TaxAct Login your textbook includes a free trial of TaxACT pro the software product recommended by the Internal Revenue Service to download this product open Moodle and find the announcement I sent about additional case study information click on the link for the, Tax Act form 1040 once you’ve downloaded the word document you can also use the link below once you, click on the link follow the instructions to download, the software application to your hard disk note the software only works on PCs if you use. A Mac for your own computing purposes this is thud IRS is website to identify another free tax software that will work with your operating system once you downloaded.
The software and opened it you will be prompted to download the updates for the.
Products check the box and select Install Now failure to download these updates may result in incorrect, tax return information for your midterm case study for this brief demonstration we’ll be looking at Chandler and Monica’s son Jack’s income tax return recall that.
Jack lives with Monica and Chandler and earns around ninety eight hundred dollars annually, working for Target Corporation Monica and Chandler provide a great deal of Jack’s supports you, will need to create a new client file for Jack to do so click on the file drop down menu and select add client. Return select the radio button for add new 2018 client to begin entering Jack’s income tax information, once you select okay TaxACT Pro will provide you with a fill-in form to complete the information you have been provided in the case study be cognizant of the information in the case study including the, spouse information the dependent information and any address and contact information once you’ve completed, this form with as much information as you have select create client once you have completed entering Jack’s basic information you’ll.
Be taken to the software tool Jack’s personal. Information appears in the panel at right at left is the drop down menu of forms and schedules you can complete to begin preparing Jack’s tax return expands the button for forms, and schedules and select the 1040 form for Jack by double clicking it this will bring up Jack’s 1040 form to transfer the information from, his w2 into the form click on the file folder, in the income tax calculation section of the 1040 this will bring you to a wizard to enter in Jack’s w2 information transfer the information from your case study w-2.
To the w-2 form in tax act pro be. Careful to match the numbered items on the w-2 with the numbered items in the w-2 entry form in tax act pro for Chandler and Monica be, cognizant of any special dispensations that are.
Entered in box 12 Jack since he does not receive income from a retirement fund contribute to a retirement fund or receive health care, from his company will not have any of these special codes on his w2 you can use that navigation bar where you found Jack’s 1040 form to complete, any other additional schedules required to complete Chandler and Monica’s income, tax return for 2018 think about the facts of the case and what kind of income and expenditures that Monica have that are allowed under federal tax.
Code recall that they received income from a sole proprietorship they earned interest income from the bank they made a charitable contribution paid home mortgage interest. And support their two children financially however you should also be cognizant of the filing status and the dependent, status as this will make a difference in the tax liability owed your case studies. Are due next week as always if you have any questions.
Feel free to email the instructor or contact me on Moodle .