Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $720 with his state income tax return for the previous year. During the year, Tim had $4,150 of state income tax and $15,150 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,010 and $1,520 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $375 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

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gather the things you’ll need. it’s best to have a parent or guardian to you open an account. the parent or guardian can co-sign your account, which means that they’ll sponsor you. as co-signers, they’ll need to bring two forms of current photo id. if they only have one piece of photo id, their second id may be a current major credit card or gas card.