Filing Individual Income Tax Returns FAQ. - Page 5

It doesn't pertain to anything CIR/DREAM Act/DACA, so it wouldn't fit anywhere else.

Congrats on your approval!

No you don't have to wait you can go ahead and file your return now with your real ssn it wouldn't affect you at all if you used a fake ssn just know that the preparer will have to input your w2 as it appears (including the fake ssn) but it's no biggie. Good luck!

What circa said.

You're welcome! I'm soo happy for you!

Oh okay then you'll file all on your own then without being claimed as a dependent on someone else's return although I'm not understanding why they told you that.

Hi, I have questions regarding a scholarship. My son received a full-ride scholarship to a college. The scholarship looks like this- tuition and fees-$40,000, room and board-$14,000, books-$1,000. I just received a 1098-T. I searched on the net, found out that room and board are taxable income. Does he need to file his own tax return? I never claim him as a dependent on my tax because he just received SSN. Also, does he has to file a state tax? He goes to college in CA but lives in AZ. What state does he need to file with? Thank you in advance for your answers.

Yea he'll have to file a return to report the portion of the scholarship that is taxable income. Was there anything else left over? If so then whatever that amount is it's considered income as well and he'll have to report that too.

You know you could've applied for an ITIN for him and claimed him as your dependent? Anyways that didn't happen so no biggie.

Does he earn any other income other than this scholarship?

I think he might need to file a CA state return since that's where he attends school/whole purpose of the scholarship but I'm not so sure about the AZ one. Please consult a VITA site/local accountant CPA just to make sure.

Ok. I'm starting a business. Do I have to do anything this year as far as tax papers are concerned? Just keep records of income and expense for now? I know zilch about filing taxes.

Also how does stocks/forex/mutual funds work when it comes to taxes.

[quote=msaccountant;420379]Congrats on your approval!

No you don't have to wait you can go ahead and file your return now with your real ssn it wouldn't affect you at all if you used a fake ssn just know that the preparer will have to input your w2 as it appears (including the fake ssn) but it's no

thank you for your help. I have another question. How far can taxes be amended? N if they can what does this mean for a daca recipient?

Thank you for your answers. No, he has no other income. Also, the SSN part on 1098-T shows his college ID. insted of SSN. Will this be a problem?

Depends on the structure of the business. LLC? Sole proprietorship? Partnership?

As for stocks, what kind of account is it held in? IRA? 401k? Custodial? Regular brokerage account?

Woah so much information--Welcome to the internet.

Sole.

Regular brokerage account.