Intermediate Council for Economic Education & Intuit TurboTax Presentation
Explore an intermediate-level TurboTax workshop presented by Ruben A. Rivera in collaboration with the Council for Economic Education and Intuit. The session covers new forms, tools, and a TurboTax simulation, with a focus on financial education. Access up-to-date resources aligned to personal finance and common core standards for high school students. Join the session to enhance your understanding of tax preparation and financial literacy.
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Presentation Transcript
Introduction to Turbo Tax pt.3 Intermediate Council for Economic Education & Intuit Presented by Ruben A. Rivera February 8th2020
Agenda Introduction (3 min) Review from FFFL & TurboTax parts 1 and 2 (5 min) Goals for today (5 min). New forms and tools (5 min) TurboTax Simulation (40 min) Q & A (5 min)
Introduction Director for Professional Development at the Council for Economic Education Over ten years experience in teaching financial education and personal finance Designed and developed college and career readiness materials for high school students and afterschool programs. Business teacher at the Urban Assembly Institute of Math and Science for Young Women. Fifteen years experience as a tax preparer
Overview of Materials and Resources Completely up-to-date content that includes real-world situations All content is aligned to the latest personal finance and common core standards All student resources, including slides and exercises from lesson plans are made available on EconEdLink s FFFL 9- 12 Collection Coming soon: Lesson plan activities delivered through educational technology tools, including Kahoot! and Quizlet, ready for you to use for free in EconEdLink s FFFL 9-12 collection
Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Objective Students will be able to: Describe the difference between gross income and net income. Identify some of the common types of benefits provided by employers. Calculate marginal tax rates. Differentiate between standard deductions and itemized deductions.
Overview of Materials and Resources Lesson 7: Uncle Sam Takes a Bite Exercise 7.1: What are all These Deductions from My Paycheck? (pg. 36) Exercise 7.2: What s Your Bracket? (pg. 39) Exercise 7.3: Tax-Saving Strategies (pg. 42) Exercise 7.4: Is it better to get a Tax Refund or to have have fewer taxes withheld? (pg. 45) Note: I will send you the exercises on a PDF.
Visit the collection on EconEdLink econedlink.org/resources/collection/fffl econedlink.org/resources/collection/fffl- -9 9- -12/ 12/
6 new activities using Mint & TurboTax econedlink.org/resources/collection/fffl econedlink.org/resources/collection/fffl- -9 9- -12/ 12/
EconEdlink.org Lesson Link: https://www.econedlink.org/resources/int ro-to-turbotax-simulation/?view=student
Materials for TurboTax Activity part 2 TurboTax Simulation Link: https://www.econedlink.org/resources/intro-to-turbotax- simulation/ Teacher Checklist Tax Simulation Step-by-step Guide
Goals for Today Review additional W2 activity The Case Study of Andrea Review TurboTax toolkit W2 generator Explore the 1098-T (tuition) Preparing high school students for college expenses Exploring donations and other deductions How to maximize a refund
Examine the TurboTax tool kit W2 generator and other case studies Difference scenarios and life situations IRS.gov toolkit https://apps.irs.gov/app/understandingTaxes/teacher/ Lessons, materials, and resources from IRS.GOV https://apps.irs.gov/app/understandingTaxes/teacher/
Guiding Questions What is Andrea s tax bracket?________________ See the table on tax brackets for single tax payers. How much taxes did Andrea pay in 2019? Federal and State? Name at least 2 credits Andrea qualified for. Does Andrea qualify for Earned Income Credit? (EIC) What does Andrea s situation look like for 2019? Does she owe or will she get a refund?
Vocabulary Search Marital State and Filing Status Married Filing Jointly American Opportunity Credit Married Filing Separately Lifetime Learning Credit Single Tuition and Fees Deduction Head of Household
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