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Yes you should of received a 1098-T
If it's undergrad the tax break is called American Opportunity Credit
Graduate it's called lifetime credit
Official tax refund thread vol. for the 2015 tax year
- Thread in 'General' Thread starter Started by nawghtyhare,
- Start date
If it's undergrad the tax break is called American Opportunity Credit
Graduate it's called lifetime credit
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there is a limit on how much you can make yearly in order to qualify. I wasnt able to qualify for my dependents school tax credits because of my salary which is bogus
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the income limit is kind of high though bro so is it wrong to assume you doing better off than most people who qualify for that credit?
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American Opportunity Tax Credit is a credit for qualified education expenses paid for an eligible student for the first four years of higher education.You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
To claim the full credit, your MAGI, modified adjusted gross income must be $80,000 or less ($160,000 or less for married filing jointly).
You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).
To claim the full credit, your MAGI, modified adjusted gross income must be $80,000 or less ($160,000 or less for married filing jointly).
You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).
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LOL yeah if you don't qualify then you make more than enough.the income limit is kind of high though bro so is it wrong to assume you doing better off than most people who qualify for that credit?
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CrownRoyalDaddy
formerly tdoggy57
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Couldnt find the free option on TurboTax so i ended up paying like $105. $35 was just for paying out of my returns but i didnt feel like going to get my card.
Got the same return as usual. Been using TT ever since i could file.
Got the same return as usual. Been using TT ever since i could file.
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1. What's the best option for getting a full credit report?
2. Has anyone been able to track their refund on the IRS site?
2. Has anyone been able to track their refund on the IRS site?
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I did my tax visa TaxAct and its telling me that i owe federal government $350 dollars..
this was my first year working straight out of college... i mustve done something wrong just going to go CPA lol
this was my first year working straight out of college... i mustve done something wrong just going to go CPA lol
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Do TT and see if you get the same number. Probably nothing wrong besides the fact you didn't give the govt enough money throughout the year.
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i advise folks to try the software and see what the amount is and before you finalize it see if the other options you used previously get you any more money.....once you compare you can see if paying for the service is worth it...whoever gets you the most money is who i would let finalize it
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so is this your first year filing taxes? I'm confused
do you think because you worked a full year that you shouldn't owe anything?
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1. https://www.annualcreditreport.com/index.action - Get one free one per year.
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Try all the tax preparation software out there and see if the results are the same. You don't have to pay until you are ready to e-file, so you can use them as guides. I always do Turbo and Taxact and there is never a difference in the refund amount. If the results come back the same on all of them, and you are positive you provided the correct information then there isn't a mistake. If you see there is a big difference between them then you will have to figure out why.
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Thanks! Wonder why I couldn't see my Equifax report. I have to send in for it.
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1. File Joint married. She's an extra exemption and standard deduction, that's like giving up a $10,300 deduction especially if she doesn't have much income. If that D is coming, do your best to claim that dependent cause the tax rates for filing head of household is
2. Single mom should claim him as a dependent, and file as Head of Household if unmarried. There is no reason for the child to not be claimed by the mom unless he made over $6,300 standard deduction). Also he is considered a qualifying child cause he's under 19, or under 24 if a full-time student. Also make sure the child files a return to get back any withholdings they may have deducted from his paychecks.
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1. File Joint married. She's an extra exemption and standard deduction, that's like giving up a $10,300 deduction especially if she doesn't have much income. If that D is coming, do your best to claim that dependent cause the tax rates for filing head of household is
2. Single mom should claim him as a dependent, and file as Head of Household if unmarried. There is no reason for the child to not be claimed by the mom unless he made over $6,300 standard deduction). Also he is considered a qualifying child cause he's under 19, or under 24 if a full-time student. Also make sure the child files a return to get back any withholdings they may have deducted from his paychecks.
Is it possible to Claim my mother on my taxes? She has a house/mortgage, but she doesnt make much money so I wonder if it would yield a better return for me that I could break her off something assuming it reduces how much both of us are taxed? I`m thinking being that she doesnt live with me that would be the issue, although I do "give her support"
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Is she married?
Make less than $4,000?
Do you provide more than half of the support for your parent? Includes food, lodging, clothing, education, medical, transportation?
Most likely you can't claim her especially if she has a 1098 Mortgage Interest statement filed with the IRS which usually indicates she has her own home/mortgage.
Make less than $4,000?
Do you provide more than half of the support for your parent? Includes food, lodging, clothing, education, medical, transportation?
Most likely you can't claim her especially if she has a 1098 Mortgage Interest statement filed with the IRS which usually indicates she has her own home/mortgage.
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False there is an exception for parents. Please refer to this publication for further clarification: https://www.irs.gov/pub/irs-pdf/p501.pdf
As long as he provided more than 1/2 support and she didn't exceed the gross income threshold he can claim her.
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I provided a screen shot of exactly what you just said bro, sheesh
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Not denying that but you explicitly stated if she doesn't live with him he can't claim her which is not true.I provided a screen shot of exactly what you just said bro, sheesh
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Not denying that but you explicitly stated if she doesn't live with him he can't claim her which is not true.I provided a screen shot of exactly what you just said bro, sheesh
I said that specifically for him because he included that she has a mortgage, so for him it is true.
"Person living in his or her own home
The total fair rental value of a person's home that he or she owns is considered support contributed by that person"
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If he's a baller and pays her mortgage and she only has social security income he can claim her thoughNot denying that but you explicitly stated if she doesn't live with him he can't claim her which is not true.I provided a screen shot of exactly what you just said bro, sheesh
I said that specifically for him because he included that she has a mortgage, so for him it is true.
"Person living in his or her own home
The total fair rental value of a person's home that he or she owns is considered support contributed by that person"
