LAW-L1 – Kent Refund Monitor
Filing Status: Married Filing Jointly
11-08-2013 TY2012 v1.0-2
Step |
TP Form/ |
TW Form |
Payee/Name |
Fed 37 |
Fed 74/76 |
NJ 38 |
NJ 56/66 |
4012 |
4012 |
Notes |
0 |
Intake |
|
|
|
|
|
|
10 |
15 |
Verify and correct everything in Section A Fill in Section B Verify with Mentor |
1 |
Intake etc. |
|
|
|
|
|
B-1 |
B-1 |
Hint: Use Code 1 (or 2) if dependent is “qualifying child” per IRS rules; use code 3 if dependent is “qualifying relative” Hint: Check EIC box for all dependents who might qualify for EIC |
|
2 |
W-2 |
Jefferson Independent School District |
13,817 |
5,156 |
6,317 |
1,327 |
2-3 |
D-5 |
|
|
3 |
W-2 |
Americus Petroleum |
41,951 |
3,195 |
34,451 |
1,839 |
2-3 |
D-5 |
Hint: See NJ Special Handling for Disability Private Plan BP: Update NJ 2450 for PP info now |
|
4 |
Text |
Campbell Mortgage |
44,733 |
2,895 |
37,233 |
1,786 |
2-4 |
D-7 |
Hint: Look on Preparer page Lookup Tool to see where to enter this |
|
5 |
1099-INT |
Kendall Federal Credit Union |
45,143 |
2,855 |
37,643 |
1,779 |
2-5 |
D-8 |
|
|
6 |
1099-INT |
Gordon Investment Services |
45,143 |
2,855 |
37,643 |
1,779 |
2-5 |
D-8 |
Hint: Look at NJ Special Handling for exempt interest and savings bonds |
|
7 |
Broker Stmt |
ZYX Investments (Interest only) |
47,721 |
2,840 |
37,955 |
1,772 |
2-5 |
D-8 |
BP: Use separate lines on Interest Stmt |
|
8 |
Broker Stmt |
ZYX Investments (Dividends only) |
48,022 |
2,844 |
38,256 |
1,767 |
2-6 5-2 |
D-9 |
Hint: May need to manually add form 1116 Hint: Do NOT worry about red stuff on form 1116 below “Simplified Limitation Election” |
|
9 |
1099-G |
NJ Div of Tax |
48,309 |
2,814 |
38,256 |
1,767 |
|
|
Hint: See NJ Special Handling, State Income Tax Refunds Hint: Karl was over 65 last year |
|
10 |
1099-MISC |
Pratt Medical Centers, Inc. (plus other) |
50,511 |
2,265 |
40,625 |
1,726 |
2-7 |
D-11 |
Q: How would you lookup Business code at site (i.e. when not supplied as part of scenario)? Q: Do you need to fill in line E, Business address? Hint: Link from line 1 to add 1099-MISC and also link from same box to add Scratch Pad to document non-1099-MISC income |
|
11 |
1099-B |
Pelrum Brokerage Service |
49,212 |
2,428 |
40,556 |
1,727 |
2-10 |
D-13 |
Hint: See Pub 4012 TY2011 Notes for additional info on filling out Cap Gn Wkt |
|
12 |
Broker Stmt |
ZYX Investments (Capital Gains only) |
47,442 |
2,603 |
40,556 |
1,727 |
2-10 |
D-13 |
Hint: Use INHERIT for Date Acquired for inherited stocks |
|
13 |
1099-R |
Saulk Trust Company |
48,280 |
2,523 |
40,556 |
1,727 |
2-17 |
D-19 |
|
|
14 |
Text |
Yale Security IRA |
48,280 |
2,523 |
40,556 |
1,727 |
2-17 |
D-19 |
BP: Do IRA Rollover explanation (1040 line 15b) now |
|
15 |
1099-R |
Defense Finance & Accounting SVC |
49,480 |
2,403 |
40,556 |
1,727 |
2-17 |
D-19 |
Hint: See NJ Special Handling for Military Pensions |
|
16 |
Text |
Stillman Pension Fund |
67,770 |
1,385 |
40,556 |
1,727 |
2-17 |
D-19 |
Hint: Use Simplified Method section Hint: Fill in prior year(s) recovery amount |
|
17 |
K-1 |
Black Jack Production Company |
68,820 |
1,227 |
41,606 |
1,709 |
2-21 |
D-24 |
Hint: Need to add Sch E (see Special Topic document available from Preparer page) Hint: Do NOT use K-1 form in TW! |
|
18 |
1099-G |
NJ Department of Labor |
71,370 |
965 |
41,606 |
1,709 |
|
|
|
|
19 |
SSA-1099 |
Social Security |
83,000 |
(423) |
40,603 |
1,726 |
2-19 |
D-22 |
BP: Medicare Part B & D on Scratch Pad |
|
20 |
W-2G Text |
New Jersey Lottery |
84,200 |
(603) |
40,603 |
1,762 |
|
|
Hint: Need to add W2G (if not in tree) Hint: See NJ Special Handling for NJ Lottery BP: Include corresponding losses |
