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2010 Irs Form 1040

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2010 Irs Form 1040

2010 irs form 1040 1. 2010 irs form 1040   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). 2010 irs form 1040  You can set up and make contributions to an IRA if you receive taxable compensation. 2010 irs form 1040 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. 2010 irs form 1040 For more information about IRAs, see Publication 590. 2010 irs form 1040 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. 2010 irs form 1040 The educational assistance can be for a primary or secondary school, a college or university, or a vocational school. 2010 irs form 1040 Included are discussions of: Scholarships, Fellowships, Need-based education grants, such as a Pell Grant, and Qualified tuition reductions. 2010 irs form 1040 Many types of educational assistance are tax free if they meet the requirements discussed here. 2010 irs form 1040 Special rules apply to U. 2010 irs form 1040 S. 2010 irs form 1040 citizens and resident aliens who have received scholarships or fellowships for studying, teaching, or researching abroad. 2010 irs form 1040 For information about these rules, see Publication 54, Tax Guide for U. 2010 irs form 1040 S. 2010 irs form 1040 Citizens and Resident Aliens Abroad. 2010 irs form 1040 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. 2010 irs form 1040 A fellowship is generally an amount paid for the benefit of an individual to aid in the pursuit of study or research. 2010 irs form 1040 Amount of scholarship or fellowship. 2010 irs form 1040   The amount of a scholarship or fellowship includes the following: The value of contributed services and accommodations. 2010 irs form 1040 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. 2010 irs form 1040 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. 2010 irs form 1040 Any amount received in the nature of a family allowance as a part of a scholarship or fellowship. 2010 irs form 1040 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. 2010 irs form 1040 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. 2010 irs form 1040 (But for exceptions, see Payment for services,later. 2010 irs form 1040 Use Worksheet 1–1 to figure the amount of a scholarship or fellowship you can exclude from gross income. 2010 irs form 1040 Candidate for a degree. 2010 irs form 1040   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. 2010 irs form 1040 Eligible educational institution. 2010 irs form 1040   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. 2010 irs form 1040 Qualified education expenses. 2010 irs form 1040   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. 2010 irs form 1040 These items must be required of all students in your course of instruction. 2010 irs form 1040 Expenses that do not qualify. 2010 irs form 1040   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. 2010 irs form 1040 Payment for services. 2010 irs form 1040   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. 2010 irs form 1040 This applies even if all candidates for a degree must perform the services to receive the degree. 2010 irs form 1040 (See exceptions next. 2010 irs form 1040 ) Exceptions. 2010 irs form 1040   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. 2010 irs form 1040 Example 1. 2010 irs form 1040 You received a scholarship of $2,500. 2010 irs form 1040 The scholarship was not received under either of the exceptions mentioned above. 2010 irs form 1040 As a condition for receiving the scholarship, you must serve as a part-time teaching assistant. 2010 irs form 1040 Of the $2,500 scholarship, $1,000 represents payment for teaching. 2010 irs form 1040 The provider of your scholarship gives you a Form W-2 showing $1,000 as income. 2010 irs form 1040 Your qualified education expenses were at least $1,500. 2010 irs form 1040 Assuming that all other conditions are met, $1,500 of your scholarship is tax free. 2010 irs form 1040 The $1,000 you received for teaching is taxable. 2010 irs form 1040 Example 2. 2010 irs form 1040 You are a candidate for a degree at a medical school. 2010 irs form 1040 You receive a scholarship (not under either of the exceptions mentioned above) for your medical education and training. 2010 irs form 1040 The terms of your scholarship require you to perform future services. 2010 irs form 1040 A substantial penalty applies if you do not comply. 2010 irs form 1040 The entire amount of your grant is taxable as payment for services in the year it is received. 2010 irs form 1040 Athletic Scholarships An athletic scholarship is tax free only if and to the extent it meets the requirements discussed later. 2010 irs form 1040 Worksheet 1-1. 2010 irs form 1040    You can use Worksheet 1-1, Taxable Scholarship and Fellowship Income , later, to figure the tax-free and taxable parts of your athletic scholarship. 2010 irs form 1040    Worksheet 1-1. 2010 irs form 1040 Taxable Scholarship and Fellowship Income 1. 2010 irs form 1040 Enter the total amount of any scholarship or fellowship for 2013. 2010 irs form 1040 See Amount of scholarship or fellowship, earlier. 2010 irs form 1040 1. 2010 irs form 1040       If you are a degree candidate at an eligible educational institution, go to line 2. 2010 irs form 1040 If you are not a degree candidate at an eligible educational institution, stop here. 2010 irs form 1040 The entire amount is taxable. 2010 irs form 1040 For information on how to report this amount on your tax return, see Reporting Scholarships and Fellowships , earlier, in this chapter. 2010 irs form 1040       2. 2010 irs form 1040 Enter the amount from line 1 that was for teaching, research, or any other services required as a condition for receiving the scholarship. 2010 irs form 1040 (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. 2010 irs form 1040 ) 2. 2010 irs form 1040     3. 2010 irs form 1040 Subtract line 2 from line 1 3. 2010 irs form 1040     4. 2010 irs form 1040 Enter the amount from line 3 that your scholarship or fellowship required you to use for other than qualified education expenses 4. 2010 irs form 1040     5. 2010 irs form 1040 Subtract line 4 from line 3 5. 2010 irs form 1040     6. 2010 irs form 1040 Enter the amount of your qualified education expenses 6. 2010 irs form 1040     7. 2010 irs form 1040 Enter the smaller of line 5 or line 6. 2010 irs form 1040 This amount is the most you can exclude from your gross income (the tax-free part of the scholarship or fellowship) 7. 2010 irs form 1040     8. 2010 irs form 1040 Subtract line 7 from line 5 8. 2010 irs form 1040     9. 2010 irs form 1040 Taxable part. 2010 irs form 1040 Add lines 2, 4, and 8. 2010 irs form 1040 See Reporting Scholarships and Fellowships , earlier, for how to report this amount on your tax return 9. 2010 irs form 1040     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. 2010 irs form 1040 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. 2010 irs form 1040 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. 2010 irs form 1040 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. 2010 irs form 1040 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. 2010 irs form 1040 You must report the taxable amount whether or not you received a Form W-2. 2010 irs form 1040 If you receive an incorrect Form W-2, ask the payer for a corrected one. 2010 irs form 1040 For information on whether you must file a return, see Publication 501, Exemptions, Standard Deduction, and Filing Information, or your income tax form instructions. 