Who Has to File? | Itemized Deductions | W-4 Forms | Tax Breaks | Payments/Audits/Refunds
Do you owe Uncle Sam this year? You may find that you are not "required" to file. To determine if you are required to submit a tax return this year go to: http://www.hrblock.com/taxes/tax_tips/tax_planning/doyoufile.html?
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Does the IRS Owe You?
Then by all means...FILE! That's the only way to get your money back! And we highly doubt any of you would want to miss out on getting a few of your hard earned dollars back! To download any tax forms that you might need, go to: http://www.irs.ustreas.gov/formspubs/index.html
Yes, Federal Work Study Students Pay Taxes Too!
Although your federal work study dollars are coming from the government, you still have to pay taxes on this income.
Scholarships
Only scholarship amounts used to pay for only tuition and required fees are non-taxable. However, scholarship amounts used for room and board, travel, research, and equipment are taxable. In other words, if you received scholarships and/or grants in excess of the cost of tuition and fees, you'll have to pay taxes on the amount that exceeded tuition and fees.
Special Grants
Pell Grants and Supplemental Educational Opportunity Grants (SEOG) are treated like scholarships and are tax-free if they are used to pay for qualifying expenses. Money from these sources that is used for travel to and from school is taxable.
VA benefits Payments
Any Veterans Benefits that you receive for education or training that are administered by the Department of Veterans Affair are tax-free.
Next: Itemized Deductions |
