How to calculate capital gains for a dividend reinvestment plan.(pixabay.com) Q. My wife and I have been purchasing stock in a DRIP account for our granddaughter since she was born. It was registered a custodial account. Each year, a 1099 in her Social Security number was issued, but she never filed taxes on these dividends, which were always under $100. Now she's 21 and she sold the stock and has a capital gain, so she will need to file a return. Does she need to be concerne
Here's a look at what college students need to know for possible tax return filings. (pixabay.com) Q. Do tax returns need to be filed for a 19-year-old full-time college student who earned less than $2,500 in a year? The student was listed as a deduction on the parents' 2016 federal and New Jersey returns.
-- Parent A. We're glad you're asking. A single independent person does not have to file a federal income tax return for 2017 if they had less than $10,400 in income, said
Understanding who gets a tax break for payments on student loans. (pixabay.com) Q. My husband, when he divorced from his now ex-wife, was ordered to pay $20,000 towards his daughter's college loans. When we sold the house he had with his ex-wife, she put a hold on the money from sale of the house. They took the $20,000 from the sale. Is there anywhere we can claim this $20,000 on our taxes? The check for the money was sent directly to student loan.
-- New wife A. There are c