PRO-P4 – Sterling Refund Monitor

Filing Status: Married filing jointly

12-02-2014 TY2013 v0.4-2b

 

Step

TP Form/
Note(s)

TW Form

Payer/Name

Fed 37
AGI

Fed 74/76
Refund

NJ
38
Taxable

NJ 56/66
Refund

4012
page
2013

4012
page
2014

Notes

BP = Best Practice, Q = Question

0

Intake etc.
Note 2

 

Fill in Part II shaded section

 

 

 

 

15

15

To Do: Fill in on paper copy for discussion with Mentor

1a

Intake etc.
Note 2
Note 3

Main Info

 

 

 

 

 

15

B-1

C-10

15

B-1

C-10

Hint: Use 4012 to find Filing Status

1b

Note 11

NJ 1040 Pg1

Municipality Code

 

 

 

 

 

 

Hint: See NJ Special Handling

Hint: Did their address change?

1c

Note 10

Note 2

NJ 1040 Pg 2

Gubernatorial Election

 

 

 

 

 

 

 

1d

Intake etc.
Note 2
Note 3

Prep Use

 

 

 

 

 

C-15

C-15

BP Leave line 14 blank (for now)

2

1099-INT

Interest Stmt

Chapman Federal S & L

630

0

0

0

D-8

D-8

Hint: Check NJ-1040 Line 15a = 125

Hint: Check NJ-1040 Line 15b = 505

3a

1099-R
Note 1

1099R

Averell Pension Fund

19,028

1,715

0

0

D-22

D-25

Hint: Use Simplified Method to calculate taxable portion

3b

1099-R
Note 1

NJ 1040 Pg 2
Scratch Pad

Averell Pension Fund

19,028

1,715

0

0

 

 

BP: Do NJ 1040 line 19b adjustment now

Hint: Check NJ 1040 Line 19a = 18,398

Hint: Check NJ 1040 Line 19b = 227

4

1099-R

1099R

Scripps Investment Partners

30,821

2,441

4,816

0

D-22

D-25

 

5

SSA-1099

1040 Wkt1
Scratch Pad

Social Security – SP

32,437

2,281

2,827

0

D-22

D-25

BP: Use Scratch Pad for Medicare

Q: Why does NJ line 38 decrease?

6

SSA-1099

1040 Wkt1
Scratch Pad

Social Security – TP

36,430

2.431

632

0

D-22

D-25

BP: Use Scratch Pad for Medicare

7

Brokerage Stmt

Interest Stmt

Ronald Jones –
Interest only

39,777

2,096

2,700

0

D-8

D-9

Hint: Use detail pages to determine how much of box 8 is tax-exempt in NJ

Hint: Check NJ-1040 Line 15a = 2,152

Hint: Check NJ-1040 Line 15b = 545

8a

Brokerage Stmt

Dividend Stmt

Ronald Jones –
Dividends only

40,207

2,071

2,937

0

D-9

D-10

 

8b

Brokerage Stmt

1116 Pg 1

Ronald Jones –
Dividends only

40,207

2,084

2,937

0

G-2

G-2

 

9

Brokerage Stmt

Cap Gn Wkt

Ronald Jones –
1099-B only

62,838

611

15,414

(216)

D-13

D-15

 

10

Note 5

Sch D Pg 1

Capital Loss carryover

35,073

2,589

15,414

(216)

 

 

Q: Why does NJ taxable income not change, too?

11a

Note 6

Interest Stmt

Frack-Up Gas -
Interest only

35,587

2,539

15,764

(221)

D-8

D-9

Hint: See NJ Special Handling

Q: Why does AGI go up by 514 if interest amount was only 343

11b

Note 6

Dividend Stmt

Frack-Up Gas -
Dividends only

36,298

2,469

16,248

(227)

D-9

D-10

 

11c

Note 6

Sch D Pg 1

Frack-Up Gas -
Cap Gains only

36,397

2,459

16,470

(231)

D-13

D-15

Q: Cap Gain was 218 – Fed AGI goes up by only 99; NJ taxable income goes up by 222 – why?

11d

Note 6

Sch E Pg 1

Frack-Up Gas -
Royalties only

37,968

2,299

17,465

(245)

D-24

D-27

Hint: Add Sch E Pg 1 if not already in tree

12

Note 7

F/S Tax Pd
Scratch Pad

Prior Year NJ tax payments

37,968

2,299

17,465

(245)

 

 

Hint: See NJ Special Handling

BP: Use Scratch Pad for multiple payments

Hint: Sch A Line 5a should be 245

13

Note 8

F/S Tax Pd

NJ Estimated payments

37,968

2,299

17,465

(35)

 

 

Hint: See NJ Special Handling

Hint: Sch A Line 5a should be 495

14

Note 7

1040 Pg 1

Still red – resolve

37,968

2,299

17,465

(35)

 

 

 

15

Note 12

Sch B

Still red – resolve

37,968

2,299

17,465

(35)

 

 

 

16

Note 2

Diagnostics
Sch EIC

 

37,968

2,299

17,465

(35)

 

 

Hint: Fill in Sch EIC if you checked EIC box on Main Info for Samantha

17

 

Diagnostics

 

37,968

2,299

17,465

(35)

 

 

No errors – ready to finish NJ return

18

Note 13

NJ 1040 Pg 3

Line 45 – Use Tax

37,968

2,299

17,465

(79)

 

 

Hint: NJ Use tax chart is in NJ-1040 Instructions, page 36

19

Note 11

NJ 1040 Pg 3
Scratch Pad

Worksheet F – Line 1

37,968

2,299

17,465

(29)

 

 

BP: Use Scratch Pad to show total rent calculation

20

 

Diagnostics

 

37,968

2,299

17,465

(29)

 

 

No errors – ready to handle refund / balance due

21a

Intake
Note 14

Main Info
1040 Pg 2

Direct deposit of refund

37,968

2,299

17,465

(29)

K-1

K-1

 

21b

Note 12
Note 14

NJ DD Wkt

Direct withdrawal of balance due

37,968

2,299

17,465

(29)

 

 

Hint: Only acceptable date for withdrawal is today’s date

BP: Although Diagnostics will give an error if RTN numbers on this page do not match, non-matching Account numbers are not flagged – double check manually

22

Note 9

NJ ES Wkt

TY2013 Estimated payments

37,968

2,299

17,465

(29)

 

 

Hint: Probably need to add NJ ES Wkt to tree

Hint: If just want fixed amount per quarter, it is not necessary to fill in all the detail on this form

23

 

Diagnostics

 

37,968

2,299

17,465

(29)

 

 

No errors – ready to create e-file

24

 

Create e-file

 

37,968

2,299

17,465

(29)

 

 

 

25

 

 

 

37,968

2,299

17,465

(29)

 

 

Ask your mentor for Quality Review

 

Click on links in TW Form column to see screen shot of completed TWO form (you may need to click on the picture to enlarge it)

 

Printed return – click here