Poole College Accounting Students Offering Free Income Tax Return Prep Service

NC State University students, employees and residents in the community with an annual household income below $49,000 can receive free assistance in completing their income tax returns this year.

This service is again being provided by Poole College of Management accounting students who have been certified by the Internal Revenue Service to participate in the annual Volunteer Income Tax Assistance (VITA) program.

The service will be provided on the following Saturdays during this year’s tax season:

• February 11
• February 25
• March 17

• March 31

The Poole College VITA students will be available from 9:00 a.m. until 1:00 p.m., in the college’s Computing Lab, B411 Nelson Hall. Participants are asked to enter the building at the lower level doors on the southwest corner (campus side) of Nelson Hall. Nelson Hall is located at the corner of Hillsborough Street and Dan Allen Drive. (View a map and directions)). Signs for the VITA program will be posted around Nelson Hall.

The VITA students have been certified to prepare the following federal and North Carolina state income tax returns, as well as helping individuals determine their qualification for Earned Income Tax Credits (EITC), said Ernest Carraway, accounting lecturer and faculty coordinator for this service project. However, they will not be working with tax return forms for individuals with non-resident status.

WHAT THE VITA TEAM CAN DO

As volunteers, the VITA students are trained and tested in current tax law using IRS material to prepare the following documents.

• Form 982 (limited)
• Form 1040EZ, 1040A, 1040
• Schedules A, B, D, C-EZ, EIC, R, SE
• Schedule E (limited)
• Schedule C (limited)
• Form 1040 – V
• Form 1040 – SE
• Form 2441 (child and dependent care credit)
• Form 5329 (part 1)
• Form 5405
• Form 5695 (Part 1 only)
• Form 8863 (education credits)
• Form 8880 (credit for qualified retirement savings contributions)
• Form 8812 (additional child tax credit)
• Form 8888 (allocation of refund)
• Form 8889 (health savings accounts) limited
• Form 8917
• Form 1040-X (limited)

• Schedule C (limited)

WHAT THE INDIVIDUAL MUST DO

In order to determine their eligibility for EITC and to efficiently prepare their returns, taxpayers wanting to use this service must bring with them the following items:

• For those who are married and filing joint returns, both spouses must be present during the tax return preparation process
• All Forms W-2 and 1099’s
• Information for other income
• Information for all deductions/credits
• A copy of last year’s tax return
• Proof of account for direct deposit of refund (e.g., voided check)
• Social Security cards or Individual Taxpayer Identification notices/cards for you, your spouse, and/or dependents
• Proof of identification for yourself and/or your spouse
• Total paid to day care provider and their tax ID number
• Birth dates for you, spouse, and/or dependents on the return

• Proof of foreign status if applying for ITIN

WHAT THE VITA TEAM CAN DO

The students are not able to work with the following documents.

• Schedule C with losses
• Complicated & advanced Schedule D (capital gains and losses)
• Form SS-5 (request for social security number)
• Form 8606 (non-deductible IRA)
• Form 8615 (minor’s investment income)

• Form SS-8 (determination of worker status for purposes of federal employment taxes and income tax withholding)

Also, the Poole College accounting students will not be able to assist individuals who do not have a valid Social Security Number or Social Security Card. Individuals who have lost or misplaced their Social Security Card may visit a local Social Security Office and request a transcript of their Social Security Card. The Social Security Office can provide the transcript the same day and it can be used when preparing tax returns.

To find a Social Security Administration office near you, type in your five-digit ZIP code at this Social Security Office Locator website.

2012 POOLE COLLEGE VITA TEAM

• Ayscue, Meghan
• Brandhoefer, Stacie
• Brown, Lucas
• Cerone, James
• Chang, Fangyuan
• Easley, Katlyn
• Gantt, Jordan
• Paige, Jeanette
• Pate, Jason
• Rugumamn, Happiness
• Thao, S. Suda
• Vick, Suzanna
• Weaver, Travis
• Wishon, Lloyd

• Yan, Bing Kun

• Individuals can also complete their tax returns at this website.