Sentences with phrase «payments on their federal income tax returns»

One way student loan borrowers can save some money during repayment is by deducting interest payments on their federal income tax returns.

Not exact matches

If you haven't filed a federal income tax return in the past two years, or if your current income is significantly different from the income reported on your most recent federal income tax return (for example, if you lost your job or have experienced a drop in income), alternative documentation of your income will be used to determine your eligibility and calculate your monthly payment amount.

For tax year 2017, taxpayers who itemize can write off their state and local income, property and general sales tax payments on their federal tax return.

... The tax allegation involved claims that he failed to report as income on his federal tax return the rental income from a time - share unit (not a «posh» villa as often depicted) he owned in the Dominican Republican which was used to offset his mortgage payments.

Leibell, R - Carmel — who pleaded guilty in December to obstructing a federal grand jury that was investigating whether he extorted cash payments from lawyers working in Putnam County and failed to report on his income tax returns tens of thousands of dollars in cash payments he received from those lawyers — was to be sentenced in federal court in White Plains this coming Monday.

Student loan borrowers may claim interest payments of up to $ 2,500 annually on their federal income tax return.

However, the student may claim the deduction based on payments made by the parent (assuming that the student is not claimable as a dependent on someone else's federal income tax return).

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

Through IBR, any borrower can cap payments on his loans at 10 percent of a portion of his income, which is calculated by deducting 150 percent of the poverty line for his household size ($ 17,655 for a single person without dependents) from the adjusted gross income stated on his federal tax return.

The refundable credit is not an overpayment of tax - child care payments are not used to reduce income on the federal return.

If you haven't filed a federal income tax return in the past two years, or if your current income is significantly different from the income reported on your most recent federal income tax return (for example, if you lost your job or have experienced a drop in income), alternative documentation of your income will be used to determine your eligibility and calculate your monthly payment amount.

These payments can be subtracted on your OR state return if you claim the taxable income on your federal tax return.

Since income - based repayment plans are based on your income as stated on your federal tax return, a larger household income can impact your monthly payment obligation.

You must report payments you collected for backup withholding, on Form 945, Annual Return of Withheld Federal Income Tax.

In the year of disposition the adjustment will be a subtraction for gain attributable to installment payments to be made in future taxable years provided that (i) the gain arises from an installment sale for which federal law does not permit the dealer to elect installment reporting of income, and (ii) the dealer elects installment treatment of the income for Virginia purposes on or before the due date prescribed by law for filing the taxpayer's income tax return.

IBR plans use your discretionary income to determine your monthly payment amount based on your previously filed federal income tax return.

Under the income - driven plans, monthly payments are determined based on adjusted gross income (AGI) as reported on your federal tax return and the federal poverty rate that corresponds to your family size.

If a married person wants to have his or her monthly student loan payment calculated solely on the basis of her individual income and student loan debt, she must file a separate federal income tax return.

The law «requires you and each member of your family to have qualifying health care coverage (called minimum essential coverage), qualify for a coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return,» the tax agency says on its website.