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Get your taxes done using TurboTax
$45,000 less $26,000 (scholarship, used to pay for tuition fee) = $19,000 (excess distribution), so we're paying taxes and penalty earnings part of the $19000 ($19000/$45000) which is $300. I think he ends up paying just the penalty of $30, that's why his refund is showing up as $34 ($64 taxes deducted less $30 penalty).
I need to file taxes for him so he can claim back $34 deducted from his paycheck for lifeguarding.
Using this approach, we can still claim his as dependent right?
Again, thank you so much for all the help.
March 10, 2024
10:48 AM