Taxes: 7 Things You May Not Know

We may not be able to make taxes fun, but being aware of what applies to your situation ahead of time can make it less painful. Visit Hawaii Tax Help for more information.

Did you know?*

  1. Unemployment benefits are taxable. If you apply for or receive benefits now, elect to have taxes withheld from your payments or you may find that you owe taxes when you file your return.
  2. A debt forgiven by a creditor can be taxable income to you.
  3. If you work but someone can claim you as a dependent on their tax return, different tax rules apply to you.
  4. The penalty for failing to have health care coverage in 2015 has more than tripled since last year and may result in you owing taxes.
  5. Educational scholarships and grant funds may be considered taxable income if not used for qualified expenses.
  6. Contributions to a regular IRA above the maximum allowed triggers a penalty tax of 6% and that the penalty also applies if contributions are made for the year a person reaches age 70 ½ or any year after that.
  7. Alimony is considered taxable income to the person who receives it.

*Content in this article provided by Hawaii VITA and Financial Empowerment Program. This publication is only intended to be used for general informational purposes. Consult a tax professional for personal advice.

Content provided by our trusted partner  HawaiiUSA FCU & Balance, your financial literacy partners
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