2018 Practice Advance Scenario #1 --Multiple ACA Issues
The clients: one has an ITIN, they have 2 adult kids and their grandchild living at home with them; the husband has a W2 and is also self-employed. He has cash income along with a 1099-MISC and business expenses; the wife has a W2 and a 1099R that requires the taxable portion be calculated. They have day care expenses, two family members had no MEC insurance, one was covered part of the year, and one all year.
Then... There is Version 2, 3, and 4 where everything remains the same except the health insurance scenario changes, this was we don't have to create time consuming new returns and can see how one change affects the clients.
Healthcare topics: exemptions, shared responsibility payments, no insurance, offer of insurance through work at two different amounts, using marketplace tool, determining affordability, and 1095-A Marketplace insurance)
Intake Form Interview Notes Tax Documents Powerpoint 1095A for Version 4
Final 1040's for all scenarios is on the bottom of this page
How-To Video: Calculate the Taxable Portion of Retirement using the simplified Method
Use this Awesome Tool: https://cotaxaide.org/tools/Annuity Calculator.html for calculating taxable portion--see how the Employee Contributions are spread out over time.
I have to give credit to United Way Bay-EarnItKeepItSaveIt (they have great resources), I took this scenario from their site and modified it. I turned this into a 3 hour facilitated practice training.
The clients: one has an ITIN, they have 2 adult kids and their grandchild living at home with them; the husband has a W2 and is also self-employed. He has cash income along with a 1099-MISC and business expenses; the wife has a W2 and a 1099R that requires the taxable portion be calculated. They have day care expenses, two family members had no MEC insurance, one was covered part of the year, and one all year.
Then... There is Version 2, 3, and 4 where everything remains the same except the health insurance scenario changes, this was we don't have to create time consuming new returns and can see how one change affects the clients.
Healthcare topics: exemptions, shared responsibility payments, no insurance, offer of insurance through work at two different amounts, using marketplace tool, determining affordability, and 1095-A Marketplace insurance)
Intake Form Interview Notes Tax Documents Powerpoint 1095A for Version 4
Final 1040's for all scenarios is on the bottom of this page
How-To Video: Calculate the Taxable Portion of Retirement using the simplified Method
Use this Awesome Tool: https://cotaxaide.org/tools/Annuity Calculator.html for calculating taxable portion--see how the Employee Contributions are spread out over time.
I have to give credit to United Way Bay-EarnItKeepItSaveIt (they have great resources), I took this scenario from their site and modified it. I turned this into a 3 hour facilitated practice training.