I am independent 24, college student, i have college loans that i took this past year, my only source of income was a $4,300 lottery winnings on which i never paid taxes on NJ, i recieved a W-2G form though.........but then i read that if my income was under $8,450 i do not have to file ???
2007-02-14 11:56:50 · 5 answers · asked by uknosergio 1 in Business & Finance ➔ Taxes ➔ United States
if that was your only source of income then you are not required to file a federal tax return. not sure what NJ limits are.
i checked NJ and youre not required to file if your income is less than $10,000
2007-02-14 12:18:13 · answer #1 · answered by tma 6 · 0⤊ 2⤋
You don't have to file a federal return, but you can file a 1040EZT to get a