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MEIC: Michigan Pension and COVID-19 - Shared screen with speaker view
laura rios
This extra income might put them over the income level to receive VITA assistance.
Cathleen Miller
Do they get more than one 1099 for unemployment one for federal and one for state?
Cheri Puryear
Yes, the extra income may cause a taxpayer to exceed the income threshold for VITA. However, it is important to note that income over the threshold is not an out of scope situation. Programs can decide on a case by case basis to serve clients whose income is over. For instance, if a tp known to the site has income over the limit for this year, only because of the added unemployment and their income is expected be within limits a site can choose to serve them.
Cheryl Kappler
Will clients have any documents for PPP loans received?
Martha Ratliff
Will we just take the taxpayer’s word for the fact that an early distribution was for a COVID-related emergency?
Cheryl Kappler
so you think there will be a tax form?
Steve Goeddeke
For those receiving FEMA compensation for dam failure related damages, will they receive any sort of tax statement? If so, will that impact their federal AGI and/or Michigan income?
Robert Mull
The social security formula break points have not change since that were incorporated I think in 1992.
Ted Wolanin
Your slide #20 would make a good "scratchpad" for preparers to use
Mark Marinan
For subtraction, does the pension have to be the deceased spouse's, or can it be the surviving spouse's if the deceased spouse was born prior to 1946?
Barbara Richman
if spouse also has a pension can that be subtracted too in addition to deceased spouse pension?
Garylle Smith
This is a lot of great information and very well explained! Thank you
Robert Mull
Great idea on the service fee spread sheet.
Barbara Richman
How do you handle clients that heat with two sources, e.g. Electric plus wood stove?
Robert Mull
Very helpful Robert
Ted Wolanin
Back to Tier 3, born in 1953 -- If taxpayer takes Option A (std deduction, no personal exemption) against taxable income, he / she can still take personal exemption for Home Heating Credit. CORRECT?
Barbara Richman
What do you use for heating costs if electric when the bill includes lighting, cooking and other uses?