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  • Breaking News/How Tos
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  • Certification Help
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  • Self Employed
    • Rideshare Info
  • Adjustments to Income
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  • Education Credit
  • Healthcare Info
  • Quality Review & Print Sets
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  • Balance Due
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    • Advance Scenario #2
    • Advance Scenario #3
  • Foreign Student
  • W-4 INFO
  • W-7 ITIN APPLICATION
  • FAFSA
  • VALET DROP OFF
  • CERT ACCEPT AGENT
    • Fraud FIghter
  • Veteran Refund
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2018 Scenario #2 (with 3 Education Scenarios)
Sterling Scenarios: All these scenarios include:
  • Self-employment: Rideshare Driver (Uber with 1099-Misc, 1099-K, and Uber Statement), also purchase of health insurance for self-employed, Identity Theft Pin
  • Several Brokerage Statements (make sure to look at PUB4012 page  D23-25 Exception to Entering Each Transaction on a Separate Row (Code M)
  • Retirement-began in 2004 and requires taxable portion being calculated. Use this handy-dandy tool, you will LOVE LOVE LOVE IT! https://cotaxaide.org/tools/Annuity%20Calculator.html
  • Cancellation of debt
Sterling Scenario #2--Same as above but now client went to College and received Scholarship/grant $500. What are the Total qualified expenses, what can be claimed?
Sterling Scenario #3-Same scenario--what if she received $4,500 in Scholarships and grants instead? This is more than the qualified expenses, so technically not entitled to an education credit now. Delete the credit, but what do you do with the excess scholarship?
Sterling Scenario #4- Same scenario, while you may not think they are entitled to an education credit, the IRS does say if you claim the scholarship/grant as income, you can then take an education credit (you can find more info on this in PUB  970) **as long as the scholarship isn't specifically for tuition purposes only.

Have fun, interview notes below, and complete returns at the bottom of this page.  Slides

Scenario #1      Scenario #2     Scenario #3     Scenario #4

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You can contact me at maryvitataxes@gmail.com 
Please note: I, Mary Meador, AM NOT a certified accountant or tax law expert. I volunteer with VITA providing free tax preparation for individuals and families whose income is less than $66,000 a year. We deal with simple returns at our sites.  I cannot guarantee the accuracy of all the information on this site as tax laws change and I may not have a clear understanding of complicated issues. I am trying to provide basic tax preparation information for our volunteers to get started--remember Publication 4012 is your go-to resource for questions, as well as irs.gov and Publication 17. ​