DETAILS ON OUR UPCOMING TRAINING CLASSES

We are pleased to announce our upcoming training schedule. All volunteers, regardless of experience level, must attend training. The class you are assigned is based on your years of experience with CTA. Our classes are as follows:

BASIC – Everyone is invited to Basic training. COURSE CONTENT: This class consists of an introduction to CTA and a review of Federal and New York State tax rules with special emphasis on the low-income individual. Additionally, we will review interviewing techniques, including live scenarios. Finally, we have a walk-through of the preparation of a mock return using our tax software. 

ADVANCED/MANAGERS – By invitation only. This class is open to our most experienced volunteers and those who manage our storefronts. COURSE CONTENT: Attendees will receive a review of complex Federal and New York State tax rules. Prior year tax returns prepared by CTA will also be reviewed and discussed. 

Here is our tentative training schedule

BASIC 

Your choice of 1-day class on Saturday, February 1, 2020 (9am to 5pm) – to be held at Fordham University Law School – 150 West 62nd Street, NY, NY 10023, OR

2 Monday nights, Monday, January 27 and Monday, February 3, 2020 (6pm to 9pm) – to be held at Fountain House – 425 West 47th Street, NY, NY 10036
 

ADVANCED/MANAGERS

Your choice of 1-day class on Saturday, January 25, 2020 (9am to 5pm) – to be held at Deloitte – 30 Rockefeller Center, New York, NY 10012, OR

2 Monday nights, Monday, January 27 and Monday, February 3, 2020 (6pm to 9pm) – to be held at Fountain House – 425 West 47th Street, NY, NY 10036
 

COMPUTER CLASS 

CTA also offers a class devoted to using our computer software. This class is open to those who attend our Basic training class and do not have experience with our TaxSlayer software. This class is NOT mandatory. It will be given on Monday, February 10, 2020 from 6pm to 8:30pm at Fountain House – 425 West 47th Street, NY, NY 10036

All class dates are TENTATIVE as of now. More updates will be given once we get closer to the start of training.  For now please indicate which training class fits your schedule by emailing us at generalinfo@communitytaxaidnyc.org  or by calling us at 646 200-5080.
 

CHANGES FOR THE UPCOMING TAX SEASON

Two years have passed since the Tax Cuts and Jobs Act has been signed into law. This law, coupled with the recent Bipartisan Budget Act of 2018, will influence CTA this coming tax season. While there are the usual changes in rates and deductions as a result of inflation, other changes will go into effect this year. Here is a summary of some of the changes that we will see at CTA.  

NEW TAX FORM FOR SENIORS As previously noted in a prior issue of this newsletter, new form 1040-SR, U.S. Income Tax Return for Seniors, will be available in 2019. It may be used by taxpayers who are age 65 or older at the end of the tax year. If taxpayers file their return as Married Filing Jointly one spouse must meet the age requirement. This two-page form has lines for income, adjustments to arrive at Adjusted Gross Income, lines for deductions (either Standard or Itemized) and includes lines for taxes, credits and tax payments. 

FEWER SUPPORTING SCHEDULES Last year saw the traditional form 1040’s format change. In 2018 there were six separate schedules to report items supporting various calculations. This year the number of supporting schedules has been reduced to three: 

Schedule 1: Additional Income and Adjustments to Income 
Schedule 2: Additional Taxes  
Schedule 3: Additional Credits and Payments 

ALIMONY In tax years prior to 2019, alimony received by an ex-spouse was considered income that must be reported. And the ex-spouse paying alimony was allowed a deduction for AGI purposes. Effective with divorce agreements entered into after December 31, 2018, ex-spouses receiving alimony do not have to report this amount as income. Additionally, ex-spouses who pay alimony under such agreements will not get a deduction for AGI. 

AFFORDABLE CARE ACT Prior to tax year 2019, individuals who were required to have health insurance coverage (Minimum Essential Coverage) and did not have it were obligated to make an Individual Responsibility Payment with their tax returns. This was a penalty for not having health insurance coverage. Effective this coming tax season, the Individual Responsibility Payment has been made obsolete.

PREMIUM TAX CREDIT However, when it comes to those who have health insurance, we need to know if these taxpayers used the Exchange to purchase their coverage.  The Exchange was created by most states to assist qualifying low-income taxpayers in paying for health insurance. This was done through the issuance of the Premium Tax Credit (PTC).  Taxpayers can request for an advance of the PTC or may claim it when filing their individual tax return. Taxpayers using the Exchange should receive form 1095A, Health Insurance Marketplace Statement, noting payments of health insurance and any PTC used to pay for it. In some instances, taxpayers may not have received an advance PTC and may be entitled to it. For CTA to prepare a complete and accurate tax return, we must see this form. 
 

CTA CALENDAR – NEXT BOARD MEETING

The next meeting of the CTA board is scheduled for Tuesday, December 10, 2019, from 6:15pm to 8:00pm. The meeting will be held at Fountain House: 425 West 47th Street, NY, NY 10036. All interested parties are invited to attend. Reach out to us at 646 200-5080 or emailing us at generalinfo@communitytaxaidnyc.org for updates.