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Taxact 2008 Free Download

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Taxact 2008 Free Download

Taxact 2008 free download Index A Administrative adjustment requests, Amended Returns and Administrative Adjustment Requests (AARs) Allocations Built-in gain or loss, Allocations to account for built-in gain or loss. Taxact 2008 free download Installment sale, Installment reporting for sale of partnership interest. Taxact 2008 free download Amended returns, Amended Returns and Administrative Adjustment Requests (AARs) Assistance (see Tax help) B Built-in gain or loss, Allocations to account for built-in gain or loss. Taxact 2008 free download C C corporation, TEFRA, Small Partnerships and the Small Partnership Exception Capital interest, Capital interest. Taxact 2008 free download , Capital interest. Taxact 2008 free download Comments on publication, Comments and suggestions. Taxact 2008 free download Contribution Basis of property, Basis of contributed property. Taxact 2008 free download Built-in gain or loss, Allocations to account for built-in gain or loss. Taxact 2008 free download Distribution of property, Distribution of contributed property to another partner. Taxact 2008 free download Net precontribution gain, Net precontribution gain. Taxact 2008 free download Property, Contribution of Property Services, Contribution of Services D Definition, partnership, Forming a Partnership Determining ownership, More than 50% ownership. Taxact 2008 free download Distributions Gain or loss, Partner's Gain or Loss Partner's debt, Distribution of partner's debt. Taxact 2008 free download Partnership, Partnership Distributions Distributive share Adjusted basis, Adjusted Basis Guaranteed payments, Guaranteed Payments E e-file, IRS e-file (Electronic Filing) Electronic filing, IRS e-file (Electronic Filing) F Family partnership, Family Partnership Form 8275, Form 8275 required. Taxact 2008 free download 8308, Information return required of partnership. Taxact 2008 free download 8832, Organizations formed after 1996. Taxact 2008 free download 8865, Contribution to foreign partnership. Taxact 2008 free download G Guaranteed payments, Guaranteed Payments I Insurance, self-employed health, Self-employed health insurance premiums. Taxact 2008 free download Inventory items, substantially appreciated, Substantially appreciated inventory items. Taxact 2008 free download L Liability Assumption of, Assumption of liability. Taxact 2008 free download Partner's assumed by partnership, Partner's liabilities assumed by partnership. Taxact 2008 free download Partnership's, Effect of Partnership Liabilities Limited liability company, Limited liability company. Taxact 2008 free download Liquidation Constructive, Constructive liquidation. Taxact 2008 free download Partner's interest, Complete liquidation of partner's interest. Taxact 2008 free download Partner's retirement or death, Liquidation at Partner's Retirement or Death Losses Sales or exchanges, Losses. Taxact 2008 free download M Marketable securities, Marketable securities treated as money. Taxact 2008 free download N Notice group, TEFRA, Notice group. Taxact 2008 free download Notice partner, TEFRA, Notice partner. Taxact 2008 free download P Partner's Basis Distributed property, Partner's Basis for Distributed Property Partnership interest, Basis of Partner's Interest Interest Acquired by gift, Interest acquired by gift, etc. Taxact 2008 free download Alternative rule, adjusted basis, Alternative rule for figuring adjusted basis. Taxact 2008 free download Basis, Basis of Partner's Interest Basis adjustments, Adjusted Basis Book value, Book value of partner's interest. Taxact 2008 free download Liquidation of, Complete liquidation of partner's interest. Taxact 2008 free download , Liquidation at Partner's Retirement or Death Mandatory basis adjustment, Mandatory adjustment. Taxact 2008 free download Sale, exchange, transfer, Sale, Exchange, or Other Transfer Special basis adjustment, Special adjustment to basis. Taxact 2008 free download Transactions with partnership, Transactions Between Partnership and Partners Partnership Abandoned or worthless interest, Abandoned or worthless partnership interest. Taxact 2008 free download Agreement, Partnership Agreement Basis, contributed property, Basis of contributed property. Taxact 2008 free download Capital interest, Capital interest. Taxact 2008 free download Defined, Forming a Partnership Exclusion from rules, Exclusion From Partnership Rules Family, Family Partnership Forming, Forming a Partnership Liabilities, Effect of Partnership Liabilities Terminating, Terminating a Partnership Transactions with partner, Transactions Between Partnership and Partners Partnership item, TEFRA, Partnership Item. Taxact 2008 free download Precontribution gain, Net precontribution gain. Taxact 2008 free download Profits interest, Profits interest. Taxact 2008 free download Publications (see Tax help) R Related person, Related person. Taxact 2008 free download S Self-employed health insurance, Self-employed health insurance premiums. Taxact 2008 free download Short period return, Short period return. Taxact 2008 free download Small partnership exception to TEFRA, Small Partnerships and the Small Partnership Exception, Small Partnership TEFRA Election Statute of Limitations and TEFRA, Statute of Limitations and TEFRA Substantially appreciated inventory items, Substantially appreciated inventory items. Taxact 2008 free download Suggestions for publication, Comments and suggestions. Taxact 2008 free download T Tax help, How To Get Tax Help Tax matters partner, Role of Tax Matters Partner (TMP) in TEFRA Proceedings Tax withholding, foreign person or firm, Withholding on foreign partner or firm. Taxact 2008 free download TEFRA, Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) Terminating a partnership, Terminating a Partnership TTY/TDD information, How To Get Tax Help U Uniform Limited Partnership ACT (ULPA), Role of Tax Matters Partner (TMP) in TEFRA Proceedings Unrealized receivables, Unrealized receivables. Taxact 2008 free download Prev  Up     Home   More Online Publications
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The Taxact 2008 Free Download

Taxact 2008 free download 3. Taxact 2008 free download   Exclusions From Gross Income Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Resident AliensForeign Earned Income and Housing Amount Nonresident AliensInterest Income Dividend Income Services Performed for Foreign Employer Gambling Winnings From Dog or Horse Racing Gain From the Sale of Your Main Home Scholarships and Fellowship GrantsExpenses that do not qualify. Taxact 2008 free download Introduction Resident and nonresident aliens are allowed exclusions from gross income if they meet certain conditions. Taxact 2008 free download An exclusion from gross income is generally income you receive that is not included in your U. Taxact 2008 free download S. Taxact 2008 free download income and is not subject to U. Taxact 2008 free download S. Taxact 2008 free download tax. Taxact 2008 free download This chapter covers some of the more common exclusions allowed to resident and nonresident aliens. Taxact 2008 free download Topics - This chapter discusses: Nontaxable interest, Nontaxable dividends, Certain compensation paid by a foreign employer, Gain from sale of home, and Scholarships and fellowship grants. Taxact 2008 free download Useful Items - You may want to see: Publication 54 Tax Guide for U. Taxact 2008 free download S. Taxact 2008 free download Citizens and Resident Aliens Abroad 523 Selling Your Home See chapter 12 for information about getting these publications. Taxact 2008 free download Resident Aliens Resident aliens may be able to exclude the following items from their gross income. Taxact 2008 free download Foreign Earned Income and Housing Amount If you are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months, you may qualify for the foreign earned income exclusion. Taxact 2008 free download The exclusion is $97,600 in 2013. Taxact 2008 free download In addition, you may be able to exclude or deduct certain foreign housing amounts. Taxact 2008 free download You may also qualify if you are a bona fide resident of a foreign country and you are a citizen or national of a country with which the United States has an income tax treaty. Taxact 2008 free download For more information, see Publication 54. Taxact 2008 free download Foreign country. Taxact 2008 free download    A foreign country is any territory under the sovereignty of a government other than that of the United States. Taxact 2008 free download   The term “foreign country” includes the country's territorial waters and airspace, but not international waters and the airspace above them. Taxact 2008 free download It also includes the seabed and subsoil of those submarine areas adjacent to the country's territorial waters over which it has exclusive rights under international law to explore and exploit the natural resources. Taxact 2008 free download   The term “foreign country” does not include U. Taxact 2008 free download S. Taxact 2008 free download possessions or territories. Taxact 2008 free download It does not include the Antarctic region. Taxact 2008 free download Nonresident Aliens Nonresident aliens can exclude the following items from their gross income. Taxact 2008 free download Interest Income Interest income that is not connected with a U. Taxact 2008 free download S. Taxact 2008 free download trade or business is excluded from income if it is from: Deposits (including certificates of deposit) with persons in the banking business, Deposits or withdrawable accounts with mutual savings banks, cooperative banks, credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law (if the interest paid or credited can be deducted by the association), and Amounts held by an insurance company