Boomer Fact File. Aging in America. Make 2015 Tax Preparation less Taxing. In 1900, 1 in 25 Americans was a Senior

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1 Make 2015 Tax Preparation less Taxing Aging in America In 1900, 1 in 25 Americans was a Senior 2005, 1 in , 1 in , 1 in 5 and will remain there through ,000 each and every day turn age 65 Boomer Fact File Choosing a Tax Professional Boomers say the most important qualities are a local company (35%) A good reputation (14%) Personal referral (13%) If they have used a Tax Professional in the past they will likely continue to do so. 1

2 Others Who Prepare VITA Sites income level, only Form 1040 Friend or Relative Self-Prepared Caution should be given returns may be more complicated in retirement Tax Law continues to grow in complexity Seniors are among the most compliant of taxpayers. They are also among the most vulnerable. Seniors: How the Tax Professional Can Provide Tax Service and More Service to Seniors Understand and accommodate Special needs Special circumstances Patience and understanding And, explaining the preparation and outcome 2

3 Seniors Read, Listen to TV News and Other Seniors Make certain the Senior has not fallen prey to How Not to Pay Tax theories Books on Avoiding Tax Books on Social Security Lump sum payments Articles on Beat Uncle Sam Keep Your Money Don t Pay Tax Taxes are Illegal Constitution Prohibits Them If it sounds too good to be true.. it probably is! Failure to File Criminal Offense Can be Jailed - Infrequent 3

4 How Long Should Seniors Retain Their Tax Records? 3 years 6 years 7 years 10 years Forever The Filing of Returns Form1040 Annual filing of Income Form 709 Gift tax Form 1041 Trust Return or Estate - $600 Form 706 Estate Return Exemption 5.43M - Portability Taxing Seniors All income is taxable income unless exempted by Statute or Code Taxing Social Security Bunching itemized deductions Form 2441 Child and Dependent Care Form 2120 Multiple Support Agreement 4

5 Paying the Tax Estimated Tax Payments Elimination of Underpayment of Tax Penalty Installment Agreement Offer in Compromise Unable to Collect 53 Status Involuntary Payment If the Senior Does Not Pay, the IRS May Take the Following Enforcement Actions File a notice of Federal Tax Lien Serve a Notice of Levy Seize and sell your property Notify payers of your interest and dividend income to begin backup withholding What About Social Security? In 2015 the Internal Revenue Service announced: They will not levy on a taxpayer s Social Security in most instances Should this happen, immediately contact the National Taxpayer Advocate 5

6 To File a Notice of Federal Lien Three Requirements Must Be Met 1. The IRS must assess the liability 2. The IRS must send you a notice and demand payment 3. You must neglect or refuse to fully pay the liability within 10 days of notice and demand Exempt From Levy Unemployment benefits Certain annuity and pension payments Railroad Retirement Act and Unemployment Insurance Act Special Pensions for Medal of Honor Recipients Retired Serviceman s Family Protection Plan and Survivor Benefit Plan Workers Compensation Exempt from Levy, cont. Judgment for support of minor children, if the judgment is before the date of levy Minimum exemption for wages, salary and other income Certain military service connected with disability payments Certain public assistance payments Assistance under the Job Training Partnership Act 6

7 No Other Property or Income is Exempt from Levy Bank Account House Other Assets Including Inheritances IRS EXAMINATION 3 YR Statute on Examination Taxpayer can represent him or herself, or with Form 2848 Power of Attorney, can be represented by a qualified: Certified Public Accountant Attorney Enrolled Agent NEW Annual Filing Season Program 7

8 FORM 8821 Disclosure Authorization Federal due date for filing 4/18/2016 Resident s of Maine and Massachusetts 4/19/16 State filing deadlines vary Extensions of Time to File, Form /15/16 Seniors and the IRS Age 65, recognized as a Senior Additional Standard Deduction if Senior or Taxpayer is Blind Blindness = 20/200 in best of eyes Doctor s statement required $1,250 each if qualified and married $1,550 each if single 8

