Updated Information
Update (11/14/18)
Currently, volunteers may note the following discrepancies when preparing the test return preparation scenarios in the Practice Lab:
- Basic Scenario 7 – Jacob & Martha Mills and Advanced Scenario 6 – Matthew & Mary Donnelley
o The amount on line 22 of Schedule 1 is incorrect. Amounts from reserved lines 1 -9b are included in the total and shouldn’t be. Therefore, an incorrect amount is being carried over to the left of line 6 on Form 1040. Test answers are not impacted.
- Basic Scenario 8 – Emily Clark, Advanced Scenario 5 – Fran Emerson, Military Scenario – Alvin & Kelly Blackburn, and Federal Tax Law Update for Circular 230 Professionals – Fran Rollins
o The software is not calculating the Additional Child Tax Credit. The test answers are not impacted.
- Advanced Scenario 7 – Austin Drake
o The deduction for Qualified Business Income (QBI) is not calculating. Therefore, Form 1040 line 11 (tax), line 15 (total tax), and line 22 (Amount you owe) are overstated. There is a question on the test regarding QBI, but volunteers are not asked to provide the calculation. They should be able to answer the question by reviewing the content on QBI in the training resources.
Keep in mind, the calculation for the Child Tax Credit and Credit for Other Dependents appear on the same line. Volunteers will need to know the tax law to distinguish which credit(s) the taxpayer qualifies to receive, if applicable.
These discrepancies will cease once the software is updated with final forms and instructions.
Original:
Fact Sheet Edition: November, 2018
Update
The initial release of the tax year 2018 Practice Lab will not have all the new tax reform changes programmed because the final IRS forms are not yet finalized. We have evaluated the impact to individuals taking the VITA/TCE Certification test. Volunteers should still be able to certify but you should proceed with caution when selecting answers as the Practice Lab may provide tax year 2018 calculations on 2017 forms. TaxSlayer will update the Practice Lab as final forms are approved.
Background
The Practice Lab is tax software that is integrated within Link & Learn Taxes. A link connects students to the 2018 tax preparation software which allows hands-on practice in preparing tax returns.
Click here to download a PDF of the Fact Sheet