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Nampa Idaho Schedule J (1041 form) 2022: What You Should Know

I am an Idaho resident, will attend college at the University of Idaho in the spring semesters (in 2 I will likely be a freshmen) and will need a basic understanding of the rules of income tax. The good news is, your basic federal income tax return and federal tax forms apply to all nonresidents of Idaho. Income of the Idaho resident may be excluded from federal income tax in Idaho. What I need to do now is determine how to include the income of my Idaho resident relative on my Idaho income tax return. That would include income not paid by me, but paid by the college student (from his or her tuition/fees). Also, the student will likely not be making a minimum standard deduction (not enough for me if they were to take my exemption of 1,350) and may not be making state or local income tax deductions. This is great! However, the income is subject to Idaho income tax for that time period in question. In my case, the University of Idaho will charge an average 1,895 tuition/fees every Fall and Spring Quarter (for Fall 2 and Spring 2). That's an income of 1,150 a quarter for two people, or 40,560 a year. Total taxes for those four years amounts to 7,760. The total value, 70,750 (including tuition and fees and total taxes paid), is more than I can itemize on my tax return. The next question is, will the tax withheld from the university pay the income taxes? I was hoping they didn't. If so, I will need to use the “pay-or-submit” option for the tax return (the way many of the returns are sent out). Then, after we submit it I might use my online tax account calculator to determine my tax liability. Then, I'd want to file my tax return using the “no tax” option (the way most online returns are sent out). Either way, I will owe Idaho income tax for those two years for 13,860. The good news is, once I figure out how to include my Idaho resident relative's income on my Idaho income tax return, the “pay-or-submit” option for my tax return is no longer a great way to go! With the income exclusion, my total Idaho income tax liabilities will amount to 3,560.

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