Question

ith security updates, fixes, and improvements, choose Check for Updates. Short Answer Questions Mary is 47 years old, divorced in 2016, and earned $32,000 in 2018. She has a 19-year- old daughter, Kasey. Kasey lives on campus during the school year and spends winter and summer at home with her mother. Kasey is a full-time student who is in her 2nd year of college. Mary provided more than half of her daughter's support in 2018. Kasey's income was $4,000 in wages. Based on the facts above, please answer the following questions: 1. a. What is the best filing status for Mary? Can Mary claim Kasey as a dependent on her tax return? Please explain. MacBook Air

Answer 1

Answer :-

2 ) :-

What is IRS Form 1098-T?

• A qualified instructive organization, for example, a school or college in which you are selected, and a safety net provider who makes repayments or discounts of qualified educational cost and related costs to you should outfit this announcement to you.
• You, or the individual who can guarantee you as a ward, might have the capacity to guarantee a training credit on Form 1040 or 1040A, just for the certified educational cost and related costs that were really paid amid the revealing assessment time frame. To check whether you fit the bill for the credit, see Pub. 970, Tax Benefits for Education; Form 8863, Education Credits; and the Form 1040 or 1040A directions.

How do organizations report installments got?

• Foundations may report either installments got amid the date-book year in box 1 or sums charged amid the schedule year in box 2.
• The sum appeared in box 1 or 2 may speak to a sum other than the sum really paid amid the detailed expense time frame.
• Your organization must incorporate its name, address, and data contact phone number on this announcement.
• It might likewise incorporate contact data for a specialist co-op. In spite of the fact that the filer or the specialist co-op might have the capacity to answer certain inquiries regarding the announcement, don't contact the filer or the specialist co-op for clarifications of the necessities for (and how to figure) any instruction credit that you may guarantee.

For what reason did I get Form 1098-T?

• Your school is required to send you this shape with the goal that you can utilize it to decide whether you are qualified and what dollar sum you can guarantee for either the American Opportunity Credit or Lifetime Learning charge Credits.

What is Form 1098-T utilized for?

• The data on the 1098-T shape is given to help every Student/Taxpayer in setting up the IRS FORM 8863, which is utilized to guarantee the American Opportunity or Lifetime Learning Credits.
• When complete, the 8863 ought to be appended to the Student/Taxpayers come back to decide qualification and the measure of the Education credit (assuming any) that he/she might be qualified for on their Individual Income Tax Return.

Do I need to utilize Form 1098-T?

• No, on the off chance that you are not making good on regulatory obligations or your pay is too high to even consider qualifying, you don't need to do anything with this frame.
• On the off chance that you think you got it in blunder, if it's not too much trouble dismiss it.

Could my school or specialist co-op give me assess exhortation?

• Neither your school nor specialist co-op can offer expense exhortation in regards to your tax documents.
• In the event that you have any inquiries regarding if or how much intrigue you can deduct, you ought to counsel with a certified duty expert or contact the IRS Taxpayer Assistance line at 1-800-829-1040.
• The IRS site has numerous archives concerning TRA-97, including some self improvement themes for assessment filers.