2010 irs form 1040 How To Report How you report any taxable scholarship or fellowship income depends on which return you file. 2010 irs form 1040 Form 1040EZ. 2010 irs form 1040   If you file Form 1040EZ, include the taxable amount in the total on line 1. 2010 irs form 1040 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. 2010 irs form 1040 Form 1040A. 2010 irs form 1040   If you file Form 1040A, include the taxable amount in the total on line 7. 2010 irs form 1040 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. 2010 irs form 1040 Form 1040. 2010 irs form 1040   If you file Form 1040, include the taxable amount in the total on line 7. 2010 irs form 1040 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. 2010 irs form 1040 Schedule SE (Form 1040). 2010 irs form 1040   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. 2010 irs form 1040 If your net earnings are $400 or more, you must pay self-employment tax. 2010 irs form 1040 Use Schedule SE, Self-Employment Tax, to figure this tax. 2010 irs form 1040 Form 1040NR. 2010 irs form 1040   If you file Form 1040NR, report the taxable amount on line 12. 2010 irs form 1040 Generally, you must report the amount shown in box 2 of Form(s) 1042-S, Foreign Person's U. 2010 irs form 1040 S. 2010 irs form 1040 Source Income Subject to Withholding. 2010 irs form 1040 See the Instructions for Form 1040NR for more information. 2010 irs form 1040 Form 1040NR-EZ. 2010 irs form 1040   If you file Form 1040NR-EZ, report the taxable amount on line 5. 2010 irs form 1040 Generally, you must report the amount shown in box 2 of Form(s) 1042-S. 2010 irs form 1040 See the Instructions for Form 1040NR-EZ for more information. 2010 irs form 1040 Other Types of Educational Assistance The following discussions deal with other common types of educational assistance. 2010 irs form 1040 Fulbright Grants A Fulbright grant is generally treated as a scholarship or fellowship in figuring how much of the grant is tax free. 2010 irs form 1040 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. 2010 irs form 1040 They are tax free to the extent used for qualified education expenses during the period for which a grant is awarded. 2010 irs form 1040 Payment to Service Academy Cadets An appointment to a United States military academy is not a scholarship or fellowship. 2010 irs form 1040 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. 2010 irs form 1040 Include this pay in your income in the year you receive it unless one of the exceptions, discussed earlier under Payment for services , applies. 2010 irs form 1040 Veterans' Benefits Payments you receive for education, training, or subsistence under any law administered by the Department of Veterans Affairs (VA) are tax free. 2010 irs form 1040 Do not include these payments as income on your federal tax return. 2010 irs form 1040 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. 2010 irs form 1040 This applies only to the part of your VA payments that is required to be used for education expenses. 2010 irs form 1040 You may want to visit the Veteran's Administration website at www. 2010 irs form 1040 gibill. 2010 irs form 1040 va. 2010 irs form 1040 gov for specific information about the various VA benefits for education. 2010 irs form 1040 Example. 2010 irs form 1040 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. 2010 irs form 1040 Neither of these benefits is taxable and you do not report them on your tax return. 2010 irs form 1040 You also want to claim an American opportunity credit on your return. 2010 irs form 1040 You paid $5,000 in qualified education expenses (see chapter 2, American Opportunity Credit , later). 2010 irs form 1040 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. 2010 irs form 1040 You do not subtract any amount of the BHA because it was paid to you and its use was not restricted. 2010 irs form 1040 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. 2010 irs form 1040 This is called a “tuition reduction. 2010 irs form 1040 ” You do not have to include a qualified tuition reduction in your income. 2010 irs form 1040 A tuition reduction is qualified only if you receive it from, and use it at, an eligible educational institution. 2010 irs form 1040 You do not have to use the tuition reduction at the eligible educational institution from which you received it. 2010 irs form 1040 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. 2010 irs form 1040 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. 2010 irs form 1040 You must include in your income any tuition reduction you receive that is payment for your services. 2010 irs form 1040 Eligible educational institution. 2010 irs form 1040   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. 2010 irs form 1040 Officers, owners, and highly compensated employees. 2010 irs form 1040   Qualified tuition reductions apply to officers, owners, or highly compensated employees only if benefits are available to employees on a nondiscriminatory basis. 2010 irs form 1040 This means that the tuition reduction benefits must be available on substantially the same basis to each member of a group of employees. 2010 irs form 1040 The group must be defined under a reasonable classification set up by the employer. 2010 irs form 1040 The classification must not discriminate in favor of owners, officers, or highly compensated employees. 2010 irs form 1040 Payment for services. 2010 irs form 1040   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. 2010 irs form 1040 This applies even if all candidates for a degree must perform the services to receive the degree. 2010 irs form 1040 (See below for exceptions. 2010 irs form 1040 ) Exceptions. 2010 irs form 1040   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. 2010 irs form 1040 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. 2010 irs form 1040 You are an employee of the eligible educational institution. 2010 irs form 1040 You were an employee of the eligible educational institution, but you retired or left on disability. 2010 irs form 1040 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. 2010 irs form 1040 You are the dependent child or spouse of an individual described in (1) through (3), above. 2010 irs form 1040 Child of deceased parents. 2010 irs form 1040   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. 2010 irs form 1040 Child of divorced parents. 2010 irs form 1040   For purposes of the qualified tuition reduction, a dependent child of divorced parents is treated as the dependent of both parents. 2010 irs form 1040 Graduate Education A tuition reduction you receive for graduate education is qualified, and therefore tax free, if both of the following requirements are met. 2010 irs form 1040 It is provided by an eligible educational institution. 2010 irs form 1040 You are a graduate student who performs teaching or research activities for the educational institution. 2010 irs form 1040 You must include in income any other tuition reductions for graduate education that you receive. 2010 irs form 1040 How To Report Any tuition reduction that is taxable should be included as wages in box 1 of your Form W-2. 2010 irs form 1040 Report the amount from Form W-2, box 1, on line 7 (Form 1040 or Form 1040A) or line 1 (Form 1040EZ). 2010 irs form 1040 Prev  Up  Next   Home   More Online Publications
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Joint Congressional Committee on Inaugural Ceremonies

