For use by AARP Foundation Tax-Aide volunteers only. AARP Foundation Tax-Aide creates materials for exclusive use by Tax-Aide volunteers only. All other use is prohibited unless written permission is granted.
Reduction in penalty for failure to take RMDs:
50% to 25% and
25% to 10% if timely corrected.
Nonrefundable credit for qualified expenditures up to $3,200 in two parts. No lifetime limit.
Part I: A credit up to $1,200 is generally 30% of the sum of the amounts the taxpayer incurs during the year for
1) Qualified energy efficiency improvements (e.g., exterior doors, exterior windows/skylights, insulation and air sealing materials or systems) installed during the tax year (with limits on doors ($250 per door and $500 total) and windows ($600)); labor costs excluded.
2) Qualified residential energy property expenditures for central air conditioners; natural gas, propane, or oil water heaters; and natural gas, propane, or oil furnace and hot water boilers (limit of $600 per item); labor costs included.
3) Home energy audits (limit of $150).
Part II: Annual credit of $2,000 for qualified electric or natural gas heat pumps, electric or natural gas heat pump water heaters, and biomass stoves and boilers.
Nonrefundable credit for qualifying property . Credit is 30% of the cost of qualifying property and carried forward if not used in the current year. Qualifying property includes: solar electric, fuel cell, geothermal pumps, solar hot water, small wind energy, and qualified battery storage.
Available for purchase of electric or fuel cell vehicles placed in service after December 31, 2022, and before January 1, 2033.
Answer YES - OOS. Answer NO - in scope. Aligns with VITA scope (finally).
Para 4.4.1 Use CORRECT year Intake Booklet when working on prior year returns.
Para 4.6.3 Taxpayer should initial bank account information found on Form 1040 (refund only) or Client Form Listing Summary page in QR print set.