What Is Volunteer Income Tax Assistance and Are You Eligible?
Do you come from a low-income family? Do you have trouble understanding or preparing your own tax return? Do you believe you would benefit from a service that will guide you through doing your tax returns, answering any questions you may have, and provide you resources at little to no cost to you?
If you answered yes to any of the above questions, you will want to keep on reading about the Volunteer Income Tax Assistance program!
What Is the Volunteer Income Tax Assistance Program?
First and foremost, the Volunteer Income Tax Assistance program is a program that will offer free or heavily discounted tax help to those taxpayers who make less than $55,000 a year. They also offer their services to those who are disabled, elderly, and even those who do not speak English as a first language.
The Volunteer Income Tax Assistance Program is all about aiding when you, the taxpayer is going through and doing your tax return. All volunteers here are IRS-certified, which means they will be able to answer all your basic income tax questions and help you file your taxes electronically.
What Does the VITA Program Handle?
The Volunteer Income Tax Assistance program handles a lot of tax things including the following:
- Self-employment income
- Cancellation of Debt
- Gambling Winnings
- Limited Itemized Deductions
- Health Savings Account
- Child Tax Credit
- Education Credits
- Earning Income Credit
- Limited Amended Returns or Prior Year Returns
- Interest Income
- Salaries and Wages
- Dividends Received
- Interest Income
- IRA Distributions
- State Tax Refunds
- Pension Incomes
- Unemployment Benefits
- Simple Capital Loss/Gain
- Social Security Benefits
- Sale of Home
What Does Volunteer Income Tax Assistance NOT handle?
As you can see above the Volunteer Income Tax Assistance Program handles a lot of tax-related situations, but there are some tax-related situations that it does not handle. These include the following:
- Form 8962, Parts 4 & 5
- Losses with Schedule C
- Form SS-8
- Complicated Schedule D
- Form 8615
- Form 8606
What Should You Bring to the Volunteer Income Tax Assistance?
Now that you know what the Volunteer Income Tax Assistance program prepares and does not prepare, you will need to bring the following items with you, so they can help you prepare your tax return. Failure to bring these items will result in your return not being fully completed.
- Identification for you and your spouse
- Amount paid to daycare and their tax ID number
- Birth dates for your spouse, yourself, and your dependents
- ACA statements
- Your last year tax return
- If you are filing as married, you need to come with your spouse
- Your 1099s along with your W-2s
- Information on all income
- Information on your credits and/or deductions
- Bank account information for direct deposit
- Social Security card
Where Can I Locate a Volunteer Income Tax Assistance Program Site?
If you fit the above criteria and you are looking to find where the Volunteer Income Tax Assistance Program is near you, you will want to check out the VITA site locator. This will give you all locations of where you can find the Volunteer Income Tax Assistance Program.
Be sure to bring all the required documents with you, so you can file your tax return as soon as possible.