the best laptop for student 2012 image
Stephen K
Alright, I've been browsing the web and reading a lot of different articles and sources of information with regards to how I should file my taxes but it all seems contradicting and it all is not very clear to me. So, with that said, I request any help I can get with how I should file my taxes. In advance, any help will be greatly appreciated. I anticipate to file but I am not sure what all to claim on my form. Details regarding 2012 are as follows (numbers are close to actual numbers, but not exact):
- Resident of Alabama for 7 years
- Enrolled August-December of 2012 as a full time college student
- Scholarship from university for ~$3500
- Federal Direct Sub Loan ~$1500 (I have not started paying back yet)
- Paid ~$300 out of pocket for school, not including a ~$700 laptop for school
- Provided over 1/2 of my income, so will not be a dependent on my parent's income even though I
do live with them.
- Self-Employed, ~$8000 untaxed earnings
- No kids
- No spouse
So, that's it in a nutshell. I know I may be asking a lot; however, I am not asking for someone to file my taxes for me. I would just like any help on what to consider deductible or what all I need to claim. Any help will be much appreciated.
Answer
I'll take your details point-by-point and explain how they are related to your tax situation:
- Resident of Alabama for 7 years
Irrelevant for federal tax purposes. You will have to file the federal form and then the Alabama tax form afterwards (if Alabama has a state income tax).
- Enrolled August-December of 2012 as a full time college student
How old are you? If you're under 24, you may be considered a dependent on your parents' tax return. Did you provide at least half of your own support? If so, they cannot claim you and you would file as a single individual, and nobody can claim you on their forms.
- Scholarship from university for ~$3500
Did you use this for school purposes, or outside of school? If for school purposes, it's not considered taxable income.
- Federal Direct Sub Loan ~$1500 (I have not started paying back yet)
The proceeds from this loan were used to pay for tuition, and can qualify you for education credits. Some credits (like the American Opportunity Credit) are refundable.
- Paid ~$300 out of pocket for school, not including a ~$700 laptop for school
Your school should have provided you with a 1098-T statement, although that is for informational purposes only. This statement can be used when claiming educational expenses (I'll attach a publication that explains them in my sources).
- Provided over 1/2 of my income, so will not be a dependent on my parent's income even though I
do live with them.
Well that answered my question from earlier. You are not considered a dependent on your parents' form then.
- Self-Employed, ~$8000 untaxed earnings
This is where it gets tricky. You will have to start with a Schedule C, then move on to Schedule SE to report Self-Employment Tax. Since your income was untaxed, you will have to pay the Self-Employment Tax, which covers your portion of Medicare and Social Security.
- No kids
- No spouse
Well good, one person makes it a bit easier to sign and file.
Good on you for taking the tough task of filling out your return, but I'll warn you it might get a little tough. However, you will save yourself the $200-300 on tax preparation fees that many places charge. What you should do first is start filling out Schedule C for your Self-Employment earnings, then move on to Schedule SE to figure out your Self-Employment Tax. After that, move on to Form 8863 to claim your education credits, and once all those forms are done, you can fill out Form 1040. All of these forms are available from the IRS.gov website, and I've linked them below for you.
Good luck!
I'll take your details point-by-point and explain how they are related to your tax situation:
- Resident of Alabama for 7 years
Irrelevant for federal tax purposes. You will have to file the federal form and then the Alabama tax form afterwards (if Alabama has a state income tax).
- Enrolled August-December of 2012 as a full time college student
How old are you? If you're under 24, you may be considered a dependent on your parents' tax return. Did you provide at least half of your own support? If so, they cannot claim you and you would file as a single individual, and nobody can claim you on their forms.
- Scholarship from university for ~$3500
Did you use this for school purposes, or outside of school? If for school purposes, it's not considered taxable income.
- Federal Direct Sub Loan ~$1500 (I have not started paying back yet)
The proceeds from this loan were used to pay for tuition, and can qualify you for education credits. Some credits (like the American Opportunity Credit) are refundable.
- Paid ~$300 out of pocket for school, not including a ~$700 laptop for school
Your school should have provided you with a 1098-T statement, although that is for informational purposes only. This statement can be used when claiming educational expenses (I'll attach a publication that explains them in my sources).
- Provided over 1/2 of my income, so will not be a dependent on my parent's income even though I
do live with them.
Well that answered my question from earlier. You are not considered a dependent on your parents' form then.
- Self-Employed, ~$8000 untaxed earnings
This is where it gets tricky. You will have to start with a Schedule C, then move on to Schedule SE to report Self-Employment Tax. Since your income was untaxed, you will have to pay the Self-Employment Tax, which covers your portion of Medicare and Social Security.
- No kids
- No spouse
Well good, one person makes it a bit easier to sign and file.
Good on you for taking the tough task of filling out your return, but I'll warn you it might get a little tough. However, you will save yourself the $200-300 on tax preparation fees that many places charge. What you should do first is start filling out Schedule C for your Self-Employment earnings, then move on to Schedule SE to figure out your Self-Employment Tax. After that, move on to Form 8863 to claim your education credits, and once all those forms are done, you can fill out Form 1040. All of these forms are available from the IRS.gov website, and I've linked them below for you.
Good luck!
What is the best laptop brand that doesn't break so fast? What brand do you have?
~Paradox~
I currently have an Acer laptop, because it's affordable and works just as well as any other laptop. However, it breaks SO easily. Like in the course of about a year my laptop is already falling apart. :(
The hinges on my current laptop have cracks going down them. I don't even get how that came to be. I'm not opening my computer screen Hulk style. It's just the way these computers break that's frustrating, because I can't fix these kind of problem.
This isn't the first time either!! I've had an MSI laptop in the past and an Acer and they break so easily that it's almost not worth buying these brands anymore. I'm also not a fan of the mac computers by apple...
Anyhow, I'm currently a college student. So having a laptop is crucial! What's a good laptop brand that last more than just a year or two?
Thanks for answering! (:
Answer
My first laptop was a Acer. What you are experiencing is also the reason I stopped using mine and had to buy another laptop. I ended up duct taping the cracks until I could afford another laptop.
My mom has a Acer laptop that does not have a latch that holds the screen to the rest of the computer and she has never had this problem. So if you could find a Acer without a lock on the screen, you may not face this problem with an Acer in the future.
I have a Toshiba Satellite L755. It does not have a lock the computer screen. The computer I have was around $550 when I purched it in April of 2012. The only problems I have had with this computer is that it will not play old games. I have not had any problems with the new games.
My first laptop was a Acer. What you are experiencing is also the reason I stopped using mine and had to buy another laptop. I ended up duct taping the cracks until I could afford another laptop.
My mom has a Acer laptop that does not have a latch that holds the screen to the rest of the computer and she has never had this problem. So if you could find a Acer without a lock on the screen, you may not face this problem with an Acer in the future.
I have a Toshiba Satellite L755. It does not have a lock the computer screen. The computer I have was around $550 when I purched it in April of 2012. The only problems I have had with this computer is that it will not play old games. I have not had any problems with the new games.
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Title Post: How should I file my taxes as a student? Details are included?
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