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Q. If line 5 on the 1098T is greater than line 1, does the student need to file a separate tax return? A. Simple answer: No, unless the difference between line 5 and line 1 is more than $14,600 (20... See more...
Q. If line 5 on the 1098T is greater than line 1, does the student need to file a separate tax return? A. Simple answer: No, unless the difference between line 5 and line 1 is more than $14,600 (2024 threshold).    A student, with no other income, can have up to $14,600 of taxable scholarship (in 2024) and still pay no income tax (therefore not have to file a return). If he has other income, whether he has to file depends on the source and the amount of the other income.    You do not report his/her income on your (the parent's) return. If it has to be reported, at all, it goes on his own return. A dependent-student must file a tax return for 2024 if he had any of the following: Total income (wages, salaries, taxable scholarship etc.) of more than $14,600 ($15,750 for 2025).   Unearned income (interest, dividends, capital gains, unemployment, taxable portion of 529 distribution) of more than $1300.  Unearned income over $450 and gross income of more than $1300.  Household employee income (e.g. baby sitting, lawn mowing) over $2600 ($14,600 if under age 18)  Other self employment income over $432, including money on a form 1099-NEC Scholarships are a hybrid between earned and unearned income. It is earned income for purposes of the $14,600 filing requirement (2024) and the dependent standard deduction calculation (earned income + $450).  It is not earned income for the kiddie tax and other purposes (e.g. EIC).  For grad students and post grad fellows, scholarship, stipend and fellowship income is earned income ("compensation") for IRA contributions.  
You have not mentioned your income.   https://turbotax.intuit.com/tax-tools/calculators/w4/  https://www.irs.gov/individuals/tax-withholding-estimator https://www.irs.gov/pub/irs-pdf/fw4.pdf ... See more...
You have not mentioned your income.   https://turbotax.intuit.com/tax-tools/calculators/w4/  https://www.irs.gov/individuals/tax-withholding-estimator https://www.irs.gov/pub/irs-pdf/fw4.pdf  
Yeah, you're NOT a dealer (at least not without more than you posted).   Real estate dealers are in the trade or business of buying and selling properties to customers and hold the property primari... See more...
Yeah, you're NOT a dealer (at least not without more than you posted).   Real estate dealers are in the trade or business of buying and selling properties to customers and hold the property primarily for resale; dealers treat the property as inventory.   One single, solitary buy and sell will not be considered a flip and won't elevate you to the status of "dealer" without more. In fact, reporting it in that manner has the possibility of ramifications with the IRS, particularly since you have a net loss.
OK we will need to know how you entered the unemployment.  It should be on a 1099G.  What line did it show up on your tax return?  Did you enter it like a W2?     Did the IRS send you a letter abou... See more...
OK we will need to know how you entered the unemployment.  It should be on a 1099G.  What line did it show up on your tax return?  Did you enter it like a W2?     Did the IRS send you a letter about it?  Why did you reach out to the IRS?  Did you call them?     Be sure to save a copy of your original return before you start the amended return. The Amended return will overwrite the original return.  How to Amend the current year https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk   Then to fix it you first delete the unemployment you entered in the wrong place.  Then Enter a 1099G for unemployment under Federal on left Wages & Income at top Unemployment - Click the Start or Update Button Your unemployment compensation will be on Schedule 1 line 7 and  flows to Form 1040 Line 8.  You get credit for any withholding on 1040 line 25b.  
If you received a 1099G for unemployment benefits it must be entered here:   Enter your 1099G in Federal>Wages & Income>Unemployment Go through the screens very carefully, making sure  to enter... See more...
If you received a 1099G for unemployment benefits it must be entered here:   Enter your 1099G in Federal>Wages & Income>Unemployment Go through the screens very carefully, making sure  to enter any federal/state tax you had withheld from the unemployment. https://ttlc.intuit.com/community/entering-importing/help/where-do-i-report-a-1099-g-for-unemployment-or-paid-family-leave/00/26530   Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)     See this TurboTax support FAQ for amending a tax return -   CURRENT YEAR https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk     Do not expect quick results from amending. It can take four months or more for the IRS to process an amended return.     You can watch for information here: https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1  
No.   If you live and work in Florida, you do not have to pay IL income tax just because your employer is located in IL.  FL has no state income tax.  You simply file a federal tax return.
