Tax Refunds.

[Celeras]

Yeah, I meant for the audit process.

[archibaldcrane]

But hey, you're the IRS agent, if you think it's not worth the risk unless you have an avalanche of paperwork, I guess that's your advice.

edit: oh ok

[Shakki]

Herp derp no idea what I'm doing -- just out of college and first time doing this. :<

Anyway, let me try to summarize:

I was a student full time from Jan--end of April (graduated 1st week of May)
Then for the summer--now I've been working. Made about 15k, 1.5k was withheld.

The part about my job seems all fine and dandy, fill in the stuff I see on my W2, ok np.

The part that I'm confused about is the first half of my year & financial aid. I got about $9k, 2.2k to tuition, 2.5k to campus housing, some stuff here and there & like 4k leftover as spending money for normal expenses.

Before I input the school stuff, I had a few hundred as my return, but then it gobbled up that 7k and said my income was 22k and left me with like $50 return <.<

Does that sound right? :/ I really wasn't expecting to have to pay taxes on financial aid... blah. But at least I'm still on the positive.

Was your financial aid entirely scholarships, grants, etc. (i.e., money you don't have to repay)? If so, any portion of that you spend on non-education expenses counts as taxable income. On the other hand, student loans don't count as income since you have to repay them.

Also, make sure you're only entering financial aid information on the screen where you're entering the information from your 1098-T. If you add it under the "other aid" section, it will be be double-counting it and likely including it in your taxable income.

[Julian]

Was your financial aid entirely scholarships, grants, etc. (i.e., money you don't have to repay)? If so, any portion of that you spend on non-education expenses counts as taxable income. On the other hand, student loans don't count as income since you have to repay them.

Also, make sure you're only entering financial aid information on the screen where you're entering the information from your 1098-T. If you add it under the "other aid" section, it will be be double-counting it and likely including it in your taxable income.

All grants & scholarships. Fucking lame.

[Nirokun!]

Thank you you guys, I'm going to create a list of dates with patients/addresses to mirror my timesheet, and include the miles traveled so I can be exact and avoid trouble.

[Omnipotent]

Apparently a hold if you are filing with certain education expenses, won't be getting your tax return till March the earliest.... I'm included.

[Guyverarmor]

Yep, same here. Thank congress for that.

[kuronosan]

Good news is my state return is already going through.

[booly]

Good news! Got an e-mail with this notification today.

[Dotsudoku]

Got the same today

Hurry up money, hurry up

[Headspace]

Seems like that doesn't include the cost of graduate classes.

fucking lol

[Acevalefor]

Pending Transaction from IRS in my bank! A full 9 days before the IRS said it would be available. Time to go buy my new motorcycle!

[Kurokikaze]

Quick question, may sound a bit stupid. For people that get 1098/1099s if the employer did not pay you more than 10,000 for the year do either of you have to file it? I do some work on the side for extra cash along with my full time job.

I remember hearing that it wasn't necessary but would like confirmation.

[Dolmen]

Quick question, may sound a bit stupid. For people that get 1098/1099s if the employer did not pay you more than 10,000 for the year do either of you have to file it? I do some work on the side for extra cash along with my full time job.

I remember hearing that it wasn't necessary but would like confirmation.

You have to file a 1099 if you pay someone more than $600. You also owe SE tax on that income, at the very least.

[Kurokikaze]

You have to file a 1099 if you pay someone more than $600. You also owe SE tax on that income, at the very least.

Yeah I tend to confuse the two.

Ahh I see. I've been putting money aside this past year so I'm not too worried about the tax bill... I just don't want to write another 3.4k check to Uncle Sam like last year. SE tax can't be that much on 9k... lol

I should be filling on about 52k this year between both jobs.

[Dolmen]

Yeah I tend to confuse the two.

Ahh I see. I've been putting money aside this past year so I'm not too worried about the tax bill... I just don't want to write another 3.4k check to Uncle Sam like last year. SE tax can't be that much on 9k... lol

I should be filling on about 52k this year between both jobs.

SE tax would be $1,105.43 on the $9k, but you deduct $635.73, so it costs you $469.70.

[kuronosan]

Still thinking we have enough professionals on this board to start our own country on an island somewhere. I just hope we don't end up lost.

[Kurokikaze]

SE tax would be $1,105.43 on the $9k, but you deduct $635.73, so it costs you $469.70.

/glasses Winning.

Thank you sir.

http://hyperallergic.wpengine.netdna...ma_gangnam.gif

Still thinking we have enough professionals on this board to start our own country on an island somewhere. I just hope we don't end up lost.

It's why I love this community man. lol

[Dolmen]

Still thinking we have enough professionals on this board to start our own country on an island somewhere. I just hope we don't end up lost.

I'm actually back in school doing geospatial analysis, so I can navigate!

[Guyverarmor]

Just got an e-mail from Turbo Tax saying the IRS has accepted my return, but when I go to the IRS website, says it's still processing. So not sure if they have accepted it, and not updated their site....or TurboTax jumped the shark.