Stranger still, looking this up online, because it's on the state site, the last year they actually said I had a reportable amount via 1099-G was 2008, and it was for about $250 less than I actually got as refund the year prior
Stranger still, looking this up online, because it's on the state site, the last year they actually said I had a reportable amount via 1099-G was 2008, and it was for about $250 less than I actually got as refund the year priorIf you itemize the previous year (2011) - Schedule A; then you are required to claim the state tax refund received (in 2012) for the previous year as income for this year (2012)
As to why the state does not issue you a 1099-G; contact them. Some states provide you the option of not having it sent via US mail when you have selected a checkbox on your state return.
Student Loan interest will lower your AGI, not increase it.
You are allowed to deduct up to $2500 in interest, depending on your filing situation (can not be a depandant or MFS)
Do not cringe when I explain MFS
I do not think that it will apply
Married, Filing Separately
Is there any benefit to reporting the interest I pay on my 4 student loans?
Some were re financed by the government to another lender so I can report the interest in total from both the previous lender and the current one ?
Most definitely, if your income level allows it. It is a reduction in your taxable income and you do not need to itemize to use it. Also, yes, you can report all of the interest. Of course, the maximum interest you can report is $2,500. The max goes down as you make more money.
Prepaid mortgage insurance premiums. If you paid premiums that are allocable to periods after 2012, you must allocate them over the shorter of:
- The stated term of the mortgage, or
- 84 months, beginning with the month the insurance was obtained.
First time home buyer.. I just went by the 1098 sent by the lender and I'm itemizing 14k in deductions related to the purchase.. Like 5.5k from mortgage interest paid and 8.5 from origination fee.. Line item 802 from my HUD-1. Also I bought the house in July but paid the 1st half of the property tax and the second half as part of the purchase. I can claim deduction off of the whole amount as well, right? Thanks
First time home buyer.. I just went by the 1098 sent by the lender and I'm itemizing 14k in deductions related to the purchase.. Like 5.5k from mortgage interest paid and 8.5 from origination fee.. Line item 802 from my HUD-1. Also I bought the house in July but paid the 1st half of the property tax and the second half as part of the purchase. I can claim deduction off of the whole amount as well, right? Thanks
You must be 100% sure that 8.5k is origination fee and nothing else. There are other fees that are not deductible.
First off, thanks for doing this year after year, EagleKeeper. Much appreciated.
My question is regarding freelance income. In past years, I've declared hobby income but it was always <$500 or so.
2012 was the first time I made more than that as an independent contractor. I have about $1500 in freelance income this year, but it's from 4 different sources and none (AFAIK) is sending me a 1099.
Would it be best to declare this as hobby income or business income? 3 of the income sources are writing jobs, telecommuting. The fourth is a photography gig for a local magazine; that's the only one that requires travel and any specialized equipment. I do not consider myself a business owner. Should I bother with a Schedule C?
This is all in addition to my regular full-time job. Thanks again for your advice.
Seems I can't do online filing because I didn't file taxes last year. I cannot request an electronic PIN because I didn't file. (It was something like <$1000 in total earnings. I didn't want to bother.)
So, I guess, I have to print off a 1040EZ and send it in? Even though I'm in college, all of my tuition and fees are waived. So, I can't really deduct anything AFAIK. So, 1040EZ? Yeah? Income <$10,000. Live in WA. No income tax here, AFAIK.
I'm using the long form in HR Block's website.
I was filing my taxes on HR Block's site.
My son went to college this year 1st year undergrad.
His 2012 1098-T says that he had $3856 for tuition and qualified expenses. His total scholarships and grants were 10073.75 (most went to room board/eating).
I entered all of this into HR Block - and it literally would not let me go forward because the amount he got exceeded the amount it cost to go. It told me to go back and edit it. The only way to get it to go forward was to adjust the amount on box 5 of the 1098-T to match box 2 (his tuition / expenses). The program said that you might need to call the rest 'income' - but never once did it come back up. I'm confused. Is this a year I need a 'live preparer"?
Edit: I'm so confused.
So I played around in the tax program. I edited box 5 to let me - saying that the scholarships grants matched the educational expenses. It gave a warning that the excess income might need to be reported as taxes in the W-2 interview. SO I went back there and found it - I was like aha - then it asked me if the scholarship was mine or my wife's. It is my son's. He is 19 - and I thought I could claim him on taxes. I really don't want to pay a prepared 200$ to get my 500$ refund - (If I even get it after this - didn't know my son's scholarships were income). So what gives? How do I report this? Does my son have to file? A thought ran through my head that I shouldn't even put any of this on my taxes, and he needs to file? Does he file if he is a dependent on my return? I'm so confused.
First off, did you provide more than 50% of his support for the year?
He graduated high school in August. He lived at home till then. Since he has been gone ive paid his health insurance and he came home over christmas. He turned 19 in November. His scholarships have paid for everything college related. He had an excess of aide that he has lived on. I had custody if thats what you were asking.
Given what you posted, the son can be a dependant for 2012
While going to school in future years, you still can claim him until graduation.
He graduated high school in August. He lived at home till then. Since he has been gone ive paid his health insurance and he came home over christmas. He turned 19 in November. His scholarships have paid for everything college related. He had an excess of aide that he has lived on. I had custody if thats what you were asking.
Okay, just so I'm clear there is 3,856 in box 2 of the 1098-T and 10,073.75 in box 5? If so, I'm not sure why HR Block software won't except the entry. I just tried it in TaxAct and it took it. However, keep in mind that the difference is taxable to your son, not you. He will have to file it. Also, keep in mind to include all qualified expenses even if not listed on the 1098-T.
Here is the IRS Pub 970 discussing scholarships.
edit to your last post, most likely HR Blocks software is not smart enough to reduce the tuition to equal the qualified expenses, so you should. The remaining, as I stated above is taxable to your son. He must file.
Because the seller had already prepaid the property tax for the second half of the year; you should only be paying the seller back the second half.
You should not be paying or able to deduct property taxes for the first half of the year. You did not own the property at that point.
You should only be able to deduct the second half of the year.