under an agreement to pay interest on them. Taxact 2008 free download State and local government obligations. Taxact 2008 free download   Interest on obligations of a state or political subdivision, the District of Columbia, or a U. Taxact 2008 free download S. Taxact 2008 free download possession, generally is not included in income. Taxact 2008 free download However, interest on certain private activity bonds, arbitrage bonds, and certain bonds not in registered form is included in income. Taxact 2008 free download Portfolio interest. Taxact 2008 free download   Interest and original issue discount that qualifies as portfolio interest is not subject to NRA withholding. Taxact 2008 free download To qualify as portfolio interest, the interest must be paid on obligations issued after July 18, 1984, and otherwise subject to NRA withholding. Taxact 2008 free download Note. Taxact 2008 free download For obligations issued after March 18, 2012, portfolio interest does not include interest paid on debt that is not in registered form. Taxact 2008 free download Before March 19, 2012, portfolio interest included interest on certain registered and nonregistered (bearer) bonds if the obligations meet the requirements described below. Taxact 2008 free download Obligations in registered form. Taxact 2008 free download   Portfolio interest includes interest paid on an obligation that is in registered form, and for which you have received documentation that the beneficial owner of the obligation is not a United States person. Taxact 2008 free download   Generally, an obligation is in registered form if: (i) the obligation is registered as to both principal and any stated interest with the issuer (or its agent) and any transfer of the obligation may be effected only by surrender of the old obligation and reissuance to the new holder; (ii) the right to principal and stated interest with respect to the obligation may be transferred only through a book entry system maintained by the issuer or its agent; or (iii) the obligation is registered as to both principal and stated interest with the issuer or its agent and can be transferred both by surrender and reissuance and through a book entry system. Taxact 2008 free download   An obligation that would otherwise be considered to be in registered form is not considered to be in registered form as of a particular time if it can be converted at any time in the future into an obligation that is not in registered form. Taxact 2008 free download For more information on whether obligations are considered to be in registered form, see Portfolio interest in Publication 515. Taxact 2008 free download Obligations not in registered form. Taxact 2008 free download    For obligations issued before March 19, 2012, interest on an obligation that is not in registered form (bearer obligation) is portfolio interest if the obligation is foreign-targeted. Taxact 2008 free download A bearer obligation is foreign-targeted if: There are arrangements to ensure that the obligation will be sold, or resold in connection with the original issue, only to a person who is not a United States person, Interest on the obligation is payable only outside the United States and its possessions, and The face of the obligation contains a statement that any United States person who holds the obligation will be subject to limits under the United States income tax laws. Taxact 2008 free download   Documentation is not required for interest on bearer obligations to qualify as portfolio interest. Taxact 2008 free download In some cases, however, you may need documentation for purposes of Form 1099 reporting and backup withholding. Taxact 2008 free download Interest that does not qualify as portfolio interest. Taxact 2008 free download   Payments to certain persons and payments of contingent interest do not qualify as portfolio interest. Taxact 2008 free download You must withhold at the statutory rate on such payments unless some other exception, such as a treaty provision, applies. Taxact 2008 free download Contingent interest. Taxact 2008 free download   Portfolio interest does not include contingent interest. Taxact 2008 free download Contingent interest is either of the following: Interest that is determined by reference to: Any receipts, sales, or other cash flow of the debtor or related person, Income or profits of the debtor or related person, Any change in value of any property of the debtor or a related person, or Any dividend, partnership distributions, or similar payments made by the debtor or a related person. Taxact 2008 free download For exceptions, see Internal Revenue Code section 871(h)(4)(C). Taxact 2008 free download Any other type of contingent interest that is identified by the Secretary of the Treasury in regulations. Taxact 2008 free download Related persons. Taxact 2008 free download   Related persons include the following. Taxact 2008 free download Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Taxact 