Training Specifics Friday
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Training SpecificsFriday
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
Voice Over Slides
Demo
NJ Property Tax Reimbursement
Joe McFadden
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!!!!!!!!
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
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!!!!
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
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
Lesson Plans
AARP suggested NJ reworked
– All on website
Start there and rework to suit
Website
Our joint source of information Software downloads Power point presentations Additional information Possible inserts Updates Warnings
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
K-1
Simple ones Interest, div, cap gains When in doubt, stop!
Text 12-1 to 2 PBT K-1 ppt on website
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
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
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
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
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
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
Pennsylvania cont’d
Additional consideration Philadelphia wage tax Now must fill out “taxes to other jurisdictions”
section of NJ tax return
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
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
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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