Free Income Tax Form Assistance
Every year during March and April, the Graduate School brings a tax consultant onto campus to provide free tax form assistance for graduate students. The service is open to all graduate students, but it is recommended that international students use OIS's on-line tax help services due to their special needs.
The Graduate School will be providing a free accesss for CINTAX for graduate students classified as Non Resident Aliens. This service is provided only for the first 1,999 students who register. To register for free CINTAX access click here.
For more information for the graduate school tax assistance program for 2011 please click the link below :
Lifetime Learning and Other Tax Credits
The Lifetime Learning credit is a nonrefundable tax credit up to $2,000 per family for all undergraduate and graduate level education. Figured by taking 20% of the first $10,000 of qualified educational expenses paid.
Generally, you can claim the Lifetime Learning Credit if all three of the following requirements are met:
- You pay qualified tuition and related expenses of higher education.
- You pay the tuition and related expenses for an eligible student.
- The eligible student is either yourself, your spouse, or a dependent for who you claim an exemption on your tax return.
The Lifetime Learning Credit is based on qualified tuition and related expenses you pay for yourself, your spouse, or a dependent for who you can claim an exemption on your tax return. Generally, the credit is allowed for qualified tuition and related expenses paid in 2004 for an academic period beginning in 2004 or in the first 3 months of 2005. Also see:
What Expenses Qualify for the Education Credits?
"Expenses that do qualify are tuition and fees required for enrollment or attendance at any college, vocational school, or other post-secondary educational institution eligible to participate in the student aid programs administered by the Department of Education.
Qualified expenses do not include books, room and board, student activities, athletics (unless the course is part of the student's degree program), insurance, equipment, transportation, or other similar personal, living, or family expenses. The cost of books and equipment are generally not qualified expenses because eligible educational institutions usually do not require that fees for such books or equipment be paid to the institution as a condition of the student's enrollment or attendance at the institution. "
Child Care Tax Information
Click here for a general overview of child care tax credits also known as IRS Tax Topic 602. Listed below are some forms and instructions for claiming child and dependent care tax credits through the IRS. Forms are from the IRS web site www.irs.gov.
Filing Income Taxes for Student Organizations
In general, student organizations are subject to federal and state income taxes on the income they generates or receives (including donations) unless it qualifies as a non-profit organization under federal and state law. Funds awarded by Graduate Student Government are not considered income because they are used to pay directly for programs, not fund the student organization itself. Student organizations do not obtain exemption from state or federal income tax and exemption from state sales tax on purchases simply by registering with the University.
In most cases it isn't suggested that student organizations apply for federal non-profit status. The process involves follow up paperwork annually and most organizations will not find themselves in situations of needing formal federal non-profit status. In addition, since many RSOs are ineligible for 501(c)(3) status, filing for non-profit status will not enable the RSO to receive tax-deductible contributions or make purchases free of sales tax (see below), which are primary reasons many organizations seek federal non-profit status. If your organization, as its own entity, wishes to apply for federal non-profit status, refer to the IRS website. at (), entering Publication 557 in the Search Forms and Publications box. This publication provides a description of the various 501(c) non-profit organizations. If you wish to apply for 501(c)(3) status, enter 1023 in the search box or for 501(c)(4) or 501(c)(7) status, enter 1024. These are the most common categories of non-profit status that student organizations would file under.