Jim Briggs The Tax Detective

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Presentation transcript:

Jim Briggs The Tax Detective Federal & MA Taxes for 2012 Jim Briggs The Tax Detective

Session Outline What are the filing requirements Federal Massachusetts Tax filing status rules Sources of income: Wages/Stipends/Scholarships/Interest/Dividends Education Credits/Deductions/Student Loan Interest

IRS Publications IRS Publication 17 – Your Federal Income Tax IRS Publication 970 – Tax Benefits for Education MA - http://www.mass.gov/dor/

2012 Tax Filing Threshold - General

2012 Tax Filing Threshold - Dependents

2012 Tax Filing Threshold - Other

2012 MA Tax Filing Threshold

2012 MA Tax Filing Options

2012 MA Tax FREE Filing Option

Federal Tax Rates

MA Tax Rate 5.25% of taxable MA income

Tax Filing Status-1

Tax Filing Status-2

Tax Filing Status-4

Tax Filing Status-5

Tax Filing Status-6

Questions Are there questions on: Tax filing thresholds? Tax filing status?

1040 – Lines 1-5

Dependents

1040 Lines 7-15

1040 Lines 16-21

1040 Lines 23-35

1040 Lines 47-53

Scholarships/Fellowships

Scholarships/Fellowships

Is it taxable?

Where to report it?

Lifetime Learning Credit Maximum of $2,000 per student 20% of first $10,000 of qualifying educational expenses (tuition, books and fees) IRS form 8863 Reduces federal tax dollar for dollar

Extension of time to file Federal File form 4868 by April 15, 2013 Automatic 6 month extension until 10-15-13 MA File M-4868 by April 15, 2013 6 month extension until 10-15-13 Must have paid at least 80% of final tax by April 15, 2013 for extension to be valid

Suggestions Find a good CPA to advise you on federal and state tax issues and to prepare required tax returns Schedule an annual review in October/November with your CPA to obtain recommendations to ways to reduce your taxes.

Questions Questions on the 1040 or 1040A? Questions on your MA return? Questions on filing for an extension? Any other questions?

The End The BU Medical School office and Jim Briggs thank you for your participation.