Federal and State Tax clarification?
Hi,Last year my tax residence fall below Tx and CA. As Tx doesnt have any state import tax, Can I go ahead and submit my Federal and CA export tax alone. No need to directory two different state tax forms.
Answers: That's right. Since Texas doesn't enjoy a state income tax, you don't have need of to file a return for that state.
If you be a part year resident of California, you call for to file a California Form 540NR and divide the income between California and Texas.
Who claims student loan on return?
My 19 yr.-old son took a college student loan out in 2007; I'm claiming him as a dependent for 2007. Does he claim this loan on his 1040EZ return? It is one and only in his baptize. Can I still claim him as a dependent?Answers: You claim any tuition credits or deductions if he is claimed as your dependent. He claims them if you can not claim him as a dependent.
I estimate the only road you can claim it is if you are the co-signer. Also, I don't think you can both claim it at like time. My mom was my co-signer and while I be still in arts school my mom always claimed it on her taxes but I never did. Now that I am out of university and I consolodated all of my loans and I am immediately repaying them back I can immediately claim them.
Help beside this one quiz on the CSS Profile application plz??
k so this is the question--Estimate the total amount withheld from your parents' wages for dependent care and medical spending accounts contained by 2007--
is this supposed to be the amount showns on the little W-2 form which says ---- 2- Federal income toll withheld
4- Social Security Tax with held
6- Medicare tariff withheld
Thanks
Answers: No, it isn't any of those amounts.
When your parents earn wages, some of those wages are set aside by your parents in special accounts to wage for dependent care (i.e., childcare) and medical protection expenses. So, their employer subtracts those dependent care and medical support amounts from your parents' pay and after pays them the difference. (Your parents save on taxes by doing this because those amounts subtracted out that passageway aren't taxed.)
Box 10 on the W-2 should speak about how much in childcare (i.e., dependent care) expenses be withheld from yor parents wages.
I don't think that the W-2 tell how much was withheld for medical spending accounts. (I know that my W-2 form doesn't enjoy that information for me.) You'll have to ask your parents how much they have withheld for medical spending.