Transcript Student Tax and Fiscal Seminar (Microsoft Powerpoint)

STUDENT TAX AND FISCAL SEMINAR
WSU Payroll Services
Shirley Cornelius, Asst Payroll Director
Taxes and Money
Objectives of Seminar
• Where to find tax information
• Who to contact
• How to read tax forms
• Do I need to file?
• Additional resources
Where to find YOUR tax information
• WSU W2's are available on-line through
zzusis under employee info as long as you
have an active appointment and a network
user id and password.
• A copy from zzusis will substitute for a
printed copy and is available up to a week
before the printed copy is sent to your
current mailing address
• W2's and Form 1098-T's are required to be
mailed to you by 1/31/12
Where to find YOUR Tax Info (cont)
• If you have not received your 1098 T by
2/15/12 contact Student Accounts, 3359651
• If you have not received your W2 by 2/15/12
contact Payroll Services, 335-9475, or reprint a form at zzusis
Helpful Resources to Utilize
• Shirley Cornelius, Payroll, [email protected]
• FREE Taxpayer Advocate Service, 1-877-7774778
• Office of International Students, 335-4508
• FREE VITA local tax help: U of I, 711
Rayburn Room 107 Menard Law Bldg, Tues &
Wed evenings 7:00-9:00 PM, and Sat from
12:00-4:00. No appt necessary start 2/28
and running through 4/14
WSU Form 1098-T Tuition Statement
• WSU reports tuition payments in Box 1 of the
form
• Box 5 – total of scholarship or financial aid
grants. When you compare box 1 to box 5:
 If
box 1 total is greater than box 5 total, you
or whoever claims you as a dependent, could
qualify for a tax credit.
 If
box 5 total is greater than the box 1 total,
you will have to report the difference in the
amount as income.
Scholarships and Fellowships
• Scholarship is generally an amount paid
or allowed to a student at an educational
institution for the purpose of study. A
fellowship is generally an amount paid to
an individual for the purpose of research.
• If you receive a scholarship or fellowship
grant, all or part of the amounts you
receive may be tax-free as long as you use
the amount for tuition, fees, books, or
supplies required for the courses. Room,
board, travel, and other incidental
expenses are included as income.
• Taxable scholarships/fellowships are
reported on line 1 of your Form 1040A
where the W2 line is and you write “SCH”
on line.
IRS Filing Requirements
• Do you have any Federal income tax
withheld? Even if you do not meet the
requirements to file, you will probably want
to file to receive your income tax withheld.
• Did you earn more than $400.00 in selfemployment income?
• If you do not meet the earnings
requirements to file and you have a refund
coming to you, you may want to revise your
W4 and show that you are exempt from
taxes.
Dependent claimed by Someone else
• Is your unearned income > $950.00?
Unearned income includes interest,
dividends, taxable scholarships & grants. If
so, you WILL need to file a tax return.
• Is your earned income > $5,800.00? You
WILL need to file a tax return.
• If you answer no to the above two questions,
but the total of the two types of income is
> $950.00 and your earned income is up to
$5,800.00, you WILL need to file a tax
return.
Why do your parents claim you as a
dependent?
• The only way that your parents can claim
your tuition and fees paid by them on their
tax return is to claim you as a dependent.
• Always check with your parents on how they
are going to file.
Not claimed by Someone else
• Is your gross income > $9,500? You WILL
need to file a tax return. This will ensure
you get a refund of any Federal Income Tax
Withheld.
• Is your gross income < $9,500?
• And your unearned income (interest,
dividends, taxable scholarships & grants) is
less than $300?
• If you answer yes to the above two
questions, … (exemption) … (next tax year
– new W4 - exempt)
How to fill out Your tax form
• 1040
• 1040A
• 1040EZ
• 1040NR and 1040NR EZ
Form 1040 EZ
• Filing status single or married filing jointly.
• Nonresident alien anytime in 2011, you must
be filing married filing jointly
• Claiming no dependents
• No adjustment to income
• Only credit is Earned Income Credit
• Under age 65 and not blind.
• Taxable income < $100,000
• Wages, salaries, tips, taxable scholarship or
fellowship grants, unemployment, interest
income less than $1,500
• Tips included in box 5 and 7 of W2
Form 1040 NR and 104NR-EZ
• Must use if you are a non-resident alien
• Engaged in a trade or business
• Have any other US source of income where
the tax due was not fully paid by the amount
with held.
Free File
• Free file with the IRS is available for a
significant number of taxpayers that have an
AGI of less than $57,000
• 15 different companies available at this
time.
• Not all companies have the same eligibility
requirements. Be sure to check each
company’s requirements
• Website:
http://apps.irs.gov/app/freeFile/jsp/index.js
p?ck
Resources
• International Tax Assistance:
http://ip.wsu.edu/oiss/tax-info.html
• IRS Publication 970-Tax Benefits of
Education: http://www.irs.gov/pub/irspdf/p970.pdf
• IRS Student Web Site:
http://www.irs.gov/individuals/students/arti
cle/0,,id=177662,00.html
• Payroll Services 2011 W2 Fast Facts:
http://www.wsu.edu/payroll/deptpay/2011w
2fastfacts.htm