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File 2012 Taxes H&r Block

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File 2012 Taxes H&r Block

File 2012 taxes h&r block 1. File 2012 taxes h&r block   Scholarships, Fellowships, Grants, and Tuition Reductions Table of Contents Reminder Introduction Scholarships and FellowshipsTax-Free Scholarships and Fellowships Taxable Scholarships and Fellowships Reporting Scholarships and Fellowships Other Types of Educational AssistanceFulbright Grants Pell Grants and Other Title IV Need-Based Education Grants Payment to Service Academy Cadets Veterans' Benefits Qualified Tuition Reduction Reminder Individual retirement arrangements (IRAs). File 2012 taxes h&r block  You can set up and make contributions to an IRA if you receive taxable compensation. File 2012 taxes h&r block Under this rule, a taxable scholarship or fellowship is compensation only if it is shown in box 1 of your Form W-2, Wage and Tax Statement. File 2012 taxes h&r block For more information about IRAs, see Publication 590. File 2012 taxes h&r block Introduction This chapter discusses the income tax treatment of various types of educational assistance you may receive if you are studying, teaching, or researching in the United States. File 2012 taxes h&r block The educational assistance can be for a primary or secondary school, a college or university, or a vocational school. File 2012 taxes h&r block Included are discussions of: Scholarships, Fellowships, Need-based education grants, such as a Pell Grant, and Qualified tuition reductions. File 2012 taxes h&r block Many types of educational assistance are tax free if they meet the requirements discussed here. File 2012 taxes h&r block Special rules apply to U. File 2012 taxes h&r block S. File 2012 taxes h&r block citizens and resident aliens who have received scholarships or fellowships for studying, teaching, or researching abroad. File 2012 taxes h&r block For information about these rules, see Publication 54, Tax Guide for U. File 2012 taxes h&r block S. File 2012 taxes h&r block Citizens and Resident Aliens Abroad. File 2012 taxes h&r block Scholarships and Fellowships A scholarship is generally an amount paid or allowed to, or for the benefit of, a student (whether an undergraduate or a graduate) at an educational institution to aid in the pursuit of his or her studies. File 2012 taxes h&r block A fellowship is generally an amount paid for the benefit of an individual to aid in the pursuit of study or research. File 2012 taxes h&r block Amount of scholarship or fellowship. File 2012 taxes h&r block   The amount of a scholarship or fellowship includes the following: The value of contributed services and accommodations. File 2012 taxes h&r block This includes such services and accommodations as room (lodging), board (meals), laundry service, and similar services or accommodations that are received by an individual as a part of a scholarship or fellowship. File 2012 taxes h&r block The amount of tuition, matriculation, and other fees that are paid or remitted to the student to aid the student in pursuing study or research. File 2012 taxes h&r block Any amount received in the nature of a family allowance as a part of a scholarship or fellowship. File 2012 taxes h&r block Tax-Free Scholarships and Fellowships A scholarship or fellowship is tax free (excludable from gross income) only if you are a candidate for a degree at an eligible educational institution. File 2012 taxes h&r block A scholarship or fellowship is tax free only to the extent: It does not exceed your expenses; It is not designated or earmarked for other purposes (such as room and board), and does not require (by its terms) that it cannot be used for qualified education expenses; and It does not represent payment for teaching, research, or other services required as a condition for receiving the scholarship. File 2012 taxes h&r block (But for exceptions, see Payment for services,later. File 2012 taxes h&r block Use Worksheet 1–1 to figure the amount of a scholarship or fellowship you can exclude from gross income. File 2012 taxes h&r block Candidate for a degree. File 2012 taxes h&r block   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an educational institution that: Provides a program that is acceptable for full credit toward a bachelor's or higher degree, or offers a program of training to prepare students for gainful employment in a recognized occupation; and Is authorized under federal or state law to provide such a program and is accredited by a nationally recognized accreditation agency. File 2012 taxes h&r block Eligible educational institution. File 2012 taxes h&r block   An eligible educational institution is one whose primary function is the presentation of formal instruction and that normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. File 2012 taxes h&r block Qualified education expenses. File 2012 taxes h&r block   For purposes of tax-free scholarships and fellowships, these are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. File 2012 taxes h&r block These items must be required of all students in your course of instruction. File 2012 taxes h&r block Expenses that do not qualify. File 2012 