|
21 |
Text |
Classroom supplies |
83,960 |
(565) |
40,603 |
1,762 |
|
E-3 |
Hint: Need to add 1040 Wkt2 (if not in tree) |
|
22 |
Text |
Alimony to ex |
80,360 |
(25) |
37,003 |
1,825 |
3-1 |
E-3 |
|
|
23 |
Text |
IRA Contribution |
74,360 |
875 |
37,003 |
1,825 |
|
E-5 |
Hint: May need to add IRA Wkt |
|
24 |
Text |
Student Loan Interest |
74,092 |
912 |
37,003 |
1,825 |
|
E-4 |
Hint: May need to add 1040 Wkt2 |
|
25 |
Text |
Itemized Deductions |
74,092 |
1,257 |
29,491 |
1,957 |
4-2 |
F-5 |
Hint: Some items in text may not be deductible… |
|
26 |
Text |
Maryville Day Care Center |
74,092 |
1,477 |
29,491 |
1,957 |
5-3 |
G-3 |
|
|
27 |
1098-T etc |
|
Education Credits |
74,092 |
1,477 |
29,491 |
1,957 |
|
|
BP: Save until last to make sure comparison involves all factors |
28 |
Text |
Residential Energy Improvements |
74,092 |
1,695 |
29,491 |
1,957 |
|
G-10 |
Hint: May need to add 5695 |
|
29 |
Text |
Estimated payments |
74,092 |
2,125 |
29,491 |
2,147 |
|
|
Hint: Ctrl-Space (or F3) state balance due line (if red) Hint: See NJ Special Handling page for F/S Tax Pd worksheet |
|
30 |
Note 8 |
|
Inheritance |
74,092 |
2.125 |
29,491 |
2,147 |
|
|
Hint: No tax implications to recipient for inheritance |
31 |
Note 13 |
Capital Loss carryover |
74,092 |
2,125 |
29,491 |
2,147 |
|
|
|
|
32 |
Note 9 |
still red - resolve |
74,092 |
2,125 |
29,491 |
2,147 |
|
|
|
|
33 |
Note 3 |
Diagnostics |
Resolve Diagnostics |
74,092 |
2,125 |
29,491 |
2,147 |
6-5 |
N-12 |
Hint: Can click on diagnostic error to go to worksheet Hint: Answer Sch EIC questions in order and only if red |
34 |
|
|
74,092 |
2,125 |
29,491 |
2,147 |
|
N-12, |
No Errors |
|
35x |
1098-T etc |
|
Try as adjustment |
71,024 |
2,620 |
29,491 |
2,147 |
5-3 |
J-2 |
|
36x |
1098-T etc |
|
Kendra as LL |
74,092 |
2,739 |
29,491 |
2,147 |
5-3 |
J-2 |
|
36 |
1098-T etc |
Kendra as AOC |
74,092 |
4,502 |
29,491 |
2,147 |
5-3 |
J-2 |
Hint: Need to add separate 8863 Pg 2 (not Pg 1) for each student |
|
37 |
Note 6 |
Enter Routing number and account number |
74,092 |
4.502 |
29,491 |
2,147 |
|
K-1 |
|
|
38 |
|
|
74,092 |
4.502 |
29,491 |
2,147 |
|
N-11 |
No errors |
|
39 |
|
|
74,092 |
4,502 |
29,491 |
2,147 |
|
|
Hint: Follow NJ Special Handling line-by-line for NJ-1040 Hint: NJ Municipal codes available in TWO Help or in NJ 1040 Instructions or via Preparer Page |
|
40 |
Note 2 |
|
74,092 |
4,502 |
28,491 |
2,165 |
|
|
|
|
41 |
Note 10 |
Through line 45 |
74,092 |
4,502 |
28,491 |
2,101 |
|
|
Hint: NJ 1040 Instructions p 36 has a table with standard amount to be used for Use Tax entry (line 45) Hint: NJ Gross Income is on line 28 |
|
42 |
Line 40 deductions list |
|
74,092 |
4,502 |
28,491 |
2,151 |
|
|
Hint: Property tax from Sch A is automatically shown in NJ-1040 Sch F worksheet, but actual amount needs to be manually entered in correct box |
|
43 |
Note 9 |
Still red – resolve |
74,092 |
4,502 |
28,491 |
2,151 |
|
|
|
|
44 |
|
Still red – resolve Saulk |
74,092 |
4,502 |
28,491 |
2,151 |
|
|
Hint: Need set Copy Number for each IRA BP: OK to leave unknown values red in IRA Wkt Q: NJ-1040 line 19 changed – why didn’t line 38 change? |
|
45 |
|
Still red – resolve Yale |
74,092 |
4,502 |
28,491 |
2,151 |
|
|
Hint: Need to add IRA Wkt(s) and set Copy Number for each IRA BP: OK to leave unknown values red in IRA Wkt |
|
46 |
|
|
74,092 |
4,502 |
28,491 |
2,151 |
|
N-12 |
No errors |
|
47 |
|
|
Create e-File(s) |
74,092 |
4,502 |
28,491 |
2,151 |
|
N-12 |
Ask Mentor for Quality Review |
Click on links in TW Form column to see screen shot of completed TWO form (you may need to click on the picture to enlarge it)