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Tax Time!

Tax Time!. Presented by: Rebecca Eskins Financial Aid Counselor. What is a 1098-T?. Tuition Payments. Grad Student Check. Scholarship/Grants. The 1098-T. Has all the information required to claim an education credit.

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Tax Time!

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  1. Tax Time! Presented by: Rebecca Eskins Financial Aid Counselor

  2. What is a 1098-T?

  3. Tuition Payments Grad Student Check Scholarship/Grants

  4. The 1098-T • Has all the information required to claim an education credit. • Is given to all students who have been charged tuition. • For UCLA students it can be found at: • www.1098-T.com

  5. Am I Required to File? • Independent filers: Under 65 Filling Status Income • Single: $8950 • Married Filling Joint: $17900 • Married Filling Separately: $3500 • Head Of Household: $11500 • QW w/Dependant Child: $14400 • Self Employed $400

  6. Am I Required to File: Part 2 • Dependant Filers: Under 65 • Unmarried • Unearned income was more than $900 • Earned Income was more than $5450 • Married • Same as unmarried • If your spouse files and you made more then $5

  7. Interest/Dividends Wages • Interest earned on money being saved. 1098-int • Dividends, earned on profit from a company. 1098-div • Income from work. W-2 • Tips received.

  8. Scholarships/Grants • All scholarships and grants do not have to be repaid, but they are taxable. • Using your 1098-T you can find out if you have any taxable scholarship. • Yearly scholarship received (box 5) – Tuition paid (box 1)= Taxable scholarship.

  9. For Example: • $5000 sch - $20000 = - $15000 • $30000 sch - $20000 = $10000

  10. Self-employment Income • This includes any money received for: • Babysitting • Tutoring • Selling on eBay • Contract work • Etc.

  11. Should I file? • Did you make more then the income requirement? • Did you have taxes with held from a job? • Did you get advance EITC? If you answered yes to any of these questions then you should file.

  12. Education Credits

  13. Loan Interest Deduction

  14. What documents should I keep? • Any items that show you paid for a tax deductable item: • Bills • Credit Card and Other Receipts • Invoices • Mileage Logs • Cancelled Checks

  15. Where Do I go for help??? • Taxpayer Advocate • 1-877-777-4778 • Low Income Taxpayer Clinic • 213-637-1690 • Volunteer Income Tax Assistance (VITA) • 1-800-829-1040 • Tax payer assistance center • 6230 Van Nuys Blvd.Phone(818) 756-4607 • www.irs.gov • File Free • View Publications

  16. Questions? Thank you all for coming!

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