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  • Interactive Tax Assistant Interview Summary

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    allisonarchitecture
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    I WAS SO FRUSTRATED TODAY THAT I DISTRACTED MYSELF BY READING TAX FORMS AND GLOSSARIES. OH, BTW, IT'S MY FUCKING BIRTHDAY.

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    I WAS SO FRUSTRATED TODAY THAT I DISTRACTED MYSELF BY READING TAX FORMS AND GLOSSARIES. OH, BTW, IT'S MY FUCKING BIRTHDAY.

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    © All Rights Reserved
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    75 views2 pages

    Interactive Tax Assistant Interview Summary

    Uploaded by

    allisonarchitecture
    I WAS SO FRUSTRATED TODAY THAT I DISTRACTED MYSELF BY READING TAX FORMS AND GLOSSARIES. OH, BTW, IT'S MY FUCKING BIRTHDAY.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    AnswerstoYourQuestionsAboutCredits
    CanIclaimtheAmericanopportunitycredit,thelifetimelearningcredit,orthetuitionandfees
    deduction?
    YouarenoteligibletoclaimtheAmericanopportunitycredit.
    Thestudenthascompletedthefirstfouryearsofpostsecondaryeducation.
    Youareeligibletoclaimthelifetimelearningcredit.
    Youcanclaimqualifiededucationexpenseswhichare:
    Tuition,
    Expensesforcourserelatedbooks,supplies,andequipmentthatmustbepaidtotheinstitutionasaconditionof
    enrollmentorattendance,and
    Studentactivityfeesrelatedtoanacademiccourseofinstruction
    Youareeligibletoclaimthetuitionandfeesdeduction.
    Youcanclaimqualifiededucationexpenseswhichare:
    Tuition,
    Expensesforcourserelatedbooks,supplies,andequipmentthatmustbepaidtotheinstitutionasaconditionof
    enrollmentorattendance,and
    Studentactivityfeesrelatedtoanacademiccourseofinstruction

    HowdoIclaimthecreditordeduction?
    CompleteForm8863,EducationCredits,tocalculatetheeducationcreditandattachittoyourtaxreturn.

    Asyouqualifytoclaimmorethanoneeducationbenefit,youmustchoosewhicheducationbenefittoclaim.

    Ifyouchoosetoclaimthetuitionandfeesdeductionratherthanacredit,completeForm8917,TuitionandFeesDeduction,to
    calculateyourtuitionandfeesdeductionandattachittoyourtaxreturn.EnterthedeductiononyourForm1040or1040Aonthe
    linelabeled,"TuitionandFeesDeduction".

    WhatotherinformationdoIneedtoknow?
    Youmustreducethequalifiededucationexpensespaidbyanytaxfreeeducationalassistanceandrefund(s)youreceived.

    Yourcreditmaybelimitedbyyourtaxliabilityandothernonrefundablecredits.

    Review/ChangeData
    YourGeneralInformation
    Whattaxyearareyouaskingabout?2014
    Whatisyourfilingstatusfor2014?Single
    YourIncome
    Whatisyouradjustedgrossincome?$4,566
    GeneralInformation
    Areyoubeingclaimedasadependentonanothertaxpayer'sreturn?No
    During2014,wasthestudentenrolledatapostsecondaryeducationalinstitutioneligibletoparticipateinastudentaidprogram
    administeredbytheU.S.DepartmentofEducation?Yes
    Foratleastoneacademicperiodbeginningduring2014,wasthestudentenrolledatleasthalftimeinaprogramleadingtoa
    degree,certificate,orotherrecognizededucationalcredential?Yes
    Whoisthestudent?Youarethestudent
    Weretheeducationexpensespaidduring2014?Yes
    Weretheeducationexpensespaidforanacademicperiodthatbeganduring2014orthefirst3monthsof2015?Yes
    Whopaidtheexpenses?You
    Whatportionoftheexpenseswaspaidwithtaxexemptfunds?Part
    Wasarefundreceivedforanyeducationalexpensespreviouslypaidfor2014?Yes
    WasadistributionfromaCoverdellESAorQualifiedTuitionProgram(QTP)usedtopaytheexpenses?No
    Areyouclaimingtheseeducationexpensesanywhereelseonyourtaxreturn?No
    Hasthestudentreceivedfouryearsacademiccreditforpostsecondaryeducationbeforethebeginningof2014?Yes
    Doyouknowtheamountofyouradjustedgrossincome(AGI)for2014?Yes
    Areyouclaiminganyforeignearnedincomeexclusionordeduction(Form2555orForm2555EZ),orexcludingincomefrom
    PuertoRico,AmericanSamoa(Form4563)?No
    AreyoufilingForm8903,DomesticProductionActivitiesDeduction?No
    Areyoueligibletobeclaimedasadependentonanothertaxpayer'sreturn?(Doyouqualifytobeadependentofyourparentor
    someoneelseeventhoughtheymaynotclaimyouontheirtaxreturn?)No

    Disclaimer
    Theconclusionsabovearebasedoninformationprovidedbyyouinresponsetothequestionsyouanswered.Thisdoesnot
    constitutewrittenadviceinresponsetoaspecificwrittenrequestofthetaxpayerwithinthemeaningofsection6404(f)oftheInternal
    RevenueCode.

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