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					            Finishing the Return
          Lines 1040 Lines 68-76
   L68 Amount Paid with request for an extension*
   L69 Excess Social Security Paid
   L70 Credits (out of scope)
   L71 Total Payments
   L72 Amount Overpaid (if any)
   L73a Amount to be refunded to you
   L74 Amount of L72 to apply to Est. Tax
   L75 Amount you owe
   L76 Estimated Tax Penalty – default $0

                       Tax Year 2009             1
            L68* Amount Paid with
            Request for an extension
   Taxpayer files an extension request
       Tax payer had to pay expected tax due by
        April 15.
   No Tax Return Submitted by April 15
   Return submitted by October 15
       Total tax paid includes amount paid with the
        extension request


                        Tax Year 2009              2
    L69 Credit -Excess Social Security
     on W2s Tier 1 RRTA Tax Paid
   Taxpayer had two or more employers
   Excess SS & RRA tax likely to have been
    paid if total wages exceeds $106,800
   SSA tax rate 6.2%
   RRA tax rate 7.65%


                    Tax Year 2009             3
                 L70 Miscellaneous
                    Tax Credits
   Form 2349
       Undistributed Long Term Capital Gains
   Form 4136
       Fuel Tax Credit
   Form 8801
       Credit for prior year minimum tax
   Form 8885
       Health Coverage Tax Credit
                          Tax Year 2009         4
                       Lines 71
   L71 Sum of Payments Lines 61 -69
   L72 Amount overpaid Line 71 – Line 60
   L73a Amount you want repaid to you
       If form 8888 used check box
   L73b & C Routing # and Account # if
    deposited to one account
   L74 Amount of L72 to be applied to 2010
    estimated taxes
                        Tax Year 2009       5
        Form 8888
Multiple Account Deposits




         Tax Year 2009      6
                     Form 8888
             Multiple Account Deposits
   Refund Deposited in two or three accounts
       Individual checking and/or savings accounts
       IRA Account (existing account)
   New Option – Savings Bonds
       $5,000 maximum
       Dollar Amount multiple of $50
       Ownership determined by return type S or MFJ
       No beneficiary designation


                          Tax Year 2009               7
             Savings Bond entries
   Fill in Line 1a, 2a or 3a with dollar amount
       Multiples of $50
   Enter the routing number 043736881 in
    box 1c, 2c or 3c
   Enter “BONDS” in Account Number (box
    1d, 2d or 3d)
   What ifs for incorrect refund see
    Instructions on 8888 form

                           Tax Year 2009       8
                 Amount you Owe
                 Line 75 & Line 76
   Taxes owed L60 exceeds taxes paid L71
   Tax owed goes on line 75 including
    estimated tax underpayment penalty L76
       All Returns prepared by Tax Volunteers
        penalty equals $0 (IRS computes penalty)




                        Tax Year 2009              9
                Payment Options
   Check or Money Order
   Direct Withdrawal from checking or savings
    accounts
   Form 9465 - Request to set up Installment
    Agreement
   TaxWise - Only Direct Debit for Balance
    Due (also can be used for Estimated
    Taxes)
       Link to form ACH 1040/ES
                        Tax Year 2009      10
         Final Steps 1040 Return
   Enter Site ID S140502xx in Preparers SSN
    or PTIN box (no where else)
   Have return Quality Reviewed
   Go over return with taxpayer
   Electronic Return – Taxpayer(s) sign 8879
    Form
   Return Taxpayers papers & return(s)

                    Tax Year 2009          11

				
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posted:8/15/2011
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