||Affordable Care Act (aka 'Obama-Care')
(Note: All rows in this table relating to the ACA are shaded in this color.)
||Alternative Minimum Tax
If any income on a tax return generates an AMT (shown on Form 6251), the return is out of scope. (Ref Pub 4012, pg D-8 [NTTC])
||Adoption Taxpayer Identification Number
||Dividends are a distribution of money paid to shareholders of a corporation out of earnings of that corporation. Ordinary dividends are taxed at ordinary income rates, while qualified dividends receive more favorable tax treatment by being taxed at capital gains rates.
||Electronic Filing Identification Number
||Earned Income Credit (ref Form 8889)|
This is a 'refundable' credit which is paid to taxpayers who have Earned Income and dependent children and/or disabled adults.
||Employer Identification Number
||Electronic Return Originator
||Federal Poverty Level
Also known as “poverty guidelines,” the FPL is used to measure a household’s poverty status. Adjusted each year for inflation, the FPL can help determine if a family qualifies for certain government benefits, such as Medicaid, food stamps, or funds for education.
|Health Insurance Marketplace
||Federal exchange where health insurance can be purchased.
Also called "The Marketplace."
||Individual Taxpayer Identification Number
||If a child claimed as a dependent on a tax return has unearned income of more than $2,100, see IRS Topic Number: 553 for guidance on how to report that income.
||Local Coordinator (aka Site Leader)
||Medicaid provides medical coverage to low-income individuals and families. Individual states and the federal government share the cost of the Medicaid program. Medicaid services in Florida are administered by the Agency for Health Care Administration.
||Minimum Essential Coverage (Health Care)
||National Technology & Security Committee
||National Tax Training Committee
||Private Activity Bonds|
These bonds are typically issued by, or on behalf of, local or state government for the purpose of providing special financing benefits for qualified projects. The income from these bonds is not subject to regular Income Tax, but may be subject to Alternative Minimum Tax.
|| noun: prolonged and idle discussion
synonyms: fuss, commotion, trouble, rigmarole, folderol
verb: talk unnecessarily at length
||Premium Tax Credit (Form 8962)|
A tax credit allowed by the Federal Government to taxpayers with lower incomes to help pay the cost of health insurance purchased through The Marketplace. Typically, this credit is applied for when signing up for the health insurance (based on anticipated annual income), and is paid directly to the insurance company on a monthly basis. These monthly payments are called Advance Premium Tax Credit (APTC).
The taxpayer has to reconcile APTC payments on his/her tax return for that year.
If the APTC payments were excessive (based on the taxpayers actual income, the excess APTC has to be paid back with the return.
If the APTC payments were less than what the taxpayer was entitled to receive, the difference becomes a refundable tax credit.
||Quality Review or Quality Reviewer
||Tax topic limitations
|SEP, SIMPLE, and Qualified Plans
||TaxSlayer has a nice explanation.
||Shared Responsibility Payment
Owed by the taxpayer for any individual(s) on his/her tax return who did not have MEC health insurance for all or part of 2017.
||Volunteer Income Tax Assistance (VITA) / Tax Counseling for the Elderly (TCE)