Made up of members of the House and Senate, the Joint Congressional Committee on Inaugural Ceremonies is responsible for planning and carrying out the President's swearing-in ceremony at the U.S. Capitol.

The 2010 Irs Form 1040

2010 irs form 1040 Index A Assistance (see Help) C Casualty and theft losses, Casualty and Theft Losses Clean-up costs, Demolition and Clean-up Costs Copy of tax return, request for, Request for copy of tax return. 2010 irs form 1040 Credits: Employee retention, Employee Retention Credit D Demolition costs, Demolition and Clean-up Costs Depreciation: Qualified recovery assistance property, Qualified recovery assistance property. 2010 irs form 1040 Special allowance, Special Depreciation Allowance Disaster area: May 4, 2007 storms and tornadoes, Kansas Disaster Area Distributions: Home purchase or construction, Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Qualified recovery assistance, Qualified recovery assistance distribution. 2010 irs form 1040 Repayment of, Repayment of Qualified Recovery Assistance Distributions Taxation of, Taxation of Qualified Recovery Assistance Distributions E Eligible retirement plan, Eligible retirement plan. 2010 irs form 1040 Employee retention credit, Employee Retention Credit F Free tax services, How To Get Tax Help H Help: How to get, How To Get Tax Help Phone number, How To Get Tax Help Special IRS assistance, How To Get Tax Help Website, How To Get Tax Help I Involuntary conversion (see Replacement period for nonrecognition of gain) IRAs and other retirement plans, IRAs and Other Retirement Plans K Kansas disaster area, Kansas Disaster Area M More information (see Tax help) N Net operating losses, Net Operating Losses P Publications (see Tax help) Q Qualified recovery assistance distribution, Qualified recovery assistance distribution. 2010 irs form 1040 Qualified recovery assistance loss, Qualified recovery assistance loss. 2010 irs form 1040 R Replacement period for nonrecognition of gain, Replacement Period for Nonrecognition of Gain Retirement plan, eligible, Eligible retirement plan. 2010 irs form 1040 Retirement plans, IRAs and Other Retirement Plans S Section 179 deduction, Increased Section 179 Deduction Storms and tornadoes, Storms and Tornadoes T Tax help, How To Get Tax Help (see Help) Tax return: Request for copy, Request for copy of tax return. 2010 irs form 1040 Request for transcript, Request for transcript of tax return. 2010 irs form 1040 Taxpayer Advocate, Contacting your Taxpayer Advocate. 2010 irs form 1040 Theft losses, Casualty and Theft Losses Transcript of tax return, request for, Request for transcript of tax return. 2010 irs form 1040 TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications