Students from Purdue University North Central tax and accounting classes are again offering free assistance to the public in preparing federal and state income tax returns. This program is designed to provide basic income tax return preparation to individuals with low to moderate incomes, individuals with disabilities, and the elderly.
Help will be available from 9:30 a.m. to 12:30 p.m. on all Saturdays from Feb. 16 through March 30, except March 10. The service will be offered in Room 171 of the Technology Building on the PNC campus. Appointments are required. Walk-ins will not be accommodated unless free time is available at the time a taxpayer arrives. A very limited amount of walk-in time is expected, therefore appointments must be requested. Due to a recent IRS change, this year tax returns can now be prepared for taxpayers who need to file an Indiana Return, but are not required to file a federal tax return (state only returns).
This is the 24th year that PNC has participated in the Internal Revenue Service*s Volunteer Income Tax Assistance (VITA) program, which offers free filing help to individuals and families with Gross Incomes of $49,000 or less. Gross Income is defined as income from all sources. Tax Returns will be prepared for income from wages, salaries, tips, pensions, ordinary interest, dividends, unemployment compensation, or Social Security benefits.
Thomas Holets, continuing lecturer of Accounting and coordinator of the PNC program, said the student VITA volunteers are prepared to help with basic returns, including the 1040, 1040A, 1040 EZ and the Indiana IT-40. Returns which include interest and dividend income, itemized deductions, Earned Income Credit (EIC), and basic stock and bond transactions will also be prepared. Taxpayers are expected to participate in the IRS e-file program, unless there is a technical reason which prevents e-filing. E-filing (electronic filing) is preferred by the IRS. It is free, quick and more secure than paper filing.
The volunteer tax preparers have completed 12 credit hours in accounting, including at least one tax course at Purdue North Central, and passed a rigorous IRS examination on tax rules and filing procedures.
The tax preparation services offered are:
- Form 1040 with Schedules A, B, D, EIC, L, M and R
- Form 2441 (Child and Dependent Care Credit)
- Form 8863 (Educational Credits)
- Child Tax Credit and Form 8812 (Additional Child Tax Credit)
Forms that will not be prepared are:
- Schedule C (Profit & Loss from Business) (such as cosmetic sales or other self-employment)
- Complicated and advanced Schedule D (for example, Capital Gains and losses on portfolio stock sales)
- Schedule E (Rents & Losses)
- Form 2106 (Employee Business Expenses)
- Form 3909 (Moving)
- Form 8606 (Non-deductible IRA)
- Form 8615 (Minor*s Investment Income)
- Form SS-5 (Request for Social Security Number)
- Health or Medical Savings Accounts (W-2 Box 12 Code W or W-2 Box 12 Code R) (This service may be offered for these Health Savings accounts later in the season. Contact the PNC Business Department to find out if this type of return is offered later in the season.)
- Returns for taxpayers on active Military Duty
- Injured or Innocent Spouse Returns
- Cancellation of Debt
- Self-employment returns are not prepared - Schedule C, Schedule SE). This type of income is often reported on Form 1099-MISC
To schedule an appointment, contact the Department of Business and Leadership at 785-5200, ext. 5559 and leave a message, including name and telephone number. A return call will confirm the appointment.
Anyone who is unable to attend a scheduled appointment should notify Cecilia Kajer at 785-5200, ext. 5263 prior to 1 p.m. on the Friday prior to the appointment.