2008 free download ), and lineal descendants (children, grandchildren, etc. Taxact 2008 free download ). Taxact 2008 free download Any person who is a party to any arrangement undertaken for the purpose of avoiding the contingent interest rules. Taxact 2008 free download Certain corporations, partnerships, and other entities. Taxact 2008 free download For details, see Nondeductible Loss in chapter 2 of Publication 544. Taxact 2008 free download Exception for existing debt. Taxact 2008 free download   Contingent interest does not include interest paid or accrued on any debt with a fixed term that was issued: On or before April 7, 1993, or After April 7, 1993, pursuant to a written binding contract in effect on that date and at all times thereafter before that debt was issued. Taxact 2008 free download Dividend Income The following dividend income is exempt from the 30% tax. Taxact 2008 free download Certain dividends paid by foreign corporations. Taxact 2008 free download   There is no 30% tax on U. Taxact 2008 free download S. Taxact 2008 free download source dividends you receive from a foreign corporation. Taxact 2008 free download See Second exception under Dividends in chapter 2 for how to figure the amount of U. Taxact 2008 free download S. Taxact 2008 free download source dividends. Taxact 2008 free download Certain interest-related dividends. Taxact 2008 free download   There is no 30% tax on interest-related dividends from sources within the United States that you receive from a mutual fund or other regulated investment company in 2013. Taxact 2008 free download The mutual fund will designate in writing which dividends are interest-related dividends. Taxact 2008 free download Certain short-term capital gain dividends. Taxact 2008 free download   There may not be any 30% tax on certain short-term capital gain dividends from sources within the United States that you receive from a mutual fund or other regulated investment company. Taxact 2008 free download The mutual fund will designate in writing which dividends are short-term capital gain dividends. Taxact 2008 free download This tax relief will not apply to you if you are present in the United States for 183 days or more during your tax year. Taxact 2008 free download Services Performed for Foreign Employer If you were paid by a foreign employer, your U. Taxact 2008 free download S. Taxact 2008 free download source income may be exempt from U. Taxact 2008 free download S. Taxact 2008 free download tax, but only if you meet one of the situations discussed next. Taxact 2008 free download Employees of foreign persons, organizations, or offices. Taxact 2008 free download   Income for personal services performed in the United States as a nonresident alien is not considered to be from U. Taxact 2008 free download S. Taxact 2008 free download sources and is tax exempt if you meet all three of the following conditions. Taxact 2008 free download You perform personal services as an employee of or under a contract with a nonresident alien individual, foreign partnership, or foreign corporation, not engaged in a trade or business in the United States; or you work for an office or place of business maintained in a foreign country or possession of the United States by a U. Taxact 2008 free download S. Taxact 2008 free download corporation, a U. Taxact 2008 free download S. Taxact 2008 free download partnership, or a U. Taxact 2008 free download S. Taxact 2008 free download citizen or resident. Taxact 2008 free download You perform these services while you are a nonresident alien temporarily present in the United States for a period or periods of not more than a total of 90 days during the tax year. Taxact 2008 free download Your pay for these services is not more than $3,000. Taxact 2008 free download If you do not meet all three conditions, your income from personal services performed in the United States is U. Taxact 2008 free download S. Taxact 2008 free download source income and is taxed according to the rules in chapter 4. Taxact 2008 free download   If your pay for these services is more than $3,000, the entire amount is income from a trade or business within the United States. Taxact 2008 free download To find if your pay is more than $3,000, do not include any amounts you get from your employer for advances or reimbursements of business travel expenses, if you were required to and did account to your employer for those expenses. Taxact 2008 free download If the advances or reimbursements are more than your expenses, include the excess in your pay for these services. Taxact 2008 free download   A day means a calendar day during any part of which you are physically present in the United States. Taxact 2008 free download Example 1. Taxact 2008 free download During 2013, Henry Smythe, a nonresident alien from a nontreaty country, worked for an overseas office of a U. Taxact 2008 free download S. Taxact 2008 free download partnership. Taxact 