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Turbotax Deluxe Federal E File State 2011 For Pc Download

Turbotax deluxe federal e file state 2011 for pc download Publication 1544 - Introductory Material Table of Contents What's New Introduction What's New Future developments. Turbotax deluxe federal e file state 2011 for pc download  For the latest information about developments related to Publication 1544, such as legislation enacted after it was published, go to www. Turbotax deluxe federal e file state 2011 for pc download irs. Turbotax deluxe federal e file state 2011 for pc download gov/pub1544. Turbotax deluxe federal e file state 2011 for pc download Amending a report. Turbotax deluxe federal e file state 2011 for pc download  You can amend a prior report by checking box 1a at the top of Form 8300. Turbotax deluxe federal e file state 2011 for pc download See Amending a report, later. Turbotax deluxe federal e file state 2011 for pc download Introduction If, in a 12-month period, you receive more than $10,000 in cash from one buyer as a result of a transaction in your trade or business, you must report it to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Turbotax deluxe federal e file state 2011 for pc download This publication explains why, when, and where to report these cash payments. Turbotax deluxe federal e file state 2011 for pc download It also discusses the substantial penalties for not reporting them. Turbotax deluxe federal e file state 2011 for pc download Some organizations do not have to file Form 8300, including financial institutions who must file FinCEN Form 104 (formerly Form 4789), Currency Transaction Report, and casinos who must file FinCEN Form 103 (formerly Form 8362), Currency Transaction Report by Casinos. Turbotax deluxe federal e file state 2011 for pc download They are not discussed in this publication. Turbotax deluxe federal e file state 2011 for pc download This publication explains key issues and terms related to Form 8300. Turbotax deluxe federal e file state 2011 for pc download You should also read the instructions attached to the form. Turbotax deluxe federal e file state 2011 for pc download They explain what to enter on each line. Turbotax deluxe federal e file state 2011 for pc download Prev  Up  Next   Home   More Online Publications
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The Turbotax Deluxe Federal E File State 2011 For Pc Download

Turbotax deluxe federal e file state 2011 for pc download 3. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Introduction Resident and nonresident aliens are allowed exclusions from gross income if they meet certain conditions. Turbotax deluxe federal e file state 2011 for pc download An exclusion from gross income is generally income you receive that is not included in your U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download income and is not subject to U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download tax. Turbotax deluxe federal e file state 2011 for pc download This chapter covers some of the more common exclusions allowed to resident and nonresident aliens. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Useful Items - You may want to see: Publication 54 Tax Guide for U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download Citizens and Resident Aliens Abroad 523 Selling Your Home See chapter 12 for information about getting these publications. Turbotax deluxe federal e file state 2011 for pc download Resident Aliens Resident aliens may be able to exclude the following items from their gross income. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download The exclusion is $97,600 in 2013. Turbotax deluxe federal e file state 2011 for pc download In addition, you may be able to exclude or deduct certain foreign housing amounts. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download For more information, see Publication 54. Turbotax deluxe federal e file state 2011 for pc download Foreign country. Turbotax deluxe federal e file state 2011 for pc download    A foreign country is any territory under the sovereignty of a government other than that of the United States. Turbotax deluxe federal e file state 2011 for pc download   The term “foreign country” includes the country's territorial waters and airspace, but not international waters and the airspace above them. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download   The term “foreign country” does not include U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download possessions or territories. Turbotax deluxe federal e file state 2011 for pc download It does not include the Antarctic region. Turbotax deluxe federal e file state 2011 for pc download Nonresident Aliens Nonresident aliens can exclude the following items from their gross income. Turbotax deluxe federal e file state 2011 for pc download Interest Income Interest income that is not connected with a U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download State and local government obligations. Turbotax deluxe federal e file state 2011 for pc download   Interest on obligations of a state or political subdivision, the District of Columbia, or a U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download possession, generally is not included in income. Turbotax deluxe federal e file state 2011 for pc download However, interest on certain private activity bonds, arbitrage bonds, and certain bonds not in registered form is included in income. Turbotax deluxe federal e file state 2011 for pc download Portfolio interest. Turbotax deluxe federal e file state 2011 for pc download   Interest and original issue discount that qualifies as portfolio interest is not subject to NRA withholding. Turbotax deluxe federal e file state 2011 for pc download To qualify as portfolio interest, the interest must be paid on obligations issued after July 18, 1984, and otherwise subject to NRA withholding. Turbotax deluxe federal e file state 2011 for pc download Note. Turbotax deluxe federal e file state 2011 for pc download For obligations issued after March 18, 2012, portfolio interest does not include interest paid on debt that is not in registered form. Turbotax deluxe federal e file state 2011 for pc download Before March 19, 2012, portfolio interest included interest on certain registered and nonregistered (bearer) bonds if the obligations meet the requirements described below. Turbotax deluxe federal e file state 2011 for pc download Obligations in registered form. