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Form 5330 online Philadelphia Pennsylvania: What You Should Know

This information can also be searched via an easy to use online application. Downloads for tax year 2023 | Tax form | Form 5330 | Tax forms and instructions โ€” Philadelphia City Council Tax form 5330 โ€” Child Support Exemption โ€” Philadelphia Inquirer Sep 24, 2023 โ€” Form 5330 is a form to claim tax exemptions on your support payments. The benefits are: Beneficial Interest in Property โ€” Exemption 10: Property you own as a beneficiary and who is legally responsible for the support of those you support can take advantage of this new exemption to reduce their income tax liability. Qualified Education Expenses โ€” No tax is owed to report the qualified education expenses on your tax form. The deduction is available to the taxpayer who qualifies for the program in his or her local community. Qualified education expenses include expenses for the following: Tuition payments, tuition fees, tuition reimbursement, school supplies, room and board, books, supplies and equipment, transportation, medical costs, tuition remission, scholarship aid, and other educational costs of elementary and higher education. Disability-Related Disabilities โ€” For purposes of claiming the Disabled American Veterans Tax Exemption, one-half of the eligible adjusted gross income must qualify for this tax deduction, up to the amount of 1,360,000 (increased to 2,360,000 as of Jan. 1, 2013). A qualified disabled veteran is a person who qualifies as receiving disability compensation under 42 U.S.C. Section 1411(4), has been determined to be qualified under the rules of ยง 404 of the Act by the Secretary of Veterans Affairs for the purposes of the Act, or who is a veteran covered by a veteran's pension or benefit from the United States, the State of Pennsylvania or its political subdivisions. Child Support Exemption โ€” The Exemption on child support payments is now available for qualified education expenses. These payments may be made to a qualified employee in order to pay the tax liability associated with those qualified education expenses. The child support amounts are determined by the amounts of tax deductions claimed by the paying spouse on other qualified tax returns. For example: 500 in tax deduction (250 deduction for each student) is 500 ร— 2 = 10,000. The amount of tax deduction that can be claimed on the supporting child under this Exemption is also 10,000. In this Example 2, the amount of tax deduction that may be claimed on the supporting student would be 2,250.

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