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What are the rules for claiming the Hope Credit on taxes?
"People that want to claim the Hope Credit on their taxes must follow the certain rules. It can only be done in the first two years of college, student must at least be a half time student, cannot be used for tuition that was paid for using scholarship funds, grants or employer money and the student must have no felony drug convictions."
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Most likely not. The instruction booklet for filling out your tax forms goes into considerable detail about what criteria have to be met in order to claim someone as a depend…ent. If you meet those (and no one else is claiming you) then he may be able to. However, he can't claim you in the sense of married filing jointly unless you were actually married before midnight on December 31.
Yes, as long as you itemize your deductions you can take it as a medical expense. ans The above is correct, and as many things with taxes "sort of"! Not only do you have to… itemize, but you have to have enough expense, VS income to do so. The below explains it and you can contact the IRS for the publication noted to get additional info: If you itemize your deductions on Form 1040, Schedule A (PDF), you may be able to deduct expenses you paid that year for medical care (including dental) for yourself, your spouse, and your dependents. A deduction is allowed only for expenses primarily paid for the prevention or alleviation of a physical or mental defect or illness. Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or treatment affecting any structure or function of the body. The cost of drugs is deductible only for drugs that require a prescription, except for insulin. Medical expenses may include fees paid to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and Christian Science practitioners. Also included are payments for hospital services, qualified long-term care services, nursing services, and laboratory fees. Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction are also deductible medical expenses. You may include amounts you paid for participating in a smoking-cessation program and for drugs prescribed to alleviate nicotine withdrawal. However, you may not deduct amounts paid for nicotine gum and nicotine patches, which do not require a prescription. You may deduct the cost of participating in a weight-loss program for a specific disease or diseases, including obesity, diagnosed by a physician. In general, you may not deduct the cost of purchasing diet food items or the cost of health club dues. In addition, you may include expenses for admission and transportation to a medical conference relating to the chronic disease of yourself, your spouse, or your dependent (if the costs are primarily for and essential to the medical care). However, you may not deduct the costs for meals and lodging while attending the medical conference. The cost of items such as false teeth, prescription eyeglasses or contact lenses, laser eye surgery, hearing aids, crutches, wheelchairs, and guide dogs for the blind or deaf are deductible medical expenses. You may not deduct funeral or burial expenses, over-the-counter medicines, toothpaste, toiletries, cosmetics, a trip or program for the general improvement of your health, or most cosmetic surgery. You may deduct transportation costs primarily for and essential to medical care that qualify as medical expenses. The actual fare for a taxi, bus, train, or ambulance can be deducted. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses. With either method you may include tolls and parking fees. You may include in medical expenses the incidental cost of meals and lodging charged by a hospital or similar institution if your principal reason for being there is to receive medical care. You can only include the medical expenses you paid during the year. Your total medical expenses for the year must be reduced by any reimbursement. It makes no difference if you receive the reimbursement or if it is paid directly to the doctor or hospital. You may include qualified medical expenses you pay for yourself, your spouse, and your dependents, including a person you claim as a dependent under a multiple support agreement. If either parent claims a child as a dependent under the rules for divorced or separated parents, each parent may deduct the medical expenses he or she actually pays for the child. You can also deduct medical expenses you paid for someone who would have qualified as your dependent except that the person didn't meet the gross income or joint return test. You may deduct only the amount by which your total medical care expenses for the year exceed 7.5% of your adjusted gross income. You do this calculation on Form 1040 Schedule A in computing the amount deductible. Medical expenses include insurance premiums paid for medical care or qualified long-term care insurance. You may not deduct insurance premiums for life insurance, for policies providing for loss of wages because of illness or injury, or policies that pay you a guaranteed amount each week for a sickness. In addition, the deduction for a qualified long-term care insurance policy's premium is limited. Refer toPublication 502 , Medical and Dental Expenses. You may not deduct insurance premiums paid by an employer-sponsored health insurance plan (cafeteria plan) unless the premiums are included in Box 1 of your Form W-2 (PDF). If you are self-employed and have a net profit for the year, you may be able to deduct, as an adjustment to income, amounts paid for medical insurance for yourself and your spouse and dependents on Form 1040, Line 29. Refer to Publication 502, Medical and Dental Expenses, to determine if you are self-employed. You cannot take this deduction for any month in which you are eligible to participate in any subsidized health plan maintained by your employer or your spouse's employer. If you do not claim 100 percent of your self-employed health insurance deduction, you can include the remaining premiums with your other medical expenses as an itemized deduction on Form 1040, Schedule A (PDF).
