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Video instructions and help with filling out and completing 1040a line 7

Instructions and Help about 1040a line 7

Now I'm going to talk about filing status as a qualifying widow or widower with dependent child you can use this filing status which will entitle you to use joint return tax rates in the highest standard deduction amount if you don't itemize deductions this gives you a little bit of break on your taxes you can file with this status if your spouse died in 2022 or 2022 and you did not remarried before the end of 2022 you have a child or step-child that you claimed as a dependent this does not include a foster child this child lived in your home for all of 2022 you paid over half the cost of keeping up your home and you could have filed a joint return with your spouse the year he or she died even if he did not actually do so.


When reporting taxable scholarship income on a 1040, what institution should be listed as the grantor of Pell grants?
I assume the grant was not reported on a W-2 and that the Pell grant was truly used for a reason other than to pay qualifying education expenses.You report taxable scholarship income as part of income from wages and salaries on line 7 of form 1040. Next to that, on the dotted line, you write "SCH" followed by the taxable scholarship income. Most of the widely-used tax preparation programs have an input screen (usually under "less common income") where you would input this so that it carries correctly to line 7. You don't have to specify the grantor of the taxable scholarship income on the 1040. (Technically, the Federal Government is the grantor.) Note also that the income from a Pell grant is income to the student, not to the student's parents.
What form do I need to show my Pell grants on my taxes?
Likely you will not receive any document similar to 1099 for this. Sometimes a college will supply a 1098 when they disperse their own grant funds, but not always. Even if the college supplies that document, you may still have to calculate the correct amount yourself. Basically this is entered on your Income Tax Form 1040 if you have to file, and is included in your gross income.Taxable Scholarships and Fellowship GrantsIf and to the extent your scholarship or fellowship grant doesn't meet the requirements described earlier, it is taxable and must be included in gross income. You can use Worksheet 1-1 to figure the tax-free and taxable parts of your scholarship or fellowship grant.Reporting Scholarships and Fellowship GrantsWhether you must report your scholarship or fellowship grant depends on whether you must file a return and whether any part of your scholarship or fellowship grant is taxable.If your only income is a completely tax-free scholarship or fellowship grant, you don't have to file a tax return and no reporting is necessary. If all or part of your scholarship or fellowship grant is taxable and you are required to file a tax return, report the taxable amount as explained below. How To ReportHow you report any taxable scholarship or fellowship grant income depends on which return you file.Form 1040EZ.  If you file Form 1040EZ, include the taxable amount in the total on line 1. If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 1.Form 1040A.  If you file Form 1040A, include the taxable amount in the total on line 7. If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 7.Form 1040.  If you file Form 1040, include the taxable amount in the total on line 7. If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount on the dotted line next to line 7.Publication 970 (2022), Tax Benefits for Education
How does someone do their taxes if they're on a grad student fellowship?
See Publication 970 (2022), Tax Benefits for Education. Also, your school may provide you with some assistance - most college Web sites now have a section that deals with graduate student tax issues.If you receive a fellowship, the amount of your fellowship that is used to pay qualified education expenses is tax-free, provided that the terms of the fellowship allow you to do so. Qualified education expenses include tuition and course expenses (fees, books, supplies, and equipment) that are required of all students in the course. If the terms of the fellowship specify that you cannot use the money for tuition or course-related expenses, or require you to use the money for room and board or other purposes, then you cannot treat the fellowship as tax-free. Most schools will give you a statement that identifies the portion of a fellowship that applies to qualified educational expenses and the portion that does not. If all of your fellowship is tax-free, and that is your only income, then you do not have to file a tax return.Most universities treat fellowships as unearned income, and therefore do not provide their fellowship students with a W-2 or a Form 1099. If you have a taxable fellowship, you are still obligated to report it and pay taxes on it even if the school does not give