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Doing your first returns in TaxAct Software:Our first two returns are Marc and Mikkel Akers and Demarco and Janine Jackson. They are not difficult returns,
Doing your first returns in TaxAct Software:Our first two returns are Marc and Mikkel Akers and Demarco and Janine Jackson. They are not difficult returns, but there are a few twists. Use your textbook or the IRS.gov site for reference. For example, if I see a person is paying alimony, I know there are different rules based on when the divorce decree was effective. It is not important to memorize these rules, just know they exist and look it up Use your textbook or IRS.gov. The first thingclick Add Client and select Add New Client. A dropdown box allows you to select the type of return, eg Form Fill in whatever basic information you have. Note you will start with one taxpayer, and when you check the Married Filing Jointly box if applicable it will prompt you for the spouse. Under dependents, it will prompt you on the supporting document to fill out, and you will have a separate form for each dependent. Date of birth is very important because there is a child tax credit for children under age and a different credit for other dependents. It is also important to note how many months the child or other dependent lived in the home.These two simple returns dont give you a lot of information. For example, there are no social security numbers or addresses, and you are given summarized information rather than an actual copy of a Form W a INT, or a Schedule K No worries! You will enter the information as if you had the document. For example, if you know the taxpayers salary was $ with $ withheld for Federal taxes, you can click the line for salaries on the Form and it will prompt you to enter the W Do not just type the number on the line it will let you, but it will give you a warning and so will I not to use overrides. The good news is it directs you to the form you need. On the W just enter whatever information you have. Dont worry about the employer information or anything other than what we need for this exercise. In rea
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