practitioner Pin Begin with the Main Info Screen

  6. FED ID - 94-0123456 $40,000 FED and CA wages $2500 FED withholding $1500 CA withholding $400 SDI Taxpayer’s address correct Employer – Peppy Pools PO BOX 1234 SACTO CA 95812 No State ID $75 Bank Interest & $25 Savings Bond Interest Next Step – W2 & Income

  7. Let’s Look at TaxWise

  8. In the State Information Section, full year resident box, set CA as the default state. Required Field for Direct Deposit

  9. SDI is often found in Box 14 of the form W-2. Enter SDI amounts in boxes 19 and 20. Use 999999 when State ID number box is blank.

  10. Make sure to mark who the W-2 belongs to Check to change social security and Medi-care income and tax amounts. Check to change the amount of state wages.

  11. AND NOW FOR THE GOOD NEWS! Most California tax information flows automatically from the federal return.

  12. When does TaxWise need your input? Let’s look at the most frequently used screens.

  13. Renter’s Credit

  14. Forms may be added or taken away from the return using this tool bar Renter’s Credit

  15. Every question on this form helps the software correctly calculate the Renter’s Credit.

  16. The renter’s credit amount on the worksheet may differ from the amount on the return. Why?

  17. Child and Dependent Care

  18. Do we “Get the red out?” Why is this important? The state form requires unearned income information.

  19. Interest

  20. Has anyone seen one of these? Although they are no longer printed, this is a U.S. Savings Bond. California does not tax the interest earned on these bonds and an adjustment is made on the interest statement in TaxWise to help you on the State return.

  21. Enter bank information on the Interest Statement for correct flow through in TaxWise.

  22. Did the software tax the correct income for California? This form tells the tale.

  23. HOH Filing Status

  24. When filing a HOH return, the HOH Schedule is a required form for electronic filing

  25. HOH Schedule page 2

  26. Refunds

  27. Give the California 8879 form to the taxpayer to keep with their records.

  28. 1 2 1. In order to create an e-file, there must be no errors in red under the Errors Heading 2. The “create e-file” button is not available until all the errors have been fixed.

  29. Other Credits Use Tax Voluntary Contributions

  30. What Publications Will Help? 540 Booklet Publication 1001 – California Adjustments Publication 1005 – Pension and Annuity Guidelines Publication 1540 – California Head of Household

  31. Questions?

More Related