<li><p>Enter the total current value of this parent’s tax-deferred retirement, pension, annuity, and savings plans. Include IRA, SRA Keogh, SEP, 401(a), 401(k), 403(b), 408, 457, 501(c) plans, etc.
do i enter this parent’s $ in the bank? gahh… i hate those technical terms…</p></li>
<li><p>At any time during 2007 or 2008 did your parent(s) receive benefits from any of the following federal benefit programs: SSI, food stamps, free or reduced price lunch, TANF, or WIC?
umm… my parents didn’t receive any. i, however, received a free lunch program in school… do i put YES then? it’s pretty vague…</p></li>
</ol>
<ol>
<li> No, you don't enter the money in a regular bank account. This question is asking about money that your parents have in different types of investments that have certain tax benefits and are intended for use in retirement. These types of investments (with all of the funny names and numbers) have specific restrictions that regulate when and how money can be taken out and have penalties if these rules are not followed. In contrast, money in a regular savings, checking account, or other non-retirement investments can be liquidated at any time.</li>
</ol>
<ol>
<li>I put 'yes' on for the Free and Reduced Lunch Program for if parents received. I believe that you would only put no if you are an independent student, and where you yourself receive it or your children do (it's like the parent receives these 'monetary' benefits - these don't apply to you directly, if that makes any sense).</li>
</ol>
<p>Thanks! =]</p>
<p>ooh and 2 more questions.... i really wanna submit, but just wanna make sure......~~
Under PI section,</p>
<p>-Estimate the total amount withheld from your parents' wages for dependent care and medical spending accounts in 2008.
this means the amount withheld such as "medicare tax" and "social security tax" right?? </p>
<p>-Estimate the amount of tuition and fees deduction your parents will claim in 2008 using their 2007 IRS Form 1040 line 34 and financial documents.
I don't understand what this means,really.
in the help,it says </p>
<p>"Your parents may be eligible to claim the tuition and fees deduction. However, there are income limits based on your parents' marital status. In addition, your parents cannot take this deduction if they are claiming an Education Credit (Hope Scholarship or Lifetime Learning) for the same student. See IRS Publication 970 for eligibility information. "</p>
<p>help me on these 2 ~~</p>
<p>Thanks!</p>
<p>Dependent care and medical care spending accounts are not social security and medicaid. Spending accounts are set up by people who use pretax dollars for those expenses. Ask your parents if they have those set up (many people do not)</p>
<p>Tuition and fees deduction. If you have your parents 2007 tax forms it should be pretty self-explanatory. Did they take this deduction in 2007? Look at line 34. If they were not paying tuition last year, the answer will definately be zero. If someone was in school and they took the tax credits (hope and lifetime learning) then the answer will be zero as well.</p>
<p>oh thanks!</p>
<p>i have a related question.
do we have to put our parent's banking account anywhere?
if so, which section/question do i put it in?</p>
<p>aphan9,</p>
<p>Under "Parents' Assets", the first question: Enter the amount your parents have in their cash, savings, and checking accounts as of today.</p>
<p>uhh. more trouble~~
my dad didn't pay any taxes. however, he filed a joiont return with my mom(using 1040), and the wage and things shown are all about my mom. how do i report my dad's?
i'd run into troubles like this :
Estimate your parents' 2008 wages, salaries, and tips using their 2007 IRS Form 1040, line 7 and 2008 pay stubs.
On line 7,it only show my mom's. and it indicates "PARENTS", but i dont wanna lie either, cuz it would look inconsistent with the tax return~ what should i do ?</p>
<p>PI-225D Worksheet
Under this section, there are some more questions~
-Workers' Compensation
is this wage? hmm looks not, cuz annual income was already reported. perhaps this is when u like break ur legs during work and they pay u?
Any other untaxed income and benefits
- again, im worried about my dad's part. he didn't pay taxes. but i already reported his annual income under "Estimate the income parent 1 earned or expects to earn from work in 2008 using his or her 2008 W-2 form(s) "
so what is this untaxed income and benefits? maybe tips from work?</p>
<p>someone ??..</p>
<p>Workmans comp is money paid for injuries on the job.</p>
<p>Dad didn't pay taxes but filed a joint return with your mother???? I think no one has responded because they don't understand the information you have given. If your parents filed taxes, why did they not report all their income?? </p>
<p>Anyway, the estimated 2008 income does not have to be estimated from the 2007 tax forms. YOu can use end of year (2008) pay stubs.</p>
<p>oh um,idk wat they did last yr, my dad doesn't have a w-2 form cuz he changes companies every month, so its unstationary~ i dont really know either~
okay,so i 'll put 2008's income.</p>
<p>how about the worker compensation thing~
edit: i just saw ur explanations,sorry~
how about the "Any other untaxed income and benefits " what does this mean?</p>
<p>Thanks...</p>