We were victims of the Altadena, CA, fires and lost almost all of our property.
No, the extra hours are not overtime that qualify for the deduction under the new tax law. The deduction for overtime applies only to the amount over your regular pay rate. If your regular pay is $30... See more...
No, the extra hours are not overtime that qualify for the deduction under the new tax law. The deduction for overtime applies only to the amount over your regular pay rate. If your regular pay is $30/hour and you get $45/hour for overtime, you would get a deduction for the extra $15/hour. But you still pay tax on all the pay at the regular $30/hour rate. The number of hours that you work doesn't really matter. It's the time and a half that gives you a deduction. An exempt employee is usually not going to qualify for the deduction for overtime.  
We are classified as exempt employees, only paid 40 hours per week. However, during certain periods of "rush" they let us work 10-20 extra hours. Those extra hours are paid as regular hours, with no ... See more...
We are classified as exempt employees, only paid 40 hours per week. However, during certain periods of "rush" they let us work 10-20 extra hours. Those extra hours are paid as regular hours, with no 1.5x multiplier. Would those extra hours still qualify for the over time tax deduction under the BBB?
Sorry not using Turbo Tax.    It's  too late to start a 2023 or prior online return or use the mobile app, either on Turbo Tax or the IRS.   And too late to efile 2023. To do a prior year return y... See more...
Sorry not using Turbo Tax.    It's  too late to start a 2023 or prior online return or use the mobile app, either on Turbo Tax or the IRS.   And too late to efile 2023. To do a prior year return you have to buy the Desktop program here, https://turbotax.intuit.com/personal-taxes/past-years-products You will need a full Windows or Mac to install it on.   If you have a simple return and want to file for free you can fill out the forms by hand.  Here are some basic forms..... Here is the 2023 1040 return https://www.irs.gov/pub/irs-prior/f1040--2023.pdf or if you want bigger type use 1040SR for Seniors, https://www.irs.gov/pub/irs-prior/f1040s--2023.pdf 2023 1040 Instructions https://www.irs.gov/pub/irs-prior/i1040gi--2023.pdf 2023 EIC and Tax Tables https://www.irs.gov/pub/irs-prior/i1040tt--2023.pdf Schedules 1-3 https://www.irs.gov/pub/irs-prior/f1040s1--2023.pdf https://www.irs.gov/pub/irs-prior/f1040s2--2023.pdf https://www.irs.gov/pub/irs-prior/f1040s3--2023.pdf Don’t forget your state. And you will have to print and mail your returns.  So be sure to attach copies of your W2s and any 1099s that have withholding on them.  You have to mail federal and state in separate envelopes because they go to different places.  Get a tracking number from the post office when you mail them for proof of filing. Then when you file for 2024 you need to enter 0 for the 2023 AGI since you are filing 2023 late.
If no change in federal tax liability you don’t need to amend your federal return. Your state returns will have to be amended. 
https://tax.illinois.gov/individuals/filingrequirements.html
I'm not using turbo tax but just asking question. Do i need to pay that tax or not
If you worked in IL you may need to pay IL tax, but if you are a non-resident alien, you cannot use TurboTax.   If you are a non-resident alien, your return must be filed on Form 1040NR, which ca... See more...
If you worked in IL you may need to pay IL tax, but if you are a non-resident alien, you cannot use TurboTax.   If you are a non-resident alien, your return must be filed on Form 1040NR, which cannot be prepared using TurboTax.  You can use TT’s partner, sprintax: https://www.sprintax.com/non-resident-alien-tax-1040nr-turbotax.html IRS —HOW TO DETERMINE RESIDENCY STATUS FOR TAX https://www.irs.gov/individuals/international-taxpayers/determining-an-individuals-tax-residency-status#:~:text=If you are not a,January 1 – December 31).  
Not sure what "rebate check" you are referring to.   There has not been a federal recovery rebate check since tax year 2021.  There is no rebate check for 2024.