<p>I’m a New York City resident. I’ll be doing work-study at Fordham University. As part of the requirements they want me to fill out some tax forms such as the W-4 form and a choice between the IT-2104 or IT-2104e form. It’s a bit tricky because they’re asking me about things that don’t really apply to me so I end up leaving a lot of questions blank. Fordham University states that they can’t give me tax advice while filling out these forms.</p>
<p>On the IT-2104 worksheet form it asks me to “enter 1 for each credit you expect to claim on your state return.
7 College tuition credit…
8 New York State household credit…
9 Real property tax credit…”</p>
<p>But on the IT-2104e it seems much simpler to fill out yet I don’t know what’s the difference between the two forms. It’s weird. Can someone help me with this?</p>
<p>Here’s the link where I’m getting the stuff from:
<a href=“http://www.fordham.edu/tuition__financial_a/undergraduate_studen/work_study__student_/workstudy_forms_22699.asp[/url]”>http://www.fordham.edu/tuition__financial_a/undergraduate_studen/work_study__student_/workstudy_forms_22699.asp</a></p>
<p>By sorry if this is the inappropriate place to post this thread. I wasn’t sure if I should post it here or in the fin-aid forum. Thanks anyways for whoever can help.</p>
<p>go to a Fincial aid advisior.</p>
<p>Fordham won’t give me any advice. Therefore going to a financial aid advisor won’t get me anywhere.</p>
<p>go speak to a Finacial aid advisor, Its there job to help you.</p>
<p>Did you try reading the forms? The instructions are on there…</p>
<p>The IT-2104-E is titled “Certificate for Exemption of Withholding.” IT-2104 is titled “Employee’s Withholding Allowance Certificate.” IT-2104-E is for those who are exempt from having taxes withheld from their paycheck (as explained in the instructions on the form itself), while the IT-2104 is for those who are not exempt and your answers determine the amount that is withheld.</p>
<p>The IT-2104-E says that you are exempt if:</p>
<ol>
<li> You are a full-time student under 25 AND</li>
<li> You did not pay NEW YORK income tax last year AND</li>
<li> You don’t expect to pay NEW YORK income tax this year</li>
</ol>
<p>If all three of those apply to you, then you file the IT-2104-E and taxes will not be withheld from your paycheck. If one of those do not apply to you, then you file the IT-2104 and have a portion of your paycheck withheld.</p>
<p>And you can ask your employer for help filling out the form or choosing the correct form. Explaining what the form is for does not constitute tax advice.</p>
<p>i did read both forms it’s just that it’s just that in the past i’ve heard that u dont want the govt withholding too much from u but u also dont wanna keep too much cuz then when u gotta fill out the tax forms the next yr u mite end up owing too much or if the govt took out too many taxes it would mean they borrowed money from you throughout the year you could have used on other stuff. so i don’t get this idea behind withholding taxes. it’s my first time doing this.</p>
<p>“…it’s just that it’s just that in the past i’ve heard that u dont want the govt withholding too much from u but u also dont wanna keep too much cuz then when u gotta fill out the tax forms the next yr u mite end up owing too much or if the govt took out too many taxes it would mean they borrowed money from you throughout the year you could have used on other stuff…”</p>
<p>Well, that’s true, but you don’t have to worry about the amount of your withholding if you’re not subject to it. At least tells us that first. Are you from New York? If not, do you expect your New York income to be high enough to have to pay New York taxes? If your only source of income from New York is your work-study job, then the answer is most likely no, in which case you should just fill out the Exemption form.</p>
<p>“so i don’t get this idea behind withholding taxes.”</p>
<p>Federal and (in this case) State governments don’t want to wait for their money and require (except under specific circumstances) money to be withheld from your paychecks in order to cover your expected income tax for the year. They do allow you some control over the amount that is withheld, hence the form IT-2104, which adjusts your withholding for the amount of taxes you expect to pay. That’s why they ask you so many questions on that form (such as whether or not you’ll be taking an educational credit)–to estimate what your tax liability will be and adjust your withholding accordingly. Your goal is to reduce your withholding as much as you can without incurring a penalty at the end of the year (which is usually assessed if you owe more than $1,000 in taxes at the end of the year). </p>
<p>Nevertheless, you shouldn’t worry too much about any of this right now. The time value of your work-study money is immaterial. Worry about it when you’re working full time.</p>
<p>Well I might end up getting a job for the summer that will last like 6 weeks. I expect to make slightly less than $1,000 though. so should i be taking that into account? or is that too little to worry about?</p>
<p>I just wanted to update this because I was reading carefully and realized with the income I made early this year, being a student aide in my school, and with the 6-week summer job I’ll have, that should be about $3,000 I have made already ($2.1k from student aide; $.9k that I expect from summer job). Plus Fordham awarded me 2,800 thru financial aid. So how does this all affect me now? Which form should I be filling out?</p>
<p>I’m going to try calling Monday, if I can get thru.</p>
<p>You’re lucky Pavlov with that job for 6 weeks. I quit last year from a job and been searchin ever since. I thought I had some shots a few weeks ago, even went to 1 interview but the a-hole’s like I can’t take you b/c I’d only be there for about 7-8 weeks and then I’m off to college. </p>
<p>Can’t get any breaks from the employment a-holes. I commend you on findin a job this late into the summer.</p>
<p>Well there’s a couple of reasons why I got that job. It’s through my mom’s union. Secondly even if I didn’t get that I could probably look around here anyways and not have to worry about the college issue because I’ll be staying local for college. I’m commuting to Fordham. Funny thing, there’s TWO STORES (Old Navy and Levitz) hiring right now, like 10 minutes away walking from my building. I would sign up but then it would conflict with the summer job I have. Plus they’re always hiring every three to four months.</p>