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download For more information on whether obligations are considered to be in registered form, see Portfolio interest in Publication 515. Turbotax deluxe federal e file state 2011 for pc download Obligations not in registered form. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download   Documentation is not required for interest on bearer obligations to qualify as portfolio interest. Turbotax deluxe federal e file state 2011 for pc download In some cases, however, you may need documentation for purposes of Form 1099 reporting and backup withholding. Turbotax deluxe federal e file state 2011 for pc download Interest that does not qualify as portfolio interest. Turbotax deluxe federal e file state 2011 for pc download   Payments to certain persons and payments of contingent interest do not qualify as portfolio interest. Turbotax deluxe federal e file state 2011 for pc download You must withhold at the statutory rate on such payments unless some other exception, such as a treaty provision, applies. Turbotax deluxe federal e file state 2011 for pc download Contingent interest. Turbotax deluxe federal e file state 2011 for pc download   Portfolio interest does not include contingent interest. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download For exceptions, see Internal Revenue Code section 871(h)(4)(C). Turbotax deluxe federal e file state 2011 for pc download Any other type of contingent interest that is identified by the Secretary of the Treasury in regulations. Turbotax deluxe federal e file state 2011 for pc download Related persons. Turbotax deluxe federal e file state 2011 for pc download   Related persons include the following. Turbotax deluxe federal e file state 2011 for pc download Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Turbotax deluxe federal e file state 2011 for pc download ), and lineal descendants (children, grandchildren, etc. Turbotax deluxe federal e file state 2011 for pc download ). Turbotax deluxe federal e file state 2011 for pc download Any person who is a party to any arrangement undertaken for the purpose of avoiding the contingent interest rules. Turbotax deluxe federal e file state 2011 for pc download Certain corporations, partnerships, and other entities. Turbotax deluxe federal e file state 2011 for pc download For details, see Nondeductible Loss in chapter 2 of Publication 544. Turbotax deluxe federal e file state 2011 for pc download Exception for existing debt. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Dividend Income The following dividend income is exempt from the 30% tax. Turbotax deluxe federal e file state 2011 for pc download Certain dividends paid by foreign corporations. Turbotax deluxe federal e file state 2011 for pc download   There is no 30% tax on U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download source dividends you receive from a foreign corporation. Turbotax deluxe federal e file state 2011 for pc download See Second exception under Dividends in chapter 2 for how to figure the amount of U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download source dividends. Turbotax deluxe federal e file state 2011 for pc download Certain interest-related dividends. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download The mutual fund will designate in writing which dividends are interest-related dividends. Turbotax deluxe federal e file state 2011 for pc download Certain short-term capital gain dividends. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download The mutual fund will designate in writing which dividends are short-term capital gain dividends. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Services Performed for Foreign Employer If you were paid by a foreign employer, your U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download source income may be exempt from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download tax, but only if you meet one of the situations discussed next. Turbotax deluxe federal e file state 2011 for pc download Employees of foreign persons, organizations, or offices. Turbotax deluxe federal e file state 2011 for pc download   Income for personal services performed in the United States as a nonresident alien is not considered to be from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download sources and is tax exempt if you meet all three of the following conditions. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download corporation, a U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download partnership, or a U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download citizen or resident. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Your pay for these services is not more than $3,000. Turbotax deluxe federal e file state 2011 for pc download If you do not meet all three conditions, your income from personal services performed in the United States is U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download source income and is taxed according to the rules in chapter 4. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download If the advances or reimbursements are more than your expenses, include the excess in your pay for these services. Turbotax deluxe federal e file state 2011 for pc download   A day means a calendar day during any part of which you are physically present in the United States. Turbotax deluxe federal e file state 2011 for pc download Example 1. Turbotax deluxe federal e file state 2011 for pc download During 2013, Henry Smythe, a nonresident alien from a nontreaty country, worked for an overseas office of a U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download partnership. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download That office paid him a total gross salary of $2,800 for those services. Turbotax deluxe federal e file state 2011 for pc download During 2013, he was not engaged in a trade or business in the United States. Turbotax deluxe federal e file state 2011 for pc download The salary is not considered U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download source income and is exempt from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download tax. Turbotax deluxe federal e file state 2011 for pc download Example 2. