Data Mining for Q3 Safe Harbor Calculation

Overview

This guide provides a detailed process for exporting prior year (PY) information essential for calculating safe harbor for Q3. The focus is on accessing, extracting, and handling individual tax return data.

Objective

The primary goal is to efficiently mine prior information to aid in the accurate calculation of safe harbor for the third quarter.

Platforms Involved

Collected.com

Scope

This procedure applies to all personnel involved in the data mining process for Q3 safe harbor calculations, particularly in extracting individual tax return data.

No additional resources are referenced in this guide.

Use Case

This guide is applicable when accessing and extracting tax information from individual returns to ensure compliance and accuracy in calculating safe harbor for Q3.

Workflow

Step 1: Access the Engineering Sheet

Access the sheet provided by the engineering team. This sheet contains the assignments and relevant information needed to start the process.

Step 2: Assign Tasks

If you are assisting in the process, add your name to the assignment column to indicate your involvement. This helps in tracking who is working on each task.

Step 3: Search for Member Documents

Log into Collected.com, use the search field to locate the member based on the email provided in the engineering sheet. Navigate to documents and filter by "Individual Tax Return Final" to locate the necessary documents.

Step 4: View and Extract Tax Information

Locate and view the 2024 tax return, specifically page two of the 1040 form. Extract key figures such as AGI (line 11) and total tax liability (line 24). If applicable, also extract state AGI and total tax from the state section.

Step 5: Handle Incomplete Information

If the full return is not visible or both federal and state information (when applicable) cannot be located, check the designated box to indicate incomplete information.

Exhibits / Appendices / Forms / Supporting Documents/Resources

No additional materials are included in this guide.

Change Control Log

Initial creation of the guide based on video transcription and segments data.