Winthrop University: My Money Matters

My Money Matters

Taxes

Tax Resources

How Much Are You Paying in Taxes?

Note: When entering dollar amounts do not use commas
[?] indicates there is help to determine what to enter into the field

   
Status
Single Married

Exemptions [?]


Income:[?]

Interest & Dividends

Other Income [?]


Adjustments:

IRA Contributions, Alimony, Student Loan, or Moving Expenses etc.

Itemized Deductions:

State income tax [?]

Property Taxes

Mortgage Interest [?]

Contributions [?]

Other [?]


Tax Payments:

Income Tax Withheld

Other Payments [?]

 

Exemptions

Enter the total number of people including yourself as an exemptions. You can count yourself as an exemption if you are not claimed as a dependent on another person's return. You can take an exemption for each of your dependents. Generally, you must have provided over half of the person's total support.

Wages

Add together all taxable wages including your wages, salaries, tips, etc. If status is married include your spouse's income. For most people the amount to enter on this line is in box 1 of their W-2 form.

Other Income

Enter any other taxable income not entered above such as: prizes and awards, gambling winnings, income from rental of personal property, etc.

Adjustments to Income (IRA)

Enter your deductible IRA contributions, alimony payments, moving expenses, student loan expenses, etc.

Itemized Deductions

State Income Tax

Enter your state income tax withheld for the year.

Mortgage Interest

You can generally deduct any mortgage interest you pay on your home during the year. You can not deduct personal interest such as car loans unless they are part of a deductible home equity loan.

Contributions

Enter your deductible cash and non-cash deductible donations for the year. You can not deduct donations unless given through a recognized charitable organization.

Other Deductions

Enter any other deductible itemized deductions such as medical expenses.

Other Payments

Enter any other Federal Income tax withheld or paid for the current year. Such as taxes withheld on interest and dividends or retirement income.

 

Free Application for Federal Student Aid (FAFSA)
Deciding on which college to attend and how you’re going to pay for it are two very important decisions to make. Complete the FAFSA on the Web.

Education Credits and Student Loan Interest
You may be eligible to claim the Hope or Lifetime Learning Credit or student loan interest as an additional tax deduction.

Tuition and Fees Deduction
You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent.

Tax Table
Find out what your taxes will be on your income if you are married or single.

Scholarship and Fellowship Grants
Find out if your scholarship or fellowship is taxable.


International Students
This section includes information on taxes for both aliens living in the U.S. and U.S. citizens attending schools abroad.

For more information on this and other financial topics see the GradSense website.

Last Updated: 7/13/22