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download He received $2,875 in 2013, and $1,625 in 2014. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Henry's salary is U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download source income and is taxed under the rules in chapter 4. Turbotax deluxe federal e file state 2011 for pc download Crew members. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download possession is not U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download source income and is exempt from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download tax. Turbotax deluxe federal e file state 2011 for pc download This exemption does not apply to compensation for services performed on foreign aircraft. Turbotax deluxe federal e file state 2011 for pc download Students and exchange visitors. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download It also includes the alien's spouse and minor children if they come with the alien or come later to join the alien. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Foreign employer. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download possession by a U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download corporation, a U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download partnership, or an individual who is a U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download citizen or resident. Turbotax deluxe federal e file state 2011 for pc download   The term “foreign employer” does not include a foreign government. Turbotax deluxe federal e file state 2011 for pc download Pay from a foreign government that is exempt from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download income tax is discussed in chapter 10. Turbotax deluxe federal e file state 2011 for pc download Income from certain annuities. Turbotax deluxe federal e file state 2011 for pc download   Do not include in income any annuity received under a qualified annuity plan or from a qualified trust exempt from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download income tax if you meet both of the following conditions. Turbotax deluxe federal e file state 2011 for pc 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 . Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download citizens or residents. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download citizens and residents, or You are a resident of a beneficiary developing country under Title V of the Trade Act of 1974. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Income affected by treaties. Turbotax deluxe federal e file state 2011 for pc download   Income of any kind that is exempt from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download tax under a treaty to which the United States is a party is excluded from your gross income. Turbotax deluxe federal e file state 2011 for pc download Income on which the tax is only limited by treaty, however, is included in gross income. Turbotax deluxe federal e file state 2011 for pc download See chapter 9. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download If you are married and file a joint return, you may be able to exclude up to $500,000. Turbotax deluxe federal e file state 2011 for pc download For information on the requirements for this exclusion, see Publication 523. Turbotax deluxe federal e file state 2011 for pc download This exclusion does not apply to nonresident aliens who are subject to the expatriation tax rules discussed in chapter 4. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download The rules discussed here apply to both resident and nonresident aliens. Turbotax deluxe federal e file state 2011 for pc download If a nonresident alien receives a grant that is not from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download sources, it is not subject to U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download tax. Turbotax deluxe federal e file state 2011 for pc download See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your grant is from U. Turbotax deluxe federal e file state 2011 for pc download S. Turbotax deluxe federal e file state 2011 for pc download sources. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Candidate for a degree. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Eligible educational institution. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Qualified education expenses. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download These items must be required of all students in your course of instruction. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Expenses that do not qualify. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download This is true even if the fee must be paid to the institution as a condition of enrollment or attendance. Turbotax deluxe federal e file state 2011 for pc download Scholarship or fellowship amounts used to pay these costs are taxable. Turbotax deluxe federal e file state 2011 for pc download Amounts used to pay expenses that do not qualify. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download Payment for services. Turbotax deluxe federal e file state 2011 for pc 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. Turbotax deluxe federal e file state 2011 for pc download This is true even if all candidates for a degree are required to perform the services as a condition for receiving the degree. Turbotax deluxe federal e file state 2011 for pc download Example. Turbotax deluxe federal e file state 2011 for pc download On January 7, Maria Gomez is notified of a scholarship of $2,500 for the spring semester. Turbotax deluxe federal e file state 2011 for pc download As a condition for receiving the scholarship, Maria must serve as a part-time teaching assistant. Turbotax deluxe federal e file state 2011 for pc download Of the $2,500 scholarship, $1,000 represents payment for her services. Turbotax deluxe federal e file state 2011 for pc download Assuming that Maria meets all other conditions, she can exclude no more than $1,500 from income as a qualified scholarship. Turbotax deluxe federal e file state 2011 for pc download Prev  Up  Next   Home   More Online Publications