If you’re a college student, parent, guardian or anyone paying out-of-pocket for tuition, fees, and required course materials needed for enrollment, you will receive a Form 1098-T. This tuition statement form reports all of your transactions, which means the payments you make to your school.
Even if you’re behind on filing past tax returns, it’s important to take your time and file each one accurately. Sure, in some cases you won’t be able to claim your refund after a certain period of time has passed but you can always reduce your tax liability. That’s what tax credits are for.
For the 2009 and 2010 tax years, there was a tax credit known as the Making Work Pay Credit. Did you know that you can still claim this credit on your tax returns for those years? Let’s find out if you qualify.
You might remember President Obama focusing in on the Making Work Pay Tax Credit as a key policy of his 2009 stimulus package. It was meant to initiate more household spending among families in the U.S. Well, it stuck…for a couple years at least. The credit was authorized in the American Recovery and Reinvestment Act of 2009. Many taxpayers saw a reflection of this credit as an increase in their paychecks throughout the year.
Although this is a quote by a historian who probably knew little about filing a tax return, it is oddly relatable when trying to locate a prior year AGI. Here’s why. In order to find your AGI (otherwise known as adjusted gross income), you’ll need to take a look at the prior year’s tax documents. I’ve pinpointed three easy ways to find your prior year AGI without having to dig too deep into the past. Let’s take a look.
If you’re the type of person who has a knack for keeping track of important paperwork, then you probably know where to find your tax return from last year. Once you find it, you’ll be able to find your AGI amount for the year on line 37 of Form 1040, as you’ll see below. (more…)