you a W-2 or Form 1099.If you are a US citizen or resident alien, you file Form 1040 or Form 1040A and report the taxable portion of your fellowship on Line 7. You also write "SCH =", followed by the taxable amount of your scholarship, on the dotted line next to the Line 7 box, if you did not receive a W-2. Tax software usually has a screen where you enter this separately that will automatically make sure it's reported correctly. If you paid tuition and required course expenses out of your own pocket, as opposed to out of the tax-free portion of your fellowship, you can usually claim a Lifetime Learning Credit for those expenses, as described in Publication 970 above.If you are here on a F, J, M, or Q visa, your situation becomes more complicated. Usually, you will qualify as an exempt individual, as long as you haven't been in the US for parts of five calendar years, and will be treated as a nonresident alien for tax purposes. See Publication 519 (2022), U.S. Tax Guide for Aliens. If that's the case, you file Form 1040NR or Form 1040NR-EZ, and also file Form 8843 to explain why you can be treated as a nonresident alien. This can be a bit complicated, and I suggest you speak to your international student office; they can often steer you to a tax professional who understands international tax filings.
Am I at risk for tax evasion for paying our full time nanny under the table? Or is she at risk? What are the chances we’ll get audited since I’m wiring money to her every week?
Yes, you are at risk.Yes, she is at risk.The chances of getting audited are much better, now that you’ve posted this question to a public forum.The cost of full legal compliance in California for home care workers for the elderly, when they are paid from certain accounted funds, requires that you pay them as employees, rather than as contractors.For most people, this means outsourcing the compliance to a third party, with a monthly bill for their services.I have a friend who is struggling with this, since compliance approximately triples the costs of employing one person for this purpose, compared to a contractor (a family dispute requires her to document full compliance).Most people not dealing with certain accounted funds treat the relationship as a contractor relationship.As long as you issue a 1099-Misc, and file the correct paperwork with the IRS, rather than paying completely under the table, this should be sufficient.She will then be on the hook for paying the taxes, on an estimated quarterly basis, which is what independent contractors have to do.This cost-shifts the burden onto her, so it would be unfair if she did not also get a raise to cover her taxes, and the accounting.Again, in California, you would likely have to nearly double what you pay her. So, for example, if you were paying her $20/hour under the table, you would need to bump it up to about $30.80/hour so that when she pays ~35% state and federal taxes, she still makes that $20/hour after taxes. Call it $33/hour so she can hire an accountant for the taxes.If you go through a service and make her an employee, expect it to be closer to $60 (management fees, workman’s comp insurance, legal insurance, employer contribution to taxes, etc.).Either way• adding 65% for a contractor or 200% for an externally managed employee, is better than federal prison or a huge fine which would wipe out everything you’ve saved by paying her under the table, and then a lot more.
What does 1040EZ have to do with taxes?
The entire 1040 series of forms represents the numbering used by the US Internal Revenue Service of the United States of America for individuals to report US federal income tax.These include:Form 1040, U.S. Individual Income Tax ReturnForm 1040A, U.S. Individual Income Tax ReturnForm 1040NR, U.S. Nonresident Alien Income Tax Returnand the one you ask aboutForm 1040EZ, Income Tax Return for Single and Joint Filers With No DependentsYou can use Form 1040EZ if all of the items in the following checklist apply.Your filing status is single or married filing jointly.You do not claim any dependents.You do not claim any adjustments to income.If you claim a tax credit, you claim only the earned income credit.You (and your spouse if filing a joint return) were under age 65 and not blind at the end of the tax year.Your taxable income (line 6 of Form 1040EZ) is less than $100,000.You had only wages, salaries, tips, taxable scholarship or fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500.If you earned tips, they are included in boxes 5 and 7 of your Form W-2.You do not owe any household employment taxes on wages you paid to a household employee.You are not a debtor in a chapter 11 bankruptcy case filed after October 16, 2005.Advance payments of the premium tax credit were not made for you, your spouse, or any individual you enrolled in coverage for whom no one else is claiming the personal exemption.If you do not meet all of the requirements, you must use Form 1040A or 1040.
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