Tax Slayer entry:
Federal Section > Other Taxes
 Tax on IRAs or Qualified Retirement Plans:
- If tax is owed for excess contribution, it is OUT OF SCOPE.
- If there is an exception for an early distribution, enter the exception code in Form 5329 Part I.
[60b] 2008 First-time homebuyer credit repayment (Form 5405):
- [TPQuestion]If TP and SP lived in the home for all of the year, you don’t need form 5405. Enter it directly.
- If you do use form 5405, you need one for each, TP and SP, with half of the payment on each form.
- If one of the 2008 MFJ taxpayers has died, their half of the homebuyer credit does not have to be repaid. File a Form 5405 indicating the death for the deceased taxpayer.
- If the couple has divorced, each carries their half with them until it is fully repaid.
- You can look up the taxpayer’s FTHBC account at an IRS website.
- If home was destroyed, condemned or disposed of under threat of condemnation, it is OUT OF SCOPE.
- For details of this credit and repayment requirements, read this or the Form 5405 instructions.
 Health care: individual responsibility
- See the ACA resource page.
 Other Taxes:
- Health Savings Account is in scope if you have HSA certification.
- A W-2 with M and N codes will result in an entry in UT (Uncollected Taxes). This is usually a result of a life insurance retirement benefit and is IN SCOPE.
- All other “Other taxes (line 60)” are OUT OF SCOPE
TAX PAYMENTS AND REFUNDABLE CREDITS
Tax Slayer entry:
Federal Section > Payments & Estimates
 Estimated Tax Payments:
- Tax Slayer has separate pages for Federal and State estimated tax payments.
- Be sure to check for current tax year payments from the previous tax year’s return refund.
- The 4th quarterly estimated State payment of the previous tax year paid in the current tax year, discounted by it’s portion of a refund, is entered in the “Taxes You Paid” TS page. Also include there, payments due to state tax owed and paid for that previous year.
[66a] Earned Income Tax Credit (Form 8862):
- No Tax Slayer input is required unless the TP has been denied EITC in a previous year or the TP is not eligible for EITC.
- A taxpayer who turns 24 on Jan 1 of the current year can be considered age 24 of the previous year when qualifying for EITC.
- A taxpayer who turns 65 on Jan 1 of the current year can be considered age 64 of the previous year when qualifying for EITC.
- A graph of EITC amount based on taxpayer and dependent parameters is here.
- Any prison income or taxable scholarship income is excluded in calculating this credit.
 American opportunity credit:
- See the Education options resource page.
 Net premium tax credit:
- See the Affordable Care Act resource page for more information.
[75-78] Amount overpaid and Amount you owe
- See the Payments & Refunds resource page.
 Bank Routing Numbers:
- Always get the number from the bottom of a check, not a deposit slip (it may not be the same).
- Do not assume that the number from last year’s tax form is correct – it may have changed.
- Do not accept numbers via phone calls! There’s no way to quality review the accuracy of the number.
- You may be able to find it from the Bank Routing Number database but make sure you’re using the correct bank name and branch. This should be used for verification only, not as a primary source.