Tax Vocab 114-129

A tax form that reports money that was disbursed or withdrawn from an education savings account known as an ESA or 529 plan to pay for qualified educational expenses like tuition

• 1099-Q

• 529 Plan

• Adjusted Gross Income (AGI)

• American Opportunity Tax Credit

A savings plan that allows users to save for higher education and training without paying taxes.

• 1099-Q

• 529 Plan

• Adjusted Gross Income (AGI)

• American Opportunity Tax Credit

Gross income minus specific deductions. AGI is used to calculate how much of someone’s income can be taxed.

• 1099-Q

• 529 Plan

• Adjusted Gross Income (AGI)

• American Opportunity Tax Credit

A tax break for educational expenses for qualifying students enrolled in a degree program in the first four years of higher education.

• 1099-Q

• 529 Plan

• Adjusted Gross Income (AGI)

• American Opportunity Tax Credit

An amount of money that is awarded to a person to pay for loss, injury, or suffering

• Compensation

• Tax Credit

• Cryptocurrency

• Estimated Tax Payments

Items that reduce the amount of taxes you need to pay.

• Compensation

• Tax Credit

• Cryptocurrency

• Estimated Tax Payments

A digital asset or valuable item that can be used like money to make

• Compensation

• Tax Credit

• Cryptocurrency

• Estimated Tax Payments

Payment of taxes every three months. Most often paid by self-employed workers who do not have taxes withheld from their paychecks.

• Compensation

• Tax Credit

• Cryptocurrency

• Estimated Tax Payments

A filing status for a person who pays more than half the cost of housing and supporting another person.

• Head of Household

• Internal Revenue Service (IRS)

• Lifetime Learning Credit

• Married Filing Separately

A U.S. government agency that is responsible for collecting taxes and enforcing tax laws.

• Head of Household

• Internal Revenue Service (IRS)

• Lifetime Learning Credit

• Married Filing Separately