2008 free download Henry, who uses the calendar year as his tax year, was temporarily present in the United States for 60 days during 2013 performing personal services for the overseas office of the partnership. Taxact 2008 free download That office paid him a total gross salary of $2,800 for those services. Taxact 2008 free download During 2013, he was not engaged in a trade or business in the United States. Taxact 2008 free download The salary is not considered U. Taxact 2008 free download S. Taxact 2008 free download source income and is exempt from U. Taxact 2008 free download S. Taxact 2008 free download tax. Taxact 2008 free download Example 2. Taxact 2008 free download The facts are the same as in Example 1, except that Henry's total gross salary for the services performed in the United States during 2013 was $4,500. Taxact 2008 free download He received $2,875 in 2013, and $1,625 in 2014. Taxact 2008 free download During 2013, he was engaged in a trade or business in the United States because the compensation for his personal services in the United States was more than $3,000. Taxact 2008 free download Henry's salary is U. Taxact 2008 free download S. Taxact 2008 free download source income and is taxed under the rules in chapter 4. Taxact 2008 free download Crew members. Taxact 2008 free download   Compensation for services performed by a nonresident alien in connection with the individual's temporary presence in the United States as a regular crew member of a foreign vessel (for example, a boat or ship) engaged in transportation between the United States and a foreign country or U. Taxact 2008 free download S. Taxact 2008 free download possession is not U. Taxact 2008 free download S. Taxact 2008 free download source income and is exempt from U. Taxact 2008 free download S. Taxact 2008 free download tax. Taxact 2008 free download This exemption does not apply to compensation for services performed on foreign aircraft. Taxact 2008 free download Students and exchange visitors. Taxact 2008 free download   Nonresident alien students and exchange visitors present in the United States under “F,” “J,” or “Q” visas can exclude from gross income pay received from a foreign employer. Taxact 2008 free download   This group includes bona fide students, scholars, trainees, teachers, professors, research assistants, specialists, or leaders in a field of specialized knowledge or skill, or persons of similar description. Taxact 2008 free download It also includes the alien's spouse and minor children if they come with the alien or come later to join the alien. Taxact 2008 free download   A nonresident alien temporarily present in the United States under a “J” visa includes an alien individual entering the United States as an exchange visitor under the Mutual Educational and Cultural Exchange Act of 1961. Taxact 2008 free download Foreign employer. Taxact 2008 free download   A foreign employer is: A nonresident alien individual, foreign partnership, or foreign corporation, or An office or place of business maintained in a foreign country or in a U. Taxact 2008 free download S. Taxact 2008 free download possession by a U. Taxact 2008 free download S. Taxact 2008 free download corporation, a U. Taxact 2008 free download S. Taxact 2008 free download partnership, or an individual who is a U. Taxact 2008 free download S. Taxact 2008 free download citizen or resident. Taxact 2008 free download   The term “foreign employer” does not include a foreign government. Taxact 2008 free download Pay from a foreign government that is exempt from U. Taxact 2008 free download S. Taxact 2008 free download income tax is discussed in chapter 10. Taxact 2008 free download Income from certain annuities. Taxact 2008 free download   Do not include in income any annuity received under a qualified annuity plan or from a qualified trust exempt from U. Taxact 2008 free download S. Taxact 2008 free download income tax if you meet both of the following conditions. Taxact 2008 free download You receive the annuity only because: You performed personal services outside the United States while you were a nonresident alien, or You performed personal services inside the United States while you were a nonresident alien and you met the three conditions, described earlier, under Employees of foreign persons, organizations, or offices . Taxact 2008 free download At the time the first amount is paid as an annuity under the plan (or by the trust), 90% or more of the employees for whom contributions or benefits are provided under the annuity plan (or under the plan of which the trust is a part) are U. Taxact 2008 free download S. Taxact 2008 free download citizens or residents. Taxact 2008 free download   If the annuity qualifies under condition (1) but not condition (2) above, you do not have to include the amount in income if: You are a resident of a country that gives a substantially equal exclusion to U. Taxact 2008 free download S. Taxact 2008 