taxes h&r block   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. File 2012 taxes h&r block Payment for services. File 2012 taxes h&r block   Generally, you cannot exclude from your gross income the part of any scholarship or fellowship that represents payment for teaching, research, or other services required as a condition for receiving the scholarship. File 2012 taxes h&r block This applies even if all candidates for a degree must perform the services to receive the degree. File 2012 taxes h&r block (See exceptions next. File 2012 taxes h&r block ) Exceptions. File 2012 taxes h&r block   You do not have to treat as payment for services the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. File 2012 taxes h&r block Example 1. File 2012 taxes h&r block You received a scholarship of $2,500. File 2012 taxes h&r block The scholarship was not received under either of the exceptions mentioned above. File 2012 taxes h&r block As a condition for receiving the scholarship, you must serve as a part-time teaching assistant. File 2012 taxes h&r block Of the $2,500 scholarship, $1,000 represents payment for teaching. File 2012 taxes h&r block The provider of your scholarship gives you a Form W-2 showing $1,000 as income. File 2012 taxes h&r block Your qualified education expenses were at least $1,500. File 2012 taxes h&r block Assuming that all other conditions are met, $1,500 of your scholarship is tax free. File 2012 taxes h&r block The $1,000 you received for teaching is taxable. File 2012 taxes h&r block Example 2. File 2012 taxes h&r block You are a candidate for a degree at a medical school. File 2012 taxes h&r block You receive a scholarship (not under either of the exceptions mentioned above) for your medical education and training. File 2012 taxes h&r block The terms of your scholarship require you to perform future services. File 2012 taxes h&r block A substantial penalty applies if you do not comply. File 2012 taxes h&r block The entire amount of your grant is taxable as payment for services in the year it is received. File 2012 taxes h&r block Athletic Scholarships An athletic scholarship is tax free only if and to the extent it meets the requirements discussed later. File 2012 taxes h&r block Worksheet 1-1. File 2012 taxes h&r block    You can use Worksheet 1-1, Taxable Scholarship and Fellowship Income , later, to figure the tax-free and taxable parts of your athletic scholarship. File 2012 taxes h&r block    Worksheet 1-1. File 2012 taxes h&r block Taxable Scholarship and Fellowship Income 1. File 2012 taxes h&r block Enter the total amount of any scholarship or fellowship for 2013. File 2012 taxes h&r block See Amount of scholarship or fellowship, earlier. File 2012 taxes h&r block 1. File 2012 taxes h&r block       If you are a degree candidate at an eligible educational institution, go to line 2. File 2012 taxes h&r block If you are not a degree candidate at an eligible educational institution, stop here. File 2012 taxes h&r block The entire amount is taxable. File 2012 taxes h&r block For information on how to report this amount on your tax return, see Reporting Scholarships and Fellowships , earlier, in this chapter. File 2012 taxes h&r block       2. File 2012 taxes h&r block Enter the amount from line 1 that was for teaching, research, or any other services required as a condition for receiving the scholarship. File 2012 taxes h&r block (Do not include amounts received for these items under the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance Program. File 2012 taxes h&r block ) 2. File 2012 taxes h&r block     3. File 2012 taxes h&r block Subtract line 2 from line 1 3. File 2012 taxes h&r block     4. File 2012 taxes h&r block Enter the amount from line 3 that your scholarship or fellowship required you to use for other than qualified education expenses 4. File 2012 taxes h&r block     5. File 2012 taxes h&r block Subtract line 4 from line 3 5. File 2012 taxes h&r block     6. File 2012 taxes h&r block Enter the amount of your qualified education expenses 6. File 2012 taxes h&r block     7. File 2012 taxes h&r block Enter the smaller of line 5 or line 6. File 2012 taxes h&r block This amount is the most you can exclude from your gross income (the tax-free part of the scholarship or fellowship) 7. File 2012 taxes h&r block     8. File 2012 taxes h&r block Subtract line 7 from line 5 8. File 2012 taxes h&r block     9. File 2012 taxes h&r block Taxable part. File 2012 taxes h&r block Add lines 2, 4, and 8. File 2012 taxes h&r block See Reporting Scholarships and Fellowships , earlier, for how to report this amount on your tax return 9. File 2012 taxes h&r block     Taxable Scholarships and Fellowships If and to the extent your scholarship or fellowship does not meet the requirements described earlier, it is taxable and must be included in gross income. File 2012 taxes h&r block You can use Worksheet 1–1, Taxable Scholarship and Fellowship Income, later, to figure the tax-free and taxable parts of your scholarship or fellowship. File 2012 taxes h&r block Reporting Scholarships and Fellowships Whether you must report your scholarship or fellowship depends on whether you must file a return and whether any part of your scholarship or