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Video instructions and help with filling out and completing Fill Form 4797 Tutorials

Instructions and Help about Fill Form 4797 Tutorials

Hello and thank you for watching another one of the Right Weight Training videos. The purpose of this video is to cover Form 2106. Last year, when we were reviewing the most commonly used form data, we noticed that Form 2106 appeared quite frequently. Therefore, we thought it would be helpful to review the form and discuss what it's used for, where it's located in the software, and how to fill it out. One of the things we found helpful, and it might be helpful to you as well if you're not familiar with the form, is this graph. It's basically a flow chart that helps you determine whether or not you should actually fill out the form. It's very easy to navigate. You can pause the video at this point and read through it if you're not familiar with the form. The most interesting note on the graph is at the bottom: "Do not file Form 2106 if none of your expenses are deductible because of the 2% limit on miscellaneous itemized deductions." In other words, if your miscellaneous itemized deductions don't exceed 2% of your Adjusted Gross Income (AGI), it's not beneficial for you to fill out the form. For example, if you made $50,000 and your laptop and parking fees, which amount to $150, are not reimbursed by your employer, then filling out the form won't provide much benefit. You can still fill out the form, but it won't provide any benefit to the taxpayer. Now, let's exit the graph and jump right into how to fill out the form. I'm in a tax return, and I've got an employee who had a W-2 for $25,000. He did not get reimbursed for his expenses from his employer, so he's going to fill out Form 2106. It's very easy to...