free download citizens and residents, or You are a resident of a beneficiary developing country under Title V of the Trade Act of 1974. Taxact 2008 free download   If you are not sure whether the annuity is from a qualified annuity plan or qualified trust, ask the person who made the payment. Taxact 2008 free download Income affected by treaties. Taxact 2008 free download   Income of any kind that is exempt from U. Taxact 2008 free download S. Taxact 2008 free download tax under a treaty to which the United States is a party is excluded from your gross income. Taxact 2008 free download Income on which the tax is only limited by treaty, however, is included in gross income. Taxact 2008 free download See chapter 9. Taxact 2008 free download Gambling Winnings From Dog or Horse Racing You can exclude from your gross income winnings from legal wagers initiated outside the United States in a parimutuel pool with respect to a live horse or dog race in the United States. Taxact 2008 free download Gain From the Sale of Your Main Home If you sold your main home, you may be able to exclude up to $250,000 of the gain on the sale of your home. Taxact 2008 free download If you are married and file a joint return, you may be able to exclude up to $500,000. Taxact 2008 free download For information on the requirements for this exclusion, see Publication 523. Taxact 2008 free download This exclusion does not apply to nonresident aliens who are subject to the expatriation tax rules discussed in chapter 4. Taxact 2008 free download Scholarships and Fellowship Grants If you are a candidate for a degree, you may be able to exclude from your income part or all of the amounts you receive as a qualified scholarship. Taxact 2008 free download The rules discussed here apply to both resident and nonresident aliens. Taxact 2008 free download If a nonresident alien receives a grant that is not from U. Taxact 2008 free download S. Taxact 2008 free download sources, it is not subject to U. Taxact 2008 free download S. Taxact 2008 free download tax. Taxact 2008 free download See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your grant is from U. Taxact 2008 free download S. Taxact 2008 free download sources. Taxact 2008 free download A scholarship or fellowship is excludable from income only if: You are a candidate for a degree at an eligible educational institution, and You use the scholarship or fellowship to pay qualified education expenses. Taxact 2008 free download Candidate for a degree. Taxact 2008 free download   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 accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. Taxact 2008 free download Eligible educational institution. Taxact 2008 free download   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. Taxact 2008 free download Qualified education expenses. Taxact 2008 free download   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. Taxact 2008 free download These items must be required of all students in your course of instruction. Taxact 2008 free download However, in order for these to be qualified education expenses, the terms of the scholarship or fellowship cannot require that it be used for other purposes, such as room and board, or specify that it cannot be used for tuition or course-related expenses. Taxact 2008 free download Expenses that do not qualify. Taxact 2008 free download   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. Taxact 2008 free download This is true even if the fee must be paid to the institution as a condition of enrollment or attendance. Taxact 2008 free download Scholarship or fellowship amounts used to pay these costs are taxable. Taxact 2008 free download Amounts used to pay expenses that do not qualify. Taxact 2008 free download   A scholarship amount used to pay any expense that does not qualify is taxable, even if the expense is a fee that must be paid to the institution as a condition of enrollment or attendance. Taxact 2008 free download Payment for services. Taxact 2008 free download   You cannot exclude from income the portion of any scholarship, fellowship, or tuition reduction that represents payment for past, present, or future teaching, research, or other services. Taxact 2008 free download This is true even if all candidates for a degree are required to perform the services as a condition for receiving the degree. Taxact 2008 free download Example. Taxact 2008 free download On January 7, Maria Gomez is notified of a scholarship of $2,500 for the spring semester. Taxact 2008 free download As a condition for receiving the scholarship, Maria must serve as a part-time teaching assistant. Taxact 2008 free download Of the $2,500 scholarship, $1,000 represents payment for her services. Taxact 2008 free download Assuming that Maria meets all other conditions, she can exclude no more than $1,500 from income as a qualified scholarship. Taxact 2008 free download Prev  Up  Next   Home   More Online Publications