MEIC: Michigan Pension and COVID-19 - Shared screen with speaker view
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This extra income might put them over the income level to receive VITA assistance.
Do they get more than one 1099 for unemployment one for federal and one for state?
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.
Will clients have any documents for PPP loans received?
Will we just take the taxpayer’s word for the fact that an early distribution was for a COVID-related emergency?
so you think there will be a tax form?
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?
The social security formula break points have not change since that were incorporated I think in 1992.
Your slide #20 would make a good "scratchpad" for preparers to use
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?
if spouse also has a pension can that be subtracted too in addition to deceased spouse pension?
This is a lot of great information and very well explained! Thank you
Great idea on the service fee spread sheet.
How do you handle clients that heat with two sources, e.g. Electric plus wood stove?
Very helpful Robert
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?
What do you use for heating costs if electric when the bill includes lighting, cooking and other uses?