fellowship is taxable. File 2012 taxes h&r block If your only income is a completely tax-free scholarship or fellowship, you do not have to file a tax return and no reporting is necessary. File 2012 taxes h&r block If all or part of your scholarship or fellowship is taxable and you are required to file a tax return, report the taxable amount as explained below. File 2012 taxes h&r block You must report the taxable amount whether or not you received a Form W-2. File 2012 taxes h&r block If you receive an incorrect Form W-2, ask the payer for a corrected one. File 2012 taxes h&r block For information on whether you must file a return, see Publication 501, Exemptions, Standard Deduction, and Filing Information, or your income tax form instructions. File 2012 taxes h&r block How To Report How you report any taxable scholarship or fellowship income depends on which return you file. File 2012 taxes h&r block Form 1040EZ. File 2012 taxes h&r block   If you file Form 1040EZ, include the taxable amount in the total on line 1. File 2012 taxes h&r block If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 1. File 2012 taxes h&r block Form 1040A. File 2012 taxes h&r block   If you file Form 1040A, include the taxable amount in the total on line 7. File 2012 taxes h&r block If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 7. File 2012 taxes h&r block Form 1040. File 2012 taxes h&r block   If you file Form 1040, include the taxable amount in the total on line 7. File 2012 taxes h&r block If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount on the dotted line next to line 7. File 2012 taxes h&r block Schedule SE (Form 1040). File 2012 taxes h&r block   To determine your net earnings from self-employment, include amounts you receive under a scholarship as pay for your services that are reported to you on Form 1099-MISC, Miscellaneous Income. File 2012 taxes h&r block If your net earnings are $400 or more, you must pay self-employment tax. File 2012 taxes h&r block Use Schedule SE, Self-Employment Tax, to figure this tax. File 2012 taxes h&r block Form 1040NR. File 2012 taxes h&r block   If you file Form 1040NR, report the taxable amount on line 12. File 2012 taxes h&r block Generally, you must report the amount shown in box 2 of Form(s) 1042-S, Foreign Person's U. File 2012 taxes h&r block S. File 2012 taxes h&r block Source Income Subject to Withholding. File 2012 taxes h&r block See the Instructions for Form 1040NR for more information. File 2012 taxes h&r block Form 1040NR-EZ. File 2012 taxes h&r block   If you file Form 1040NR-EZ, report the taxable amount on line 5. File 2012 taxes h&r block Generally, you must report the amount shown in box 2 of Form(s) 1042-S. File 2012 taxes h&r block See the Instructions for Form 1040NR-EZ for more information. File 2012 taxes h&r block Other Types of Educational Assistance The following discussions deal with other common types of educational assistance. File 2012 taxes h&r block Fulbright Grants A Fulbright grant is generally treated as a scholarship or fellowship in figuring how much of the grant is tax free. File 2012 taxes h&r block Pell Grants and Other Title IV Need-Based Education Grants These need-based grants are treated as scholarships for purposes of determining their tax treatment. File 2012 taxes h&r block They are tax free to the extent used for qualified education expenses during the period for which a grant is awarded. File 2012 taxes h&r block Payment to Service Academy Cadets An appointment to a United States military academy is not a scholarship or fellowship. File 2012 taxes h&r block Payment you receive as a cadet or midshipman at an armed services academy is pay for personal services and will be reported to you in box 1 of Form W-2. File 2012 taxes h&r block Include this pay in your income in the year you receive it unless one of the exceptions, discussed earlier under Payment for services , applies. File 2012 taxes h&r block Veterans' Benefits Payments you receive for education, training, or subsistence under any law administered by the Department of Veterans Affairs (VA) are tax free. File 2012 taxes h&r block Do not include these payments as income on your federal tax return. File 2012 taxes h&r block If you qualify for one or more of the education benefits discussed in chapters 2 through 12, you may have to reduce the amount of education expenses qualifying for a specific benefit by part or all of your VA payments. File 2012 taxes h&r block This applies only to the part of your VA payments that is required to be used for education expenses. File 2012 taxes h&r block You may want to visit the Veteran's Administration website at www. File 2012 taxes h&r block gibill. File 2012 taxes h&r block va. File 2012 taxes h&r block gov for specific information about the various VA benefits for education. File 2012 taxes h&r block Example. File 2012 taxes h&r block You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BHA) that is directly deposited to your checking account, and (2) $3,840 paid directly to your college for tuition. File 2012 taxes h&r block Neither of these benefits is taxable and you do not report them on your tax return. File 2012 taxes h&r block You also want to claim an American opportunity credit on your return. File 2012 taxes h&r block You paid $5,000 in qualified education expenses (see chapter 2, American Opportunity Credit , later). File 2012 taxes h&r block To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. File 2012 taxes h&r block You do not subtract any amount of the BHA because it was paid to you and its use was not restricted. File 2012 taxes h&r block Qualified Tuition Reduction If you are allowed to study tuition free or for a reduced rate of tuition, you may not have to pay tax on this benefit. File 2012 taxes h&r block This is called a “tuition reduction. File 2012 taxes h&r block ” You do not have to include a qualified tuition reduction in your income. File 2012 taxes h&r block A tuition reduction is qualified only if you receive it from, and use it at, an eligible educational institution. File 2012 taxes h&r block You do not have to use the tuition reduction at the eligible educational institution from which you received it. File 2012 taxes h&r block In other words, if you work for an eligible educational institution and the institution arranges for you to take courses at another eligible educational institution without paying any tuition, you may not have to include the value of the free courses in your income. File 2012 taxes h&r block The rules for determining if a tuition reduction is qualified, and therefore tax free, are different if the education provided is below the graduate level or is graduate education. File 2012 taxes h&r block You must include in your income any tuition reduction you receive that is payment for your services. File 2012 taxes h&r block Eligible educational institution. File 2012 taxes h&r block   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. File 2012 taxes h&r block Officers, owners, and highly compensated employees. File 2012 taxes h&r block   Qualified tuition reductions apply to officers, owners, or highly compensated employees only if benefits are available to employees on a nondiscriminatory basis. File 2012 taxes h&r block This means that the tuition reduction benefits must be available on substantially the same basis to each member of a group of employees. File 2012 taxes h&r block The group must be defined under a reasonable classification set up by the employer. File 2012 taxes h&r block The classification must not discriminate in favor of owners, officers, or highly compensated employees. File 2012 taxes h&r block Payment for services. File 2012 taxes h&r block   Generally, you must include in income the part of any qualified tuition reduction that represents payment for teaching, research, or other services by the student required as a condition of receiving the qualified tuition reduction. File 2012 taxes h&r block This applies even if all candidates for a degree must perform the services to receive the degree. File 2012 taxes h&r block (See below for exceptions. File 2012 taxes h&r block ) Exceptions. File 2012 taxes h&r block   You do not have to include in income the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. File 2012 taxes h&r block Education Below the Graduate Level If you receive a tuition reduction for education below the graduate level (including primary, secondary, or high school), it is a qualified tuition reduction, and therefore tax free, only if your relationship to the educational institution providing the benefit is described below. File 2012 taxes h&r block You are an employee of the eligible educational institution. File 2012 taxes h&r block You were an employee of the eligible educational institution, but you retired or left on disability. File 2012 taxes h&r block You are a widow or widower of an individual who died while an employee of the eligible educational institution or who retired or left on disability. File 2012 taxes h&r block You are the dependent child or spouse of an individual described in (1) through (3), above. File 2012 taxes h&r block Child of deceased parents. File 2012 taxes h&r block   For purposes of the qualified tuition reduction, a child is a dependent child if the child is under age 25 and both parents have died. File 2012 taxes h&r block Child of divorced parents. File 2012 taxes h&r block   For purposes of the qualified tuition reduction, a dependent child of divorced parents is treated as the dependent of both parents. File 2012 taxes h&r block Graduate Education A tuition reduction you receive for graduate education is qualified, and therefore tax free, if both of the following requirements are met. File 2012 taxes h&r block It is provided by an eligible educational institution. File 2012 taxes h&r block You are a graduate student who performs teaching or research activities for the educational institution. File 2012 taxes h&r block You must include in income any other tuition reductions for graduate education that you receive. File 2012 taxes h&r block How To Report Any tuition reduction that is taxable should be included as wages in box 1 of your Form W-2. File 2012 taxes h&r block Report the amount from Form W-2, box 1, on line 7 (Form 1040 or Form 1040A) or line 1 (Form 1040EZ). File 2012 taxes h&r block Prev  Up  Next   Home   More Online Publications
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