You can often times deduct the cost of hiring a tax professional to do your taxes in the following year. Given the generic nature of your question, I'd strongly suggest doing …just that.
In the US, when another taxpayer is entitled to claim you as a dependent on their income tax return, you cannot take an exemption for yourself even if the other taxpayer does …not actually claim you as a dependent. Then Exemptions for Dependents Dependent not allowed a personal exemption. If you can claim an exemption for your dependent, the dependent cannot claim his or her own personal exemption on his or her own tax return. This is true even if you do not claim the dependent's exemption on your return or if the exemption will be reduced under the phaseout rule described under Phaseout of Exemptions, later. Go to the IRS gov web site and use the search box for Publication 17 (2009), Your Federal Income Tax for Individuals go to chapter 3 Exemptions You can click on the below related link
a sum deducted from the total amount a taxpayer owes to the state ; An amount of money that a taxpayer is able to subtract from the amount of tax that they owe to the go…vernment.
Typically, the recipient of a claim payment is not required to report it as income. If the company is paying you for damages or injuries most likely it is not taxable. If you …are collecting payment from a company for work done then it is income and the company should provide the relevant tax forms at the end of the year. 1) My arm is broken in an accident and the responsible person's insurance pays me $500
Tax Credit A dollar-for-dollar reduction in the tax payment required from a person. Investopedia Says: Deductions and exemptions only reduce the amount of your income that i…s taxable. Tax credits reduce the actual amount of tax owed. Above retrieved from Answers.com Viper1 Tax credits directly reduce the taxes you owe. The currently available credits include credits for foreign taxes paid, child and dependent care expenses, elderly and disabled status, education expenses, retirement contributions, dependent children, and adoption.
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're al…lowed to claim either state and local income taxes or state and local sales taxes, but not both. If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator. For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
Claiming Back Taxes in Bankruptcy Only if they are more than three years old and meet specific requirements More specifically, yes, taxes may be discharged in bankruptcy and… are in a suprisingly low claim priority position....I believe 7th. Generally, income taxes for periods more than 2 or 3 years previous are not able to be assessed, being past the Statute of Limitations (however a number of items may extend that statute), and would not need o be claimed.
You can file an income tax return and if you have overpaid tax for the year then yes you will get the overpaid amount back.
Generally withholdings for 401k's are tax deductible, and is already calculated on your W-2. Depending on your income level, you may receive a nonrefundable saver's credit… for your retirement contributions.
Amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute i…n the nature of a workers' compensation act. The exemption also applies to your survivors. The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service, or prior contributions to the plan, even if you retired because of an occupational sickness or injury. If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits received, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. For a discussion of the tax ability of these benefits, see Other Income under Miscellaneous Income, later. Go to IRS.gov and use the search box for Publication 525 (2009), Taxable and Nontaxable Income
Sandra is single and her son Julius is 12 years old If her AGI is 79000 what amount of child tax credit can Sandra claim?
If Sandra AGI is 79000 and her taxable income is 63350 MAYBE her CTC amount would be 800. Sandra is the only that that has all of the necessary information available to her fo…r her to complete her income tax return correctly using the instruction and the worksheet that are available by going to the IRS.gov web site using the search box for Publication 972 (2009), Child Tax Credit
One can claim family tax credits in Canada by going through the family finances to find what can be deducted or not, spousal support payments, tax benefits and other tax consi…derations before filing a claim.
Property tax credit, or any type of tax return or credit, can typically only be claimed within the first three years of the relevant year. Unfortunately, there isn't any s…tatute of limitations the other way around, and property taxes can still be collected after many years.
Tax refunds and tax credits provide funding for the business start-up and expansion by subtracting certain costs in the annual government tax bill of the business. Your co…mpany may make an application for tax refunds of past costs or receive tax credits on future projects. These regulations give a financial break that may release your business' income permitting further development and security.