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Form 1040x 2010

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Form 1040x 2010

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

Find resources on this page pertaining to the international tax gap — the difference between the amount of tax that taxpayers should pay and the amount that is paid voluntarily and on time. The tax gap can also be thought of as the sum of non-compliance with the tax law.

International Tax Gap Series

December 2009 Filing Extensions and Tax Return Preparation Assistance for Military Personnel Stationed Abroad or In a Combat Zone
August 2009

Self-Employment Tax for Businesses Abroad

June 2009 U.S. Citizens Performing Services in Foreign and International Airspace
May 2009 Departing Aliens and the Sailing Permit
April 2009 Reaching Out to Americans Abroad
February 2009 Taxation of Nonresident Aliens

January 2009

Foreign Housing Exclusion or Deduction

December 2008

Gifts from Foreign Persons

November 2008

Tax Treaties Can Affect Your Income Tax

October 2008

Taxation of International Pensions and Annuities

September 2008

U.S. Tax Withholding on Effectively Connected Income Allocable to Foreign Partners

August 2008

Foreign Trust Reporting Requirements

July 2008

Withholding of Tax on Dispositions of U.S. Real Property Interests

June 2008

Foreign Tax Credit

May 2008

Foreign Earned Income Exclusion

April 2008

Moving To or From a United States (U.S.) Territory/Possession

March 2008

U.S. Tax Withholding on Payments to Foreign Persons

February 2008

The Tax Gap and International Taxpayers - Filing Requirements


The Tax Gap - News, facts, figures and a fact sheet series on the tax gap in general.
Page Last Reviewed or Updated: 13-Mar-2014

The Form 1040x 2010

Form 1040x 2010 Publication 938 - Introductory Material Table of Contents Introduction Introduction Section references are to the Internal Revenue Code unless otherwise noted. Form 1040x 2010 This publication contains directories relating to real estate mortgage investment conduits (REMICs) and collateralized debt obligations (CDOs). Form 1040x 2010 The directory for each calendar quarter is based on information submitted to the IRS during that quarter. Form 1040x 2010 For each quarter, there is a directory of new REMICs and CDOs and, if required, a section containing amended listings. Form 1040x 2010 You can use the directory to find the representative of the REMIC or the issuer of the CDO from whom you can request tax information. Form 1040x 2010 The amended listing section shows changes to previously listed REMICs and CDOs. Form 1040x 2010 The update for each calendar quarter will be added to this publication approximately six weeks after the end of the quarter. Form 1040x 2010 Publication 938 is only available on the Internet. Form 1040x 2010 To get Publication 938, including prior issues, visit IRS. Form 1040x 2010 gov. Form 1040x 2010 Future developments. Form 1040x 2010   The IRS has created a page on IRS. Form 1040x 2010 gov that includes information about Publication 938 at www. Form 1040x 2010 irs. Form 1040x 2010 gov/pub938. Form 1040x 2010 Information about any future developments affecting Publication 938 (such as legislation enacted after we release it) will be posted on that page. Form 1040x 2010 Other information. Form 1040x 2010   Publication 550, Investment Income and Expenses, discusses the tax treatment that applies to holders of these investment products. Form 1040x 2010 For other information about REMICs, see sections 860A through 860G and the regulations issued under those sections. Form 1040x 2010 Prev  Up  Next   Home   More Online Publications