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MC Students Again Offer Free Tax Assistance

Release Date: January 24, 2003

MONMOUTH, Ill. — Try as we might to avoid it, there are still two certainties in life – death and taxes. Fortunately, innovations like e-filing are making the tax process a little more bearable, and so is a program at Monmouth College – Volunteer Income Tax Assistance (VITA).

From Feb. 5 through April 12, MC student volunteers will be available on Wednesdays and Thursdays from 4-7 p.m. in Room 308 of the college’s McMichael Academic Hall (one building east of the main academic building, Wallace Hall) and on Saturdays from 1-4 p.m. in the Warren County Library. The Thursday time is new this year. Due to spring break at the college, those locations will not be staffed on March 8, 12, 13 and 15.

The college’s VITA program is coordinated by Judy Peterson, associate professor of accounting, who explained that the Internal Revenue Service has provided Monmouth with computers, software and training. She added that the college students who will be supplying the manpower have all taken a federal tax course at the college. The students also must pass a test to be certified to participate in the program.

Both tax preparation and e-filing are provided free of charge. Taxpayers who wish to take advantage of this program should be aware of the types of forms the VITA program is able to prepare and file: 1040EZ and 1040A (and accompanying schedules); 1040; Schedules A, B, C-EZ (for miscellaneous income only), D (but not complicated broker transactions), SE (for miscellaneous income only), EIC (earned income credit); 8812 (additional child tax credit); 8863 (education credits); 8880 (retirement savings credit); 2441 (dependent care); and the Illinois state IL-1040.

Peterson said that while the basic returns are perfect for her students – “the software even has a checking stage at the end of the program to make sure nothing’s been overlooked” – there are times when it is best to consult a professional. “Taxes involving a business and rental property and things of that sort really need to be done with some continuity and are best monitored by the same professional from year to year,” she explained.

Taxpayers should bring the following information with them:

  • Social security cards for each person listed on the return (includes taxpayer, spouse and all dependents). This is required by the program. The volunteers can prepare, but cannot e-file a return without all of the actual cards on hand.
     
  • All documentation on income such as W-2s and 1099s.
     
  • Last year’s return. This is helpful if the taxpayer itemized last year and now has a refund to be added back to income.
     
  • Voided check if the taxpayer wishes direct deposit of the refund. This is also a must.
     
  • All information related to deductions such as medical, real estate taxes, mortgage interest and charitable expenditures if the taxpayer wishes to itemize.
     
  • Any federal and state packets received in the mail.
     
  • If the taxpayer is going to e-file a joint return, both spouses must be present.
  • Both the federal and state IRS education personnel who have been on campus conducting workshops on the use of the software and changes in the tax laws stressed the importance of e-filing. It reduces errors and speeds up the processing of the return by a significant amount of time, especially at the state level.

    “The students are eager to get started. They are very committed to providing excellent service to the community,” stated Peterson. “Some of the students are returning for their second year. They know they learn a great deal through this program. Tax returns take on a different bent when you’re doing them for a live person. In the tax class, students work on textbook cases, but the VITA program, which will be entering its eighth year at the college (third year for e-filing), provides something you just cannot duplicate in the classroom.”

    Commenting on the program’s effectiveness, Peterson said, “There’s a systematic approach to how the program runs – training, communication, documentation and leadership. The program is all over the country, and it’s a great community service.”

    Released by the Office of College Communications
    Barry McNamara, Associate Director of College Communications
    Phone: 309-457-2117
    Fax: 309-457-2330

     
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