Tuesday, April 18, 2017

Free tax preparation from Tax-Aide


Free tax preparation is available from Tax-Aide.
It is an AARP program available to all ages.
Those who prepare your taxes return are volunteers who take an IRS training program and certification.

To find a location near you:

https://secure.aarp.org/applications/VMISLocator/searchTaxAideLocations.action

Important documents to bring with you:

http://www.aarp.org/money/taxes/info-01-2011/important-tax-documents.html?intcmp=AE-FOU-TAXAIDE-LOCATOR-IL-DOCS


Items we can prepare:

• 1040 with Schedules A, B and D
• Schedule C if no employees, no inventory, no losses,
no depreciation, no expenses for business use of
home, etc.
• Schedule EIC and EIC Worksheets
• 1099-MISC (box 7 nonemployee compensation
reported on Schedule C/CEZ)
• 1099-MISC (box 1 or 2—rents, royalties – reported
on Schedule E with no expenses or depreciation)
• 1099-MISC (box 3 other income – reported on
1040 Line 21)
• 1040-ES (Estimated Payments)
• 2441 (Child & Dependent Care)
• 5405 (Repayment of First Time Homebuyers Credit
– FTHBC)
• 8283, Section A, Part 1—noncash contributions to
charity that exceed $500 and total less than $5,000
• 8606 (Nondeductible IRA) Part 1
• 8880 (Quali ed Savings Credit)
• 8812 (Additional Child Tax Credit)
• 8863 (Education Credits)
• 8949 (Sale or Disposition of Assets)
• 9465 (Installment Agreement)
• 8379 (Injured Spouse)
• 1040X (Amended Returns, if trained in the tax year
being amended)
• Schedule K-1 that includes only interest, dividends,
capital gain distributions or royalties
• Cancellation of Credit Card or Mortgage
Debt—1099-A and/or 1099-C and Form 982
• Health Savings Accounts—1099-SA and Form
8889, if trained and certi ed*
*HSA: Only counselors who have been certified
on this module may prepare returns that include
Health Savings Account contributions or
distributions.


Items we can NOT prepare:

• Schedule C if expenses exceed $25,000
• Complicated Schedule D (Capital Gains and
Losses) without proper paperwork
• Schedule E (Rental Property) with expenses,
including depreciation (exception: returns for
military members only, prepared by a counselor
who has been certi ed to do military returns
provided another military certi ed counselor is
available to quality review the return)
• Schedule F (Farm Income)
• 2106 (Employee Business Expenses)
• 3903 (Moving Expenses)
• 8615 (Minor’s Investment Income)
• Portions of Schedules A and B that are not
included in our training
• Schedule K-1 that involves depreciation or
deductible expenses
• Other rental income or business income

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