TaxWise Tips DESKTOP VERSION. Hints, Tips & Shortcuts

Transcription

1 TaxWise Tips DESKTOP VERSION Hints, Tips & Shortcuts NTTC/TRS Training Dallas

2 LINKING Some like linking... some don't If you're going to link, keep the Tree simple If you're going to use the Tree, make it a comprehensive Tree 2

3 F Keys Get used to using them. Saves time going back to the mouse SHIFT and you'll get a different action 3

4 F Keys F1 Help (in any program) With SHIFT, you get IRS help F2 Saves the return F3 - Get the RED out F3 again puts the RED back 4

5 F Keys F5 Calculator This is an invaluable tool F7 Return Status F8 Override (use sparingly) With Shift, 'un-override' 5

6 F Keys F9 Link to a form With Shift, remove form Its easier to click on Copy tab within TaxWise 6

7 RIGHTclick> Delete Gets rid of the whole row, not just some of it If you delete just entries, you might keep some info you really don t want 7

8 Punctuation Hyphens in names will NOT be allowed in TaxWise 2011 Commas, periods, slashes are NOT allowed, and may very likely cause a return to be rejected 8

9 Other Aids Open EXISTING RETURNS screen Can sort Client List alphabetically Left click on Client Name field Ascending or Descending sequence The same sorting works with any listing of returns, such as Backup 9

10 Other Aids When Foreign Tax Credit appears on 1099-INT, enter it immediately (out of sequence) to either a Scratchpad or Form Scratchpads print Form 1116 doesn t print, therefore saves paper Otherwise, it may be lost or forgotten 10

11 Other Aids TaxWise State Sales Tax Refund form read very carefully. Pay special note to age of taxpayer(s) on last year s return Did they even itemize last year? 11

12 Public Safety Officer (PSO) When health insurance is deducted from pension checks, they are allowed $3,000 reduction in taxable income Do not change Box 2, but go to Line 4 under Exclusion on TaxWise 1099-R 12

13 Form 5329 When 1099-R, Box 7 is 1 there will be a 10% penalty assessed There are cases where that penalty can be avoided. Click on Line 2, hit F1 and scroll down for Exception Codes 13

14 Form 5329 We can use most, but not all of the exceptions Most common are the following 14

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16 And the MOST common is coded 12 16

17 W-2 With Amount in Box 12 Starting with TW2009, you can enter the amount from W-2, Box 1 into TaxWise let Boxes 3, 4, 5 & 6 fill in automatically. Enter the letter designation and amount in Box 12 (or Box 7 - tips) and 3, 4, 5 & 6 change automatically 17

18 Box 12 Codes Code D will automatically change Boxes 3, 4,5, & 6 Code W does not change any amounts. However it does populate Form 8889 to the tree (HSA) Codes M and N carry information to 1040 Pg 2 for additional taxes to be paid. 18

19 Tax-Exempt Interest When entering tax-exempt interest, DO NOT include that amount in Column 1 (Amount), but only under the NAEOB column, with E as the code 19

20 Scrolling Scroll carefully if using a wheel mouse. You can bring up strange entries. This doesn t happen nearly as often as it used to. Most defaults now have History drop-downs turned off. 20

21 Dependency Help? If you need help determining who provides more support, try a TaxWise form. Add Form> Dependent Worksheet Available on paper, but easier in TW 21

22 Control + Ctrl + Q brings up Query screen Query on SSN, Last Name, DCN, etc. Return Summary screen will show FILE NAME Ctrl + Y Enter SSN to locate & open return 22

23 Ctrl + Y Control + When the list if returns is long, use this to open a return, instead of search thru a list Also an instant verification of SSN when opening a return for QR 23

24 Ctrl + D Ctrl + Will run Diagnostics Ctrl + E Will locate the next error in a return actually the next expected entry. 24

25 Child/Dependent Care Must have checkmark on Main Info in order to populate Form 2441 Form 2441 will fill in City/State if you enter ZIP first, and hit Enter Entering EIN first may autofill the name, etc. if used previously 25

26 EIC/CTC ALL children are assumed to qualify for EIC. TaxWise will ask questions later. DO NOT make that determination on your own. CTC is determined automatically, based on dependency & age. DO NOT override. 26