YesQuestion: If you did an Contract-2-Hire position (and were hired), would you file your earnings from the contract period 1099-MISC, then earnings during hired period W-2?
Use the line item or Schedule C? Using the Schedule C allows write offs of expenses related to the incomeOK, Thanks. I believe that's what I did in TurboTax.
Use the line item or Schedule C? Using the Schedule C allows write offs of expenses related to the income
Last year, I had some restricted stock units vest. Taxes on this stock was due at vest so a number of stock was automatically sold to cover my tax liability. The sell price was lower then the value price which was added to my W-2 income. Can I claim a loss on my taxes?
Is Single Premium PMI deductible? I bought a new house in 2012 and paid PMI upfront. This amount is not shown on my 1098.
My wife and I are separated for years. We alternate my son as a dependent every year. This year it's her turn. My son lives with me a little more than with her. Can I file head of household with her still claiming him as a dependent?
A person can only be claimed as a dependent one time in a tax year;
You are stating that you do not want to play by the rules that you agreed on.
You need her written permission to claim him if it is outside the judicial decree.
The recent tax deal extended PMI deduction through 2013. There are income limits to it. Plus, since you prepaid your PMI, you must allocate it over the shorter of the term of the loan or 84 months. See IRS Publication 936 for more details.
If it's not listed in Box 4, call them up and ask them to send you a corrected 1098. Remember this change was just put in, so many mortgage companies may not have had their software up to date when they processed the forms. You can still report if you didn't receive a 1098, but it would be better to have a corrected form.
Hmm... I think I had this question last year, but never truly got an answer... so..
1040 Schedule A allows you to claim your state and local taxes (not doing the sale tax route)...
PA has the OPT-LST (occupational privilege/local services tax) does this go under line 5 or line 8?
Do "scholarships" received for student assistantships need to be reported?
I received a W-2 for pay and a 1098-T that reports "Scholarships or grants" in box 5 which went towards tuition. Of course the W-2 has to be reported since I can use the income on anything, but is the amount reported in 1098-T box 5 considered taxable income (my return would go down by ~$500)?
Scholarships and fellowships. A candidate for a degree can exclude amounts received as a qualified scholarship or fellowship. A qualified scholarship or fellowship is any amount you receive that is for:
Tuition and fees to enroll at or attend an educational institution, or
Fees, books, supplies, and equipment required for courses at the educational institution.
Amounts used for room and board do not qualify for the exclusion. See Publication 970 for more information on qualified scholarships and fellowship grants.
Payment for services. In most cases, you must include in income the part of any scholarship or fellowship that represents payment for past, present, or future teaching, research, or other services. This applies even if all candidates for a degree must perform the services to receive the degree.
Short Answer - depends on how the scholarship is structured and what is the definition of student assistantship
i love my capital losses, they keep saving me tax money every year! :awe:
course that'll mean i have to pay more when i retire D:
At a higher rate.
Sorry.
silverthat all depends on what the tax situation looks like then, plus how much i am making then. both could vary wildly. perhaps we will have less income tax and more of a VAT? or perhaps income tax will be higher even for retired people.
who knows? i just know that it saves me a grand a year now, and i reinvest those savings.
silver
who knows?
Hmm... I think I had this question last year, but never truly got an answer... so..
1040 Schedule A allows you to claim your state and local taxes (not doing the sale tax route)...
PA has the OPT-LST (occupational privilege/local services tax) does this go under line 5 or line 8?
My wife and I are foster care providers, and this is our first year filing taxes having received foster care income. I can not figure out how to record and claim my foster care income (I did not receive a W2 or any other form). Could someone please tell me how of if I need to claim that income? (If it matters, it was paid to me by the county).
Any help is appreciated.
Foster care providers.
Payments you receive from a state, political subdivision, or a qualified foster care placement agency for providing care to qualified foster individuals in your home generally are not included in your income. However, you must include in your income payments received for the care of more than 5 individuals age 19 or older and certain difficulty-of-care payments.
A qualified foster individual is a person who:
- Is living in a foster family home, and
- Was placed there by:
- An agency of a state or one of its political subdivisions, or
- A qualified foster care placement agency.