Do I enjoy to directory taxes?
I am a bit confused. I'm a first year college student and I'm wondering if I have to directory a tax return for the 2,500 award check and other grants and loans that I received for my tuition later term.Answers: No, that's not taxable income if it be used for qualifiying educational expenses. If you used the award and/or grants for other purposes consequently it would be taxable and you'd have to folder if it (plus any other income you had) was more than $5,350 if you can be claimed as a dependent or $8,750 if you cannot be claimed as a dependent.
Loans are never taxable, regardless of the amount, as the are not income but something that have to be repaid.
No you don't, unless the scholarships and grant were used for purposes excluding tuition and fees. Then you might have to database depending on the amount. You never show loans on your tax return.
Can you claim abort fetus or Stillborn child on your Tax Return?
I'm just wondering whether its possible to claim stillborn child or fetuses, if you never have kids.Answers: Death or birth of child. A child who was born or died during the year is treated as have lived with you adjectives year if your home was the child's home the entire time he or she be alive during the year. The same is true if the child lived with you adjectives year except for any required hospital stay following birth.
Child born alive. You may be able to claim an exemption for a child who be born alive during the year, even if the child lived only for a moment. State or local decree must treat the child as having be born alive. There must be proof of a live birth shown by an official document, such as a birth qualification. The child must be your qualifying child or qualify relative, and all the other test to claim an exemption for a dependent must be met.
Stillborn child. You cannot claim an exemption for a stillborn child.
No. To claim a child as a dependent it must have be born live during the year. Even if the child only lived for a moment you could still claim the exemption but if within is no birth certificate for a live birth the exemption is prohibited.
Medicare wages vs. wages, tips, etc.?
On my W-2 form from my employer I have within box 1, Wages, tips, other compensation, equaling $40,000. However, in box 5, I enjoy Medicare wages and tips which shows $45,000. The numbers are ficticious---I wish I made that much. But the grill is why the difference. And a second question is what do I do near that difference on my 1040? Is the difference some kind of state due or is it equivalent to medicare tax withheld? Thank you for your backing. Ron.Answers: The difference is items you had withheld pre-tax, such as 401K, robustness care premiums, FSA's. Those are tax for social security and medicare, and usually for state, but not for federal income charge. You don't worry give or take a few the difference on your 1040. If you are using tax software it will probably own you fill within all the numbers from the W-2, but later it will use the amount from box 1 to calculate your income levy. If you are just doing your return directly on the form minus software, use the numbers in box 1 and 2 of your W-2 - the ss and medicare lines don't concern.
the amount in box 1 is the amount after pre tariff amounts paid for insurance, etc.
Medicare toll is withheld on the whole amount regardless, thus the difference.
When the w-2 is enter into the tax prep software it go where it should. Income due is based on box 1.