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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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