2010 tax class1 day 3 class participation class exercise – paul austin publ. 4491-w exercise page...
TRANSCRIPT
![Page 1: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/1.jpg)
2010 Tax Class 1
Day 3 Class Participation
Class Exercise – Paul AustinPubl. 4491-W Exercise page 98
Advanced Section
![Page 2: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/2.jpg)
2010 Tax ClassTax Year 2009 2
Austin’s Intake SheetPart I Personal Information
![Page 3: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/3.jpg)
2010 Tax ClassTax Year 2009 3
Austin’s Intake SheetPart II Family & Dependent
![Page 4: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/4.jpg)
2010 Tax ClassTax Year 2009 4
Austin’s Intake sheet Part III Income
![Page 5: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/5.jpg)
2010 Tax ClassTax Year 2009 5
Austin’s Intake sheet Part IV Expenses
![Page 6: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/6.jpg)
2010 Tax ClassTax Year 2009 6
Austin’s Intake sheet Part V Life Events
![Page 7: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/7.jpg)
2010 Tax ClassTax Year 2009 7
Austin’s SS Card & Check
![Page 8: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/8.jpg)
2010 Tax ClassTax Year 2009 8
Are You ready to start filling in Austin’s 1040 Tax
Returns?
YES ? What is his filing status? Does he have any dependents?
NO ? Why Not? What Questions do you need to have
answered?
![Page 9: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/9.jpg)
2010 Tax ClassTax Year 2009 9
Austin’s Interview pt 1
![Page 10: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/10.jpg)
2010 Tax ClassTax Year 2009 10
Austin’s Filing Status
No Dependents
Married Filing Separately
![Page 11: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/11.jpg)
2010 Tax ClassTax Year 2009 11
Austin’s W-2
![Page 12: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/12.jpg)
2010 Tax ClassTax Year 2009 12
Austin’s Tier I Railroad Retirement
![Page 13: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/13.jpg)
2010 Tax ClassTax Year 2009 13
Austin’s Tier I Railroad Payment
Where does it get entered on the 1040?
How much of it is taxable?
![Page 14: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/14.jpg)
2010 Tax ClassTax Year 2009 14
Austin’s Tier I Railroad Payment
Under Social Security
85% is taxable
![Page 15: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/15.jpg)
2010 Tax ClassTax Year 2009 15
Austin’s Railroad Retirement
![Page 16: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/16.jpg)
2010 Tax ClassTax Year 2009 16
Austin’s Railroad Retirement Payment
Do we have sufficient information about his Railroad Retirement Payment from the RRB-1099-R? Yes? No?
Why not?
![Page 17: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/17.jpg)
2010 Tax ClassTax Year 2009 17
Interview Answers Paul retired from the railroad on June
1, 2004. His annuity does not make provision
for joint and survivor annuity.
![Page 18: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/18.jpg)
2010 Tax ClassTax Year 2009 18
Austin’s W-2
![Page 19: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/19.jpg)
2010 Tax ClassTax Year 2009 19
Austin’s Dividend Statement
![Page 20: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/20.jpg)
2010 Tax ClassTax Year 2009 20
Interview InformationNew Home Purchase
Purchase date April 18, 2010 Sold previous home in December 15,
2005 Purchase Price $134,000 Did not purchase home from a relative. Eligible for First Time Home Owner
Credit?
![Page 21: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/21.jpg)
2010 Tax ClassTax Year 2009 21
New House Purchase Expenses
![Page 22: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/22.jpg)
2010 Tax ClassTax Year 2009 22
New House Purchase Expense
Deductable on 2010 Taxes? Lawyer’s Fees $477 J&J Survey Co $375 Title Insurance $250 Termite Inspection $300 Reimburse Seller for Taxes Pd $168 Recoding Fees $80 Transfer Taxes $588 Homeowner’s Insurance $320
![Page 23: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/23.jpg)
2010 Tax ClassTax Year 2009 23
Schedule A Interview Information
Form 1098 Information Mortgage Interest $1,559.25 Points Paid on Purchase $1,000 Mortgage Insurance Interest $272.86 Real Estate Taxes $676.79
New House Settlement Taxes Pd $167.33
Church Contributions Statement $1700
![Page 24: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/24.jpg)
2010 Tax ClassTax Year 2009 24
Austin’s Federal Tax Return
AGI $38,211 Itemized + Personal Deduction $10,672 Taxable Income $27,539 Income Tax $3,680 Federal Tax Withheld $5,011 Make Work Credit $400 First Time Homebuyer’s Credit $4,000 Overpaid $5,731
![Page 25: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/25.jpg)
2010 Tax ClassTax Year 2009 25
Austin’s NY State Tax ReturnIT-201
L 18 Federal AGI $38,211 L 24 NY State AGI $38,211 NY Subtractions
L 27 Taxable SS $5619 L 29 Taxable Pensions $ 838 L31 Other S2 (RR Pen) $8686
Total NY Subtractions $15,143 NY State AGI $23,068
![Page 26: 2010 Tax Class1 Day 3 Class Participation Class Exercise – Paul Austin Publ. 4491-W Exercise page 98 Advanced Section](https://reader034.vdocuments.us/reader034/viewer/2022051613/551439675503462d4e8b4596/html5/thumbnails/26.jpg)
2010 Tax ClassTax Year 2009 26
Austin’s NY State Tax ReturnIT-201
NY State AGI $23,068 NY State Tax $ 712 NY Household Credit $ 30 L 44 & 46 Net Tax $ 682 NY State Withholding $ 1,521
Overpaid $ 839