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FAQ

I am an international student who will need to file a tax return, would it be convenient for me to also fill a 1098-t form?
You do not complete a 1098T. If you paid qualifying tuition, then your school will send you a 1098-T. That will support your educational tax credits or deduction if you qualify to take them on a US tax return. You might check Am I Eligible to Claim an Education Credit?
When I fill out my tax information for a new employer, what do I put for max withholding, to get the biggest possible tax return?
It sounds like you wish to get a large tax return. In that case when filling out your W-4 form you should claim S-0 (that’s single with zero exemptions). This means that your employer will take out the maximum amount. For those people who insist upon the government having use of their money all year there is also an option to have additional funds taken out and held and then returned when your annual return is filed. For that matter you could allow the government to keep it all during the year and then when you file your return instead of taking a refund just tell them to keep it toward next years return. Seriously, I know the large tax return seems nice and for some people that is how they save for vacations and other things, but a tax return is not a gift from the USA. It is your money and receiving a large tax return means that you allowed someone else to have your money for a year without paying you interest for the privilege of keeping your money.
While paying eTax and filling out a tax return file, it asked me to put a code for 11c or N11c. What should I do with this option?
Hello Sir,In my opinonCode 11c: for Penalty in the normal proceedings, where the order is issued after giving proper noticeCode N11c: Penalty under IDS can be classified in this code, since the Form 2 can be treated as order [ so that it can be interpreted as order other than under Sec 271(1)(c) ]If you have nothing to do with these, you can ignore and fill the remaining and submit.
What do college students need to know about U.S. tax form 1098-T, and how do they use it when filing their return?
The 1098-T is basically a form that tells students how much financial aide that they got, along with how much they paid in Tuition. This is used for various education credits, mainly the American Opportunity and Lifetime Learning credit. They should take this information and fill out Form 8863.Now, the basic way of doing this is to take the Amount of Tuition Expenses, add other applicable expenses (the American Opportunity Credit allows you to add things such as books, and the like), and then subtract out the amount of scholarships. This amount is your qualified expenses. If you have more scholarships than expenses, then you are taxed on the excess of your scholarships, because you used them to live off of. You must add them to Line 7 (wages) of the 1040. They are not considered earned income.So, after you consider this, you may want to consider the following. If you have scholarships that you can live on (such as the Pell Grant), but don’t have enough education expenses to cover the full credit, then you may want to consider declaring some of your Scholarship income to be taxable, in order to boost that credit. The American Opportunity Credit gives you a dollar-for-dollar credit for the first $2000, and then 25% credit for the next $2000. If you’re paying below a 25% nominal rate on your taxes, then it actually can boost your refund by taking this strategy. You’ll want to calculate how much of the scholarship income to make taxable, and this can take some playing around with.For instance, let’s say someone has $5,000 in qualified expenses, but $3,000 in the Pell Grant. They’d normally be limited to around $2,000 in expenses. However, if they declare $2,000 of their scholarship to be taxable, they’ll take their American Opportunity Credit from $2,000 to $2,500. They are unlikely to pay an additional $500 on that $2,000 in income. So, they’ll actually pay lower tax through this.
How could the federal government and state governments make it easier to fill out tax returns?
Individuals who don't own businesses spend tens of billions of dollars each year (in fees and time) filing taxes.  Most of this is unnecessary.  The government already has most of the information it asks us to provide.  It knows what are wages are, how much interest we earn, and so on. It should provide the information it has on the right line of an electronic tax return it provides us or our accountant.  Think about VISA. VISA doesn't send you a blank piece of paper each month, and ask you to list all your purchases, add them up and then penalize you if you get the wrong number.  It sends you a statement with everything it knows on it.   We are one of the only countries in the world that makes filing so hard. Many companies send you a tentative tax return, which you can adjust. Others have withholding at the source, so the average citizen doesn't file anything.California adopted a form of the above -- it was called ReadyReturn. 98%+ of those who tried it loved it. But the program was bitterly opposed by Intuit, makers of Turbo Tax. They went so far as to contribute $1 million to a PAC that made an independent expenditure for one candidate running for statewide office. The program was also opposed by Rush Limbaugh and Grover Norquist. The stated reason was that the government would cheat taxpayers. I believe the real reason is that they want tax filing to be painful, since they believe that acts as a constraint on government programs.
My parents owns a rental property. They put the house under my name, but they collect the rent all to themselves. What is the impact of this situation on my tax return and how do I get out?
Obviously you should consult a tax professional if you are concerned. It as I understand it, the home is deeded in your name. If that’s true, you own the home. I am assuming they transferred ownership through a quit claim deed and they have no ownership rights. Since you are not personally in the rental business you have no rental business to report to the IRS if in US. At the same time, you have given permission by default for your parents to use your house as a rental business. They might be filing a business tax return for their rental business. I am guessing that they pay the taxes, insurance and all expenses so they deserve the income. Since they don’t own the home, they likely can’t write off depreciation. Your taxes might get questionable if you try to deduct real estate taxes paid if you didn’t pay them. If all of this bothers you and depending on your relationship to your parents you could transfer ownership back to them via a quit claim deed and pay the required filing fees. There would be a potential liability issue of course to you if you continue as is. You are owner of record and could be sued if someone was hurt or damaged in the home. Not sure if your parents can book insurance since they are not the home owners. Sounds a bit shady.
What happens if you mail out your tax return but forget to put your return information?
There are really only two things you can do:Call the IRS and let them know what happened.Send out an amended return. Most likely, the other return will be tossed out anyway since not having your return information probably fits the criteria for an incomplete/invalid return.
How much should Box 2 on a 1098-T from Santa Fe University of Art show?  What do I fill in on TurboTax related to box 2?
Not necessarily.Not all higher education expenses qualify for US tax benefits. Generally, the only expenses that qualify are tuition and required fees. Room and board is not a qualifying expense, and except for the American Opportunity Credit, neither are expenses for required books or supplies that are not paid directly to the institution.If all of the required expenses were paid by a scholarship - and not by you directly - then you will not have any tax benefit. You should have received a detailed breakdown from the school of the expenses and how they were paid - if you did not you should request one. If you purchased required books, equipment, and/or supplies from a source other than the university and your student qualifies for the American Opportunity Credit, you can claim those expenses for that credit.