9 Amounts for 2015 Personal Exemption $4,000 Deductions: Standard MFJ $12,600 Single 6,300 HoH 9,250 MFS 6,300 Additional exemption for blind and elderly adds to standard deduction Itemized Deductions Itemized Deductions Medical subject to 7.5% exclusion of AGI Real Estate Taxes other, SST, Auto plates Mortgage Interest Investment Interest subject to limitations Charitable Contributions cash and noncash Miscellaneous Tax Preparation Fees Gambling Losses IRA Fees Other (Casualty Losses) 2% or not Reportable Income All income is taxable income Unless exempted by statute or code Social Security may be taxable $25,000 exclusion if Single $32,000 exclusion if Married Filing Jointly ZERO exclusion if Married Filing Separately Taxed at 50% - Single $25,000 - $34,000 Taxed at 85% - Single over $34,000 Taxed at 50% - MFJ $32,000 - $44,000 Taxed at 85% - MFJ over $44,000 Taxed at 100% - MFS 9

10 Watch the Gambling Seniors While gambling income is reported on page 1 of Form 1040 Gambling losses are reported as itemized deductions, not subject to exclusion May raise the taxability of SS May not exceed Standard Deduction Form W-2 G When Does A Senior Not Have to File a Form 1040 Minnie calls and is upset that she needs to file a tax return for 2015 Minnie is single, age 75 Does not Itemize her Deductions She receives Social Security, a pension and has some interest earnings How do we advise Minnie? The Numbers Income: Pension $30,000 Interest 8,000 Social Security: $ (Total = $30,000 + $8,000 + $12,000 (1/2 SS) or 20,400 $58,400 Deductions Standard $6,300 + $1,550 = - 7,850 Exemptions - 4,000 Taxable Income $46,550 Because there is taxable income Minnie must file a tax return. 10

11 But The Story Changes Minnie corrects herself Pension is not hers but her Son s and he just gifts it to her each year Income is $8,000 in interest and SS Because ½ of SS is $12,000 + $8,000 of interest is $20,000 and below the $25,000 exclusion Minnie has no taxable SS and her Standard Deduction and Personal Exemption are greater than her income There is no need to file a Form 1040 Tax Filings and Medicare Part D 2016 PART D IRMAA AMOUNTS The Part D-Income Related Monthly Adjustment Amount (Part D-IRMAA) is an amount in addition to the monthly Part D premium for individuals whose modified gross income exceeds certain thresholds. Individuals with Part D-IRMAA, who may be members of individual or group plans, must pay this additional amount to the government and not to their plan. Additional Amounts a Senior May Have to Pay in 2016 Based on Income are: 11

12 How Does This Happen? Warren Buffet will pay more in Medicare Part D (Drug) Coverage Based on AGI Isolated event Two years of increase Appeal to Medicare IRA Withdrawals Timeline Before Age 59 ½ - 10% Early Withdrawal IRC 72(t) rules Form 5329 First Time Home Annuity substantially Death or equal payments Disability Un-reimbursed medical Education expense less 7.5% or 10% Others Distribution due to IRS levy Don t Leave Money on the Table IRA withdrawals are taxable Unless Roth Watch taxable income for opportunities to withdraw tax free Work with Senior and beneficiary for tax advantaged IRA withdrawals Seniors with IRA withdrawals should carefully consider tax planning before the end of the year 12

13 Have Watchful Eyes Inappropriate investing Losses due to high risk investments Margin interest Churning in portfolio or annuity Changing of Life Insurance Policies IRA Administrators Must make RMD when required Check before end of year Always when multiple IRA accounts Penalties will apply Appeal penalties Tax Professionals Be aware of your Seniors changing needs Work closely to meet changing needs Establish and maintain Seniors confidence and confidentiality Be vigilant Senior Abuse! DO YOUR BEST WORK! 13

14 Be Proactive Form 8821 Authorization to Disclose Form 2848 Power of Attorney Signed Authorization to Disclose Signed Authorization to Use To be old and wise Allow Time One must first be Young and foolish! Listen to their stories! It is a privilege! A Senior and his son were on the golf course when the Senior says, Son, golf is kind of like taxes. You drive for the green, and you end up in the hole. 14

15 The Elderly and Taxes Want to pay their fair share. Not patriotic to pay more. Obey the law, with pride and confidence. Deserve to sleep well on April 15 th. CSA s and Taxes Be knowledgeable to help May mean advising Senior seeks a Tax Professional All are not the same Must meet needs of Senior CSA s can help Seniors find the perfect Tax Professional for them It is More Than Just Filing A good Tax Professional will prepare Taxes A great Tax Professional will meet the needs, wishes and desires of their taxpayer Sound familiar? It is what a Great CSA does! 15

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