Publication 525, Taxable and Nontaxable Income, is a document published by theInternal Revenue Service (IRS)detailing what types of income taxpayers should consider taxable or nontaxable when filing tax returns.1 A taxpayer's income can come from a number of sources other than regular employme...
970Tax Benefits for EducationPublication 970 explains the various tax benefits available to eligible individuals saving for or payingeducation costs. They include scholarships, fellowships, grants, and tuition reductions; tax credits; student loan interest deduction; student loan cancelations and repayment ...
If you plan on claiming one of the IRS educational tax credits, be sure to fill out a Form 8863 and attach it to your tax return. These credits can provide a dollar-for-dollar reduction in the amount of tax you owe at the end of the year for the costs yo
Learn how to report tip income in Publication 531: Reporting Tip Income. Find out if you must or should file an IRS tax return. Interest Income Interest earned from savings accounts (e.g., CDs) is taxable. Your bank will send a 1099-INT or 1099-OID by January following the tax year....
‘trade or business’ are inconsistent and mutually exclusive” (Attachment 4). The case also held that private fellowships are FICA exempt: “a scholarship or fellowship grant are not considered to be ‘wages’ for FICA and FUTA purposes, even though they may be otherwise taxable” (...
Eligibility Based on Project Timing and Prior Investments The Proposed Regulations are intended to apply to property placed in service during a taxable year beginning after the publication of the final regulations. However, taxpayers generally are permitted to rely on the Proposed Regulations provid...
may not be made on an amended Federal income tax return. An exception to the ability to make the Transfer Election on an amended return is provided for tax years ending after the Credit Effective Date, but not for taxable years beginning after the publication date of the Proposed Regulations...
Form 1040EZ is no longer used, but Form 1040 and Form 1040-SR are important for taxpayers to be familiar with. Here's a guide to what is on these forms and what has changed from previous tax years.