Can I file my own taxes even if I know I qualify for EIC and have student loans? What would be the cheapest way to do this?
2007-01-17 13:12:30 · 5 answers · asked by chingao 1 in Business & Finance ➔ Taxes ➔ United States
I'm trying to prepare my own taxes so I won't have to pay someone to do them.
2007-01-17 13:20:11 · update #1
I'm not sure what you're asking. Yes of course you can file your own taxes. If you're a full-time worker, you might be required to. I'm assuming you are not a dependent of anyone else. If you are single and make over $8450 a year then you'd have to file - limit is higher for other filing statuses, or if you're over 65.
To qualify for EIC you have to be between 25 and 64, or have a qualifying child.
If you are paying student loan interest, you can take it as an adjustment to income. If you aren't paying on your loans yet, you can't take the interest adjustments.
Since you're a full-time student, you would probably be eligible to take education credits for a portion of your tuition and fees. The Hope credit is only good for the first two years of post-secondary education. The Lifetime Learning credit would be available if you're past that.
You can download the forms you need and fill them out yourself and mail them in. If your income meets the restrictions, you can file online at no charge at irs.gov for your federal return. Most states that have income taxes allow you to file online from their state websites at no charge. There are also two programs, VITA and TCE, who will prepare and file your returns at no charge if your income is below around $40,000 - see irs.gov for more info on these programs.
2007-01-17 13:25:58 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If you are a full time worker AND a full time student, then I take it nobody provides more than half your total support except YOU. If so AND you are at least 25, then you can file your own return. My only question is...in order to claim EIC without kids, you have to have earned no more than about $11500. So that brings up the question of whether you supported yourself more than 50% if you had to pay for housing and tuition too. However, IF you are qualified for EIC, you must be over 24, and if you earned more than $3300, THEN your parents can't claim you anyway.
LOGIC, dictates, captain, that if I described you, you MUST file your own return.
2007-01-17 13:21:53 · answer #2 · answered by WealthBuilder 4 · 0⤊ 0⤋
Yes, you can file your own taxes if your parents cannot claim you on theirs. The post office or town office usually has the forms for you to fill out. If you have any questions you can go to the IRS website, or contact their office and get your answer. They also have those turbo tax programs that don't cost much that will do much of the thinking for you.
2007-01-17 13:23:52 · answer #3 · answered by Anna Hennings 5 · 0⤊ 0⤋
Yes, but if you do, then your parents cannot claim you as a dependant.
2007-01-17 13:17:10 · answer #4 · answered by my_evil_twin_41 3 · 0⤊ 0⤋
Sure my girlfriend did it through turbotax
2007-01-17 13:16:49 · answer #5 · answered by roger v 4 · 0⤊ 0⤋