Federal & MA Taxes for 2012
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Transcript of Federal & MA Taxes for 2012
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Federal & MA Taxes for 2012
Jim BriggsThe Tax Detective
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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
Session Outline
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IRS Publication 17 – Your Federal Income Tax
IRS Publication 970 – Tax Benefits for Education
MA - http://www.mass.gov/dor/
IRS Publications
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2012 Tax Filing Threshold - General
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2012 Tax Filing Threshold - Dependents
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2012 Tax Filing Threshold - Other
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2012 MA Tax Filing Threshold
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2012 MA Tax Filing Options
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2012 MA Tax FREE Filing Option
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Federal Tax Rates
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MA Tax Rate
5.25% of taxable MA income
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Tax Filing Status-1
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Tax Filing Status-2
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Tax Filing Status-4
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Tax Filing Status-5
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Tax Filing Status-6
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Are there questions on:
◦ Tax filing thresholds?
◦ Tax filing status?
Questions
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1040 – Lines 1-5
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Dependents
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1040 Lines 7-15
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1040 Lines 16-21
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1040 Lines 23-35
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1040 Lines 47-53
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Scholarships/Fellowships
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Scholarships/Fellowships
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Is it taxable?
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Where to report it?
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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
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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
Extension of time to file
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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.
Suggestions
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Questions on the 1040 or 1040A?
Questions on your MA return?
Questions on filing for an extension?
Any other questions?
Questions
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The BU Medical School office and Jim Briggs thank you for your participation.
The End