TY2010 LAW-L1 – Kent Refund Monitor

Filing Status: Married Filing Jointly

11-22-2011 v2-2

Step	TP Form/ Note(s)	TW Form	Payee/Name	Fed 37 AGI	Fed 74/76 Refund	NJ 37 Taxable	NJ 55/65 Refund	4012 page	Notes
1	Intake etc. Note 2	Main Info						1-7	Hint: Use Code 1 (or 2) if dependent is  “qualifying child” per IRS rules; use code 3  if dependent is “qualifying relative” Hint: Check EIC box for all dependents  who might qualify for EIC
2	W-2	W2	Jefferson Independent School District	13,817	5,837			2-3
3	W-2	W2	Americus Petroleum	41,951	3,840			2-3
4	Text	Sch B	Campbell Mortgage	44,733	3,565				Hint: Look on Preparer page Lookup Tool to  see where to enter this
5	1099-INT	Interest Stmt	Kendall Federal Credit Union	45,143	3,525			2-5	Hint: Look at NJ Special Handling for  exempt interest
6	Text	Interest Stmt	Gordon Investment Services	45,143	3,525			2-5	Hint: Look at NJ Special Handling for  exempt interest and savings bonds
7	Broker Stmt	Interest Stmt	ZYX Investments (Interest only)	46,130	3,511			2-5
8	Broker Stmt	Dividend Stmt 1116 Pg 1	ZYX Investments (Dividends only)	46,431	3,515			2-6 5-4
9	1099-G	St Tax Refund	NJ Div of Tax	46,731	3,485				Hint: Karl was over 65 last year
10	1099-MISC	Sch C Pg 1 Sch C Pg 2 1099 MISC Scratch Pad	Pratt Medical Centers, Inc. (plus other)	48,954	2,864			2-8
11	1099-B	Cap Gn Wkt	Pelrum Brokerage Service	47,655	3,047			2-9	Hint: Add commissions to cost basis
12	Broker Stmt	Cap Gn Wkt	ZYX Investments (Capital Gains only)	45,885	3,222			2-9	Hint: Use INHERIT for Date Acquired  for inherited stocks
13	1099-R	1099R	Saulk Trust Company	46,723	3,142			2-11
14	1099-R	1099R	Yale Security IRA	46,723	3,142			2-11	Hint: Worry about IRA Rollover Wkt later
15	1099-R	1099R	Defense Finance & Accounting SVC	47,923	3,014			2-11	Hint: See NJ Special Handling for Military  Pensions
16	1099-R	1099R	Stillman Pension Fund	66,213	1,984			2-11 2-12	Hint: Use Simplified General Rule Hint: Fill in prior year recovery amount
17	K-1	Sch E Pg 1	Black Jack Production Company	67,263	1,826				Hint: Need to add Sch E (see Special Topic  document available from Preparer page) Hint: Do NOT use K-1 form in TW!
18	1099-G	1099G Wkt	NJ Department of Labor	69,813	1,564
19	SSA-1099	1040 Wkt1	Social Security	81,443	176				BP: Medicare Part B & D on Scratch Pad
20	W-2G	W2G	New Jersey Lottery	82,643	(4)				Hint: Need to add W2G (if not in tree) Hint: See NJ Special Handling for NJ Lottery BP: Include corresponding losses
21	Text	1040 Pg 1	Alimony to ex	79,043	536
22	Text	IRA Wkt	IRA Contribution	73,043	1,436				Hint: May need to add IRA Wkt
23	Text	1040 Wkt2	Student Loan Interest	72,775	1,481				Hint: May need to add 1040 Wkt2
24	Text	Sch A Pg 1 A Detail	Itemized Deductions	72,775	1,879			4-2	Hint: Some items in text may not be  deductible…
25	Text	2441 Pg 1	Maryville Day Care Center	72,775	2,099			5-2
26	1098-T etc	8863 Pg 1 Scratch Pad	Northern Kentucky University “Local University”	72,775	4,476			5-3	Hint: May need to add 8863 BP: Should do this last to make sure  comparison involves all factors, but done  here for to keep flow of problem
27	Text	5695 Pg 1	Residential Energy Improvements	72,775	5,976			G-9	Hint: May need to add 5695
28	Text	F/S Tax Pd	Estimated payments	72,775	6,376				Hint: Ctrl-Space state balance  due line (if red)
29	Note 10	Sch M	Economic Recovery Payment	72,775	6,376				Hint: Only do if Sch M is red
30	Note 11	1040 Pg 1 IRA Rollover	still red - resolve	72,775	6,376				Hint: Line 21 & Line 15b
31	Note 9	Sch B	still red - resolve	72,775	6,376
32	Note 6			72,775	6,376				BP: get red out and run diagnostics before  handling refund/payment
33		Diagnostics Sch EIC		72,775	6,376				Hint: Can click on diagnostic error to go to worksheet Hint: Answer EIC Wkt questions in  order and only if red
34		Diagnostics		72,775	6,376				No Errors
35	Note 6	1040 Pg 2	Apply 1/2 refund to next year	72,775	3,188				Hint: Enter 3,188 on line 75
36	Note 6	Main Info 1040 Pg 2	Enter Routing number and account number	72,775	3,188
37		Diagnostics							No errors
38		NJ 1040 Pg1				31,160	1,927		Hint: Follow NJ Special Handling  line-by-line for NJ-1040
39a	Note 2 Note 3 Note 11	NJ 1040 Pg3				30,160	1,945		Note: Save line 44 entry until next step
39b	Note 10	NJ 1040 Pg3				30,160	1,903		Hint: NJ Special Handling contains a table which  is useful for situations where the NJ suggested  standard amount is used for Use Tax entry (line 44)
40	Sch A table	NJ 1040 Pg4				30,160	1,953
41		NJ DD Wkt				30,160	1,953		BP: get red out of other worksheets and  run diagnostics before  handling refund/payment
42		NJ IRA Wkt 01 NJ IRA Wkt 02				30,160	1,953		Hint: Need to add IRA Wkt(s)  and set Copy Number for each IRA BP: OK to leave unknown values red  in IRA Wkt
43						30,160	1,953		No errors
44	Note 6	NJ 1040 Pg4 NJ DD Wkt	Apply ½ refund to next year			30,160	977		Hint: Enter 976 on NJ line 57
45

Values with pink background – changed from previous

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Printed return – click here

Scenario Writeup – click here

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