So I got my w2 from one of my jobs (one I haven't been working at long), and they put that I only paid $37 in Federal Tax?! My last paycheck was only $354, but that alone says I paid $16.00 of federal tax. I'm not sure what to do. I'm going to ask to see all my old paychecks or stubs. I stupidly didn't keep them all. Shouldn't they have them on file? btw. The total it says I've earned so far is around $1558. Which seems kind of low, but w.e. What bugs me is it says I paid $37 of Fed tax on all that. Doesn't seem at all right.....considering the $16.00 on my last pay check.
It depends on what you put on your w-4 If you filed single -0 then the they will take more out than if you file married - 2... You should be able to get the individual stubs but it will be a hassle. They probably only withheld a smal amount because of your filing status Edit: also is it separated by fed/ss/med or just all 'federal withholdings'?
This is how I've filed the last couple of years, and it's pretty cool for a simple return. Swoly, sir, may I ask, did you encounter any question marks when you got to the 'AMT' section? Some new legislation in 2008 added a step to the taxact process, and it was just unfamiliar enough, and cost me extra I might add, that I'm curious if we did something wrong on that section. Otherwise, was a breeze, and already got mine e-filed.
the school will send you a tax form that shows what you can deduct. If you don't have it yet or you lost it you can probably go request it from someone. You need that form for your records, so I would not just guess.
That doesn't change the fact that the income will be taxed as ordinary income. Reported on line 19 of his 1040.
Did you receive a W-2 or 1099 from the school? If you did than certainly report the whole amount. If you didn't have to report the money as income, than don't report that amount as tuition paid. If you don't have to report it as income, than you are already receiving the benefit of it being tax free.
The 1098-t they send out does not mean you can take the amount listed. Often times it includes amounts billed rather than amount paid. You have to be careful about those.
That is probably correct. You didn't make much, I assume part-time and you probably listed yourself as Single-2 on your W-4 if you filled it out per instructions. They may not have paystubs to give you, but they are required to maintain payroll records.
They did the AMT patch which could be why, or maybe this is your first year possibly qualifying for AMT. Did you have any AMT listed on your 1040 once you were done?
I don't know why I'd qualify, unless it's due to the patch. We made roughly the same amount we did last year. I don't take a lot of deductions (kids, couple of others.. minor) but this year, there was a whole new section of questions on tax act related to AMT, and it ended up being about $600 more than my regular taxes would have been, which it automatically applied, even though I basically answered '0' or "no" to all of the AMT questions.
I received a 1098T from the school nothing else really regarding tuition but I did receive a W2 because I work there. Turbo Tax tells me to look at my student account. My student account shows what I paid and the amounts paid by the school because I work there I am just unsure if I can count the entire amount.
Did mine using TurboTax.com this past week. It's free and easy to use. Should be getting my refund back by the 15th!
THanks for the input. The amount was from Federal withholding, SS and medicare have their own spots. I am part time, and I did put single. It just seemed like such a low total when 1 paycheck was at $16. Still waiting on my old job;s W2....got sent to the wrong address at first.
Put the entire amount in. Work-Study value is included in your W-2 according to the rules, so it is the same as them giving you the money and turning around paying the school. They just cut out the middle part. Sorry I couldn't get back to you last night. I didn't get online once I got home.
It's not really work-study per say because I work here full time but because I work here full-time they pay 75% and I have the other 25% deducted from my paycheck. Should I still add the whole thing. I talked to two other people about this that have worked in the tax industry before and they said to put the entire amount on and send the amendment in, I'm just kind of nervous because I don't want to get audited or something bad where I end up owing the IRS money. Thanks a zillion for all your help!
The only real proof you have of tuition paid is the form they send you. I don't see any other way to do it.
if your school is paying for your work by covering your tuition, that is imputed income. if you count the amount of tuition paid by your school as tuition paid by you for a deduction you'd also have to report the tuition paid by your school as income and pay the tax on that. you're better off just reporting the amount you paid from your own account as tuition paid. you're already receiving the benefit of tax-free income from the tuition being covered by your school. paying the tax on the paid-for-tuition that is basically income in order to get a tuition deduction leaves you in the same position as if you receive that tuition tax free and deduct only the amount of tuition you actually paid yourself
