STUDENT TAX AND FISCAL SEMINAR 9/15/2018 STUDENT TAX AND FISCAL SEMINAR WSU Payroll Services Shirley Cornelius, Asst Payroll Director Template C Plain-crimson-bright

Taxes and Money

Objectives of Seminar Where to find tax information Who to contact How to read tax forms Do I need to file? Additional resources

Where to find YOUR tax information WSU W2's are available on-line through zzusis under employee info as long as you have an active appointment and a network user id and password. A copy from zzusis will substitute for a printed copy and is available up to a week before the printed copy is sent to your current mailing address W2's and Form 1098-T's are required to be mailed to you by 1/31/12

Where to find YOUR Tax Info (cont) If you have not received your 1098 T by 2/15/12 contact Student Accounts, 335- 9651 If you have not received your W2 by 2/15/12 contact Payroll Services, 335-9475, or re- print a form at zzusis

Helpful Resources to Utilize Shirley Cornelius, Payroll, shirleyc@wsu.edu FREE Taxpayer Advocate Service, 1-877-777- 4778 Office of International Students, 335-4508 FREE VITA local tax help: U of I, 711 Rayburn Room 107 Menard Law Bldg, Tues & Wed evenings 7:00-9:00 PM, and Sat from 12:00-4:00. No appt necessary start 2/28 and running through 4/14

WSU Form 1098-T Tuition Statement WSU reports tuition payments in Box 1 of the form Box 5 – total of scholarship or financial aid grants. When you compare box 1 to box 5: If box 1 total is greater than box 5 total, you or whoever claims you as a dependent, could qualify for a tax credit. If box 5 total is greater than the box 1 total, you will have to report the difference in the amount as income.

Scholarships and Fellowships Scholarship is generally an amount paid or allowed to a student at an educational institution for the purpose of study. A fellowship is generally an amount paid to an individual for the purpose of research. If you receive a scholarship or fellowship grant, all or part of the amounts you receive may be tax-free as long as you use the amount for tuition, fees, books, or supplies required for the courses. Room, board, travel, and other incidental expenses are included as income. Taxable scholarships/fellowships are reported on line 1 of your Form 1040A where the W2 line is and you write “SCH” on line.

IRS Filing Requirements Do you have any Federal income tax withheld? Even if you do not meet the requirements to file, you will probably want to file to receive your income tax withheld. Did you earn more than $400.00 in self- employment income? If you do not meet the earnings requirements to file and you have a refund coming to you, you may want to revise your W4 and show that you are exempt from taxes.

Dependent claimed by Someone else Is your unearned income > $950.00? Unearned income includes interest, dividends, taxable scholarships & grants. If so, you WILL need to file a tax return. Is your earned income > $5,800.00? You WILL need to file a tax return. If you answer no to the above two questions, but the total of the two types of income is > $950.00 and your earned income is up to $5,800.00, you WILL need to file a tax return.

Why do your parents claim you as a dependent? The only way that your parents can claim your tuition and fees paid by them on their tax return is to claim you as a dependent. Always check with your parents on how they are going to file.

Not claimed by Someone else Is your gross income > $9,500? You WILL need to file a tax return. This will ensure you get a refund of any Federal Income Tax Withheld. Is your gross income < $9,500? And your unearned income (interest, dividends, taxable scholarships & grants) is less than $300? If you answer yes to the above two questions, … (exemption) … (next tax year – new W4 - exempt)

How to fill out Your tax form 1040 1040A 1040EZ 1040NR and 1040NR EZ

Form 1040 EZ Filing status single or married filing jointly. Nonresident alien anytime in 2011, you must be filing married filing jointly Claiming no dependents No adjustment to income Only credit is Earned Income Credit Under age 65 and not blind. Taxable income < $100,000 Wages, salaries, tips, taxable scholarship or fellowship grants, unemployment, interest income less than $1,500 Tips included in box 5 and 7 of W2

Form 1040 NR and 104NR-EZ Must use if you are a non-resident alien Engaged in a trade or business Have any other US source of income where the tax due was not fully paid by the amount with held.

Free File Free file with the IRS is available for a significant number of taxpayers that have an AGI of less than $57,000 15 different companies available at this time. Not all companies have the same eligibility requirements. Be sure to check each company’s requirements Website: http://apps.irs.gov/app/freeFile/jsp/index.js p?ck

Resources International Tax Assistance: http://ip.wsu.edu/oiss/tax-info.html IRS Publication 970-Tax Benefits of Education: http://www.irs.gov/pub/irs- pdf/p970.pdf IRS Student Web Site: http://www.irs.gov/individuals/students/arti cle/0,,id=177662,00.html Payroll Services 2011 W2 Fast Facts: http://www.wsu.edu/payroll/deptpay/2011w 2fastfacts.htm