If Box 2 of Form 1098-E is checked, it means that the amount reported in Box 1 doesn't include the loan's origination fees and/or any capitalized interest. Only loans you took out before September 1, 2004, however, should have box 2 checked. An origination fee is typically...
box 4a of Form 1098-C should be checked, and the most you can deduct is $500. But if the vehicle's fair market value is actually less than $500, you can’t deduct more than the fair market value. In fact, the charity isn't required to prepare a...
Interest is a form of income that one earns in exchange for investing capital. As a taxpayer, you report interest income of $10 or more to the IRS and, in most circumstances, pay taxes on it. Whether the investment vehicle is a certificate of deposit (CD), a bond, mutual fund...
In January of the tax filing year, the student's university or training school will send the responsible party a Form 1098-T, which is a tuition statement that shows the education expenses paid for the year. The responsible party and taxpayer will use the information reported on the form to...
However, if you receive an unexpected form after you’ve filed, you will have to amend your return and that will cost you. So, make sure you have accurate and complete information before you file your taxes. While the forms you need will depend on your specific situation, here is a list...
The American Opportunity Tax Credit (AOTC) is a partially refundable tax credit for undergraduate college education expenses. Learn more.
Generally, this form is downloaded from your servicer’s website. Form 1098 If you paid more than $600 in interest on your mortgage, a 1098 form is likely headed your way. There should be one form for each mortgage you have. If you didn’t pay $600 in interest, you may not...
If you paid qualified educational expenses during a specific tax year to an eligible institution, then you will receiveForm 1098-T. Colleges are required to send the tax form by January 31 each year, so you should receive it shortly after that. Some colleges may make it available to you el...
Form W-2Gis a tax form that a gaming facility such as a casino may send if a taxpayer received winnings from gambling in the prior year. Students receive a 1098-E statement when they've paid interest on a federal student loan. Students also receive a 1098-T statement reporting college tu...
You don’t need to submit a copy of Form 1099-G, Certain Government Payments with your annual tax return.3 How to File Form 1099-G Form 1099-G is sent to you if a federal, state, or local government made payments to you. The most common uses of the 1099-G areto report unemploymen...