What income earned by students is taxable?

Taxable Income for Students The following kinds of income often received by students are generally taxable. Pay for services performed Self-employment income Investment income Certain scholarships and fellowships Pay for Services Performed When figuring how much income to report, include everything you received as payment for your services. This usually means wages, salaries, and tips. [...]

I am a returning user. Can I create an account by importing data from my prior year account?

OLT has created the “OLT One Account” for our customers starting in 2018. The OLT ONE account will be used moving forward with OLT. Click on “start now” at www.OLT.com or select to create an account or sign in if you do not have an OLT ONE account. Once you have created your account, you will be able to log into one account and have access to 2021, plus the prior years [...]

How do I report the Health Savings Account?

Go to the adjustments to income page and scroll down to Health Savings Account and Long-Term Care Contracts (show more) to make your selection to start and answer the question for the HSA contributions or distributions. Once you have determined that you are filing form 8889 for the HSA, you will need to select who owns the account. Next, you will need to select the type of coverage and [...]

Special Depreciation Allowance

New 50% additional first-year special depreciation allowance applies to most new property purchased and placed in service after 2007. To be eligible, the property must be property with a recovery period of 20 years or less, off-the shelf computer software, qualified leasehold property, or water utility property. The special allowance does not apply if the ADS method is required. The taxpayer [...]

What foreign taxes are NOT included in calculating foreign tax credit on Form 1116?

Foreign Taxes Not Eligible for a Credit You can't take a credit for the following foreign taxes. 1. Taxes paid to a foreign country that you don't legally owe, including amounts eligible for refund by the foreign country. If you don't exercise your available remedies to reduce the amount of foreign tax to what you legally owe, a credit for the excess amount isn't allowed. The amount of tax [...]