Tax-Aide Free Tax Help

Transcription

1 Tax-Aide Free Tax Help Kathie Saunders, Grants Pass Coordinator Volunteer Dorothy Yetter, Tax Preparer Volunteer NTTC TRAINING 1

2 Today s Topics What is AARP Tax-Aide and who do we help Tax-Aide Volunteers What Taxes can we help with How to have your taxes prepared free of charge! 2

3 AARP Tax-Aide Started in 1968 by four volunteers is now the Nation s largest volunteer run tax preparation and assistance service Funded by the AARP Foundation in conjunction with IRS VITA (Volunteer Income Tax Assistance)/TCE (Tax Counseling for the Elderly) Programs 3

4 AARP Tax-Aide Tax-Aide volunteers help our clients prepare and file their own tax return We help each person individually, at no cost. Our clients are: Low- to moderate-income taxpayers any age Special focus on 60 and older 4

5 AARP Tax-Aide Goal get all the deductions and claims our clients deserve Within the law, of course 5

6 Tax-Aide Volunteers Volunteers are all ages, some still working and others retired First time training done informally over several months learning tax law and software or online through the IRS All volunteers attend yearly weeklong training refresher plus instruction on tax law changes 6

7 Tax-Aide Volunteers Utilize materials provided by the IRS Must pass IRS certification exams and sign ethics agreement Josephine County boasts 37 volunteers to serve in three locations: Grants Pass, Rogue River, and Cave Junction 7

8 What We Can Do For You Wages (W-2), Social Security, Interest, Dividends, Pensions and IRA Distributions (1099-R), Nonemployee compensation (1099- MISC), gambling winnings, Jury Duty, Unemployment Most brokerage statements (1099-B) and Property Sales (need basis pre-calculated) Deductions: Medical, Contributions, Mortgage Interest, Real Estate Taxes Small Business with up to $10,000 expenses, no employees, no inventory, no losses, no depreciation Rents, Royalties (1099-MISC) with no expenses or depreciation K-1 s with interest, dividends and capital gain distributions and royalties only 8

9 More what we can do for you Alimony (both directions) Student Loan Interest IRA contributions Estimated Tax Payments Child and Dependent Care Credits: Child Tax, Education, Qualified Savings, Foreign Tax Repayment of First Time Home Buyer Credit Cancellation of Debt (1099-A, 1099-C) State Tax Refunds 9

10 And still more Capital Loss Carry Over Educator Expenses Health Savings Accounts Injured Spouse Amended returns going back 3 years 10

11 What we cannot do for you Schedule C (Business) with a loss or expenses exceeding $10,000 Rental Property with expenses, including depreciation (exception for military members) Farm Income (Schedule F) Moving Expenses (Form 3903) Minor s Investment Income (Form 8615) And portions of various other Schedules and Forms 11

12 Have your taxes prepared Call for an appointment (see next slide) or go to: What to bring: Social Security cards or other official documentation for yourself and all dependents Copy of last year s income tax return(s) W-2 forms from each employer Unemployment compensation statements SSA-1099 form if you were paid Social Security Benefits All 1099 forms showing interest, dividends, and documentation showing original purchase price of sold assets 1099-MISC showing any miscellaneous income 1099-R forms if you received a pension or annuity All forms and documentation indicating federal and state income tax paid during 2013 Dependent care provider information, including name, employer, ID, Social Security Number All receipts or canceled checks if itemizing deductions 12

13 Locations - Hours Grants Pass UCAN Offices Call for appointment Monday through Saturday 201 NE 8th St., Grants Pass behind Roe Motors. Parking lot off of 'F' St Monday through Friday: 9:30-2:00 Wednesday evening: 4:30-7:30 Saturday: 8:30-Noon Grants Pass Public Library Call for appointment Monday only 200 NW C St, Grants Pass Monday: 9:30-2:00 Illinois Valley IV Family Coalition Call for appointment Wednesday only 535 E. River St., Cave Junction Wednesday: 9:00-2:00 Rogue River Multi-Service Center Call for appointment Wednesday only 132 Broadway, Rogue River Wednesday: 9:00-2:00 13

14 Notable Changes for 2013 Federal Medical/Dental Expenses Must exceed 10% of adjusted gross income if under 65 For 65 and older, must exceed 7.5% of adjusted gross income (no change) Higher end earners ( 6 figures ) have some higher tax rates Plug-in Electric vehicle credit has expired Oregon Special Oregon Medical Subtraction 14

15 Oregon Medical Subtraction Special Oregon Medical Deduction has been replaced with a Subtraction Available to anyone 62 years or older, making less than $100,000 ($200,000 married) Where one spouse is under 62 and the other is 62 or older, need to split out Medical/Dental expenses. With additional dependents in household, also need to split out. 15

16 Oregon Medical Subtraction Here is the maximum subtraction allowed: This is better for some and worse for others 16

17 QUESTIONS/COMMENTS? 17