Data Mining for Safe Harbor Calculation in Q3
Table of Contents
- Overview
- Objective
- Platforms Involved
- Scope
- Related Resources
- Use Case
- Workflow
- Exhibits / Appendices / Forms / Supporting Documents/Resources
- Change Control Log
Overview
This guide outlines the process of data mining prior information to assist with the calculation of safe harbor for Q3. This involves accessing specific documents, retrieving necessary data, and documenting it accurately.
Objective
The primary goal is to gather accurate data from the provided resources to calculate the safe harbor for Q3 effectively.
Platforms Involved
- Collected.com
Scope
This guide applies to team members responsible for extracting data regarding individual tax returns for the calculation of safe harbor.
Related Resources
No additional resources referenced.
Use Case
This procedure is applicable when team members need to gather specific tax information to assist with quarterly financial calculations, particularly for safe harbor purposes.
Workflow
Step 1: Access the Sheet
First, access the sheet provided by the engineering team. This sheet contains assignments visible in column A. If you are assisting, enter your name next to the assignment to indicate your involvement.
Step 2: Log into Collected.com
Log into Collected.com to continue the process. Ensure you have the correct credentials to access the necessary documents.
Step 3: Retrieve and Document Information
- Navigate to Documents: Once logged in, navigate to the 'Documents' section. Filter by document type and select "individual tax return final."
- View and Extract Data: Open the document and focus on page two of the 1040 form. Extract the following key data:
- Adjusted Gross Income (AGI): Found on line 11.
- Total Tax Liability: Found on line 24.
- State AGI (if applicable): Check line 17 for California or equivalent for other states.
- Verify Information: Ensure both federal and state tax information is complete. If any data is missing, check the appropriate box to indicate incomplete information. Anything highlighted in red indicates it's not required for this task.
Exhibits / Appendices / Forms / Supporting Documents/Resources
Currently, there are no additional documents or resources associated with this guide.
Change Control Log
- Version 1.0: Initial version created to document the data mining process for safe harbor calculation.