If someone received financial aid for college, what year aid goes on what year tax return? For example, aid applied for by January 1, 2011, and paid out in Fall 2011 and Spring 2012 - would that apply to this return? And yes, there was more aid than tuition so some went to room and board.
Half of the year I was a dependent under my parents due to being in school. The rest of the year I've been working full-time and have been independent.
How do my parents and I both file without either one of us getting screwed?
In the year received.
Ok thanks. I use turbo tax online so I guess I'll have to fill it out manually. Now, can I still use turbo tax online for 2012 or will I have to do that the old fashioned way as well and mail them in together?
That would mean Fall 2011 aid would count towards 2011 tax year and Spring 2012 would count for this filing going on right now...I assume.
As long as they provided over 50% of the support, then figure out which filing scenario gives the better results and split it. But, ultimately, if they provided over 50%, they could claim you and you wouldn't be able to deny them that option.
Is there a specific monetary value that would deem '50% of support?'
I worked the entire time (not salaried for half of it), and might have made more than them individually for the year.
1) Did you work for more than 183 days during the year
2) During those days, did your parents provide any type of support to you?
Have you talked to your parents about filing as single.
Usually on a split situation; it is best to look at the impact to the family unit.
You filing as dependant and them claiming you
vs
You as single and them not claiming you and tuition type expenses.
See which ends up best for the sum of the family and go from there.
There were only a couple of weeks between jobs, so yes, probably closer to 320 or so.
The only support I could think of would be a parent loan that was taken out from the university. Other than that, I payed my own way on everything else.
How severe could the impact be on them if I filed single, and them not have me as a dependant? I realize it's a case by case basis, but I'm unaware of how drastic a difference it could be for them?
Can anyone explain what the ramifications are of using the home office deduction? I have a home office that accounts for 8%, so will get a few thousand dollar deduction for it.
But is it worth it? What does it mean when I go to sell the house? What happens if I take the deduction for 2 years out of 20 years that I live in the house?
Also, with filling out the depreciation part, do I always use the original purchase price of the house? Or do I need to keep adjusting the price every year based on appraised values and last years depreciation, etc...?
Home office deduction has no impact on a house sale unless you claim depreciation.
The depreciation is usually calculated based on the percentage of use against the original value of the house (not the land).
In theory, you have to pay back the depreciation that was taken when you sell the property.
I've been reading that you have to pay capital gains on the depreciation whether you claimed it or not. Either way, it's only like $500 a year that I'm claiming, and it's mostly just a deferred tax, so I'm not too worried about it.
When are stock capital gains taxes due?
If I made a profit in 2012, when does the IRS actually have to recieve the check by in 2013?
I sold the stock in April 2012 after holding the stock since 2008.
Also is there any way I can delay paying them? If so for how long?
they are due when you file your 1040. You calculate everything on Schedule D. No way to really delay. You can file for an automatic extension, but you still have to pay your estimated taxes. The extension just delays when you have to file your paperwork.
Basically it is due April 15, 2013 and you can delay payment until then. But there is a catch. Many people who have capital gains need to look into paying estimated taxes. Taxes are technically due the quarter in which you earned the gains and you file estimated taxes to pay tax on those gains. So you should have paid these taxes every quarter in 2012 and a final payment by Jan 15, 2013. If this is your first capital gain in a while, then you probably qualify for a waiver of your penality and interest for not paying earlier.So basically the money is due to the IRS by April 15th. And I can delay filing until then?
Basically it is due April 15, 2013 and you can delay payment until then. But there is a catch. Many people who have capital gains need to look into paying estimated taxes. Taxes are technically due the quarter in which you earned the gains and you file estimated taxes to pay tax on those gains. So you should have paid these taxes every quarter in 2012 and a final payment by Jan 15, 2013. If this is your first capital gain in a while, then you probably qualify for a waiver of your penality and interest for not paying earlier.