I have my information in my tax software, I will not own any taxes. Should I still do the deduction part (i.e. student loan, daycare, etc)? Most to of the money that I get comes from my financial aid; in addition, I even have a credit from the IRS, which is the reason I am going to file. I just want to know if it is worth the extra time to file for deduction part if I own $0 to the IRS, and I even going to get a credit.
By the way, my income for employer was between 5K and 6k.
2007-01-13 05:10:19 · 4 answers · asked by College Guy 4 in Business & Finance ➔ Taxes ➔ United States
If your taxable income is zero, it is pointless to fill out the forms for credits and deductions that do not benefit you. You are not required to do these.
So skip the student loan interest deduction, and dependent care credit.
2007-01-13 18:05:23 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
You say you do not owe any more tax. Was there a tax liability? Did you pay any tax at all? If your tax is zero then there is no reason. If you have paid taxes then maybe you can get a refund. The standard deduction is $5150 so the only reason to itemize is if it will be greater.
2007-01-13 13:19:33 · answer #2 · answered by Barkley Hound 7 · 0⤊ 0⤋
Unless your deductions excede the standard deduction, it is not worth the time I don't know what the standard deduction is this year. Mine was 4800 two years ago.
2007-01-13 13:16:04 · answer #3 · answered by moonman 6 · 0⤊ 0⤋
As long as you have a ssn, you should fill out all entries. It may get you a bigger return!
2007-01-13 13:16:14 · answer #4 · answered by shepherdjohn 2 · 0⤊ 0⤋