Tax Cheat Sheet
1. Enter Basic Information (Main Info Sheet)
1
How To Enter Main Info Sheet Info
P4012 Page
Main Info Sheet (Address, Phone, Email, DoB, etc.) C-10
Filing Status
B-2; C-11
Personal Exemption
C-1 to C-2; C11
Dependents
C-5 to C-7; C-12
Paper File or E-File?
C-13
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2. Enter All Income (Form 1040 Page 1, Lines 7 to 21)
How To Enter Common Income
P4012 Page
W-2 (Employment Income)
D-3; D-5 to D-7
1099-INT or 1099-DIV (Interest and Dividends)
D-3; D-8 to D-10
1099-G (Unemployment)
D-3
SSA-1099 (Social Security)
D-3; D-25
1099-MISC (Self-Employment or Other Income) D-3; D-12
1099-R (Retirement Income)
D-3; D-19 to D-23
Other Income Tips:
 How to enter any type of income: Page D-3.
 List of taxable and non-taxable income: Page D-1.
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3. Enter All Adjustments (Form 1040 Page 1, Lines 23 to 35)
How To Enter Common Adjustments
P4012 Page
Student Loan Interest Adjustment
E-5; E-4
Educator Expenses Adjustment
1040, Line 23
IRA Deduction
E-5
4
Adjustments Tip: If someone has tuition fees, try an education
credit before trying to give them the Tuition and Feeds Adjustment.
4. Standard or Itemized Deduction (Form 1040 Page 1, Line 40)
How To Enter Common Income Sources
P4012 Page
Real Estate Tax; Mortgage Interest & Insurance F-5
Medical Expenses
F-5; F-7
Charitable Contributions
F-6; F-8
5. Credits / Payments (Form 1040 Page 2, Lines 48 to 53; Lines 64-73)
How To Enter Common Credits
P4012 Page
Earned Income Tax Credit
I-3 to I-7
Education Credits
J1 to J-8
Child and Dependent Care Credit
G-1; G-3 to G-5
Retirement Contribution Credit
G-1; G-6 to G7
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5
More Complicated Issues
Affordable Care Act
Refer to Tab ACA of your 4012 to help tax clients with ACA-related
tax issues.
Go through the flowcharts for each person on the return
individually. The first question you ask is: “Did the person being
screened have insurance all year, have no insurance all year, or
have insurance part of the year?” From there, you choose which
flowchart to use.
For example, if you have a married couple with a child, you would
screen each individual (the taxpayer, the spouse, and the child)
with that question.
Simplified Tax Formula
Income
E.g. Wages / Salary, interest
(1040 Pg 1, Lines 7-22)
MINUS
Adjustments
E.g. Student Loan Interest
(1040 Pg 1, Lines 23-37)
MINUS
Exemptions
E.g. Dependents
(1040 Pg 2, Line 42)
MINUS
Response to “Did the person being screened have
insurance all year, have no insurance all year, or have
insurance part of the year?”
P4012
Deductions
Person on the return had insurance all year
ACA-1
Person on the return had NO insurance all year
ACA-2
Person on the return had insurance PART of the year
ACA-3
Does the client have to pay an Individual Shared Responsibility
Payment?
If so, try to see if they qualify for an exemption using page ACA-5.
Taxable
Income
Tax
Computation
Standard or Itemized
(1040 Pg 2, Line 40)
What the tax calculation is
based on
(1040 Pg 2, Line 43)
Done by TaxWise
Complicated 1099-Rs
Early Withdrawal Exemptions
Did the taxpayer take out of their retirement early? (Hint: they
will have a 1099-R with a code “1” in Box 7) Check to see if they
are eligible for an exemption on Page H-2. If so, look at page
H-1 on how to apply the exemption.
Simplified Method
Does the taxpayer have a 1099-R with “Taxable amount not
determined” checked? If so, go to Page D-23 for detailed
instructions how to complete the Simplified Method Worksheet.
Tax Liability
Taxes owed
(1040 Pg 2, Line 44)
MINUS
Non-Refundable
Credits
E.g. Dependent Care Credit
(1040 Pg 2, Lines 47-54)
MINUS
Finishing a Return
Item
Reference Document
Direct Deposit? Enter Bank Acct Info
K-1; C-13
Savings Bonds; Split Refund
K-2
Handling Balance Due Returns
K-3 and K-4
E-File PINs
C-14
General Use and Disclosure Details
Taxpayer Disclaimer Form
Running Diagnostics
N-12 or O-6
Quality Review
N/A
Print Return
N-14 or O-7
Payments
E.g. Withholdings
(1040 Pg 2, Lines62-63)
MINUS
Refundable
Credits
Refund /
Balance
E.g. EITC, ACTC
(1040 Pg 2, Lines 64-67)
(1040 Pg 2, Line 73 or 76)