Get Your Billions Back, America
9 - TAXES
Next is the Taxes Examiner questions (summarized below) to determine if you're liable for any other odd taxes. Of interest here is the Self-employment tax. If you have income from "self-employment" then you'll owe SS & Medicare taxes on it so it's advantageous to avoid having such "income."
Alternative minimum tax
Excess advance premium tax credit repayment
Self-employment tax
Unreported social security and Medicare tax
Additional tax on qualified plans
Taxes for household employees
Repayment of first-time homebuyer credit
Individual shared responsibility payment
Additional Medicare tax
Net investment income tax
Other taxes
Get Your Billions Back, America
10 - Miscellaneous Examiner
The final Federal Q&A section is Miscellaneous. Most folks have no reason to deal with anything here. But take a look and see if anything applies.
Lump-sum payment of social security benefits
Excess farm loss
2015 estimated tax payments
Underpayment penalty
Reduction of tax attributes due to discharge of indebtedness (Form 982)
Claim for a refund due a deceased person (Form 1310)
Multiple support declaration for claiming a dependent
Release/Revocation of release of claim to an exemption
Injured spouse relief
IRS installment payment plan request
Third party designee
In care of (To have your refund sent in care of another person)
Combat zone
Disaster designation
1 Attachment(s)
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11 - Summary
Finishing the Miscellaneous Examiner will bring you to the Summary section as show below.
Click "Continue" if everything looks good here. That will bring you to State Q&A. TaxACT automatically transfers your federal info to your state forms. Most state returns rely on Federal return data and are fairly simple to do once the Federal return is complete. Since we're mainly concerned with Federal here in this demo, we'll skip the State Q&A for now and click the Review tab.
Get Your Billions Back, America
12 - Review
Taking a few minutes to review your return now can save you time and hassles later. TaxACT Alerts review your tax return and identify any missing or incorrect information. You will also be alerted to possible tax saving opportunities you may have missed. It'll try to sell you on TaxACT Deluxe, which I declined. Three types of Alerts:
Red Alert - The message will identify information which is incomplete or inconsistent. If left uncorrected, the subject of a Red Alert will prevent calculations from being completed or may result in post filing inquiries by the IRS or State agency.
Yellow Alert - The message will identify potential problems or prompt you for additional actions required on your part.
Green Alert - The message will identify opportunities for potential tax savings. These messages are for your information and consideration.
I ran all alerts. It may find things ranging from missing or inappropriate numbers to messages like: "Explanation: Contribution to an IRA - Looking for ways to lower your tax? Taxpayer is eligible to contribute up to $6,500 to an Individual Retirement Arrangement (IRA). IRA's are a great way to .. blah blah blah"
Alerts Completed
I said "No Thanks" to the Tax Audit Defense
Finalizing Your Return - Are you interested in seeing all of your payment and refund options? YES or NO? YES brings you to ...
Consent to Use Form
We want to show all your eligible refund methods or payment options. The IRS requires that you must give consent to see all options that we offer.
I authorize TaxACT to use the information I've entered while preparing my 2014 tax return(s) to determine whether I qualify for services to pay for my tax preparation fees from my refund amount or receive my refund on a prepaid card.
NO (what I do) will bring you to:
Prior Year Comparison
- Comparing this year's return to last year's return is a great way to find possible errors. Differences could result from an incorrect entry or overlooked information that needs attention. If you would like to complete the comparison, you'll need to have your 2013 tax return available to provide 2013 information and to help reconcile any differences. I said No.
Then you get some HealthWatch 2015 thing about ACA. "Continue" ... Copy of your return? I said No Thanks (at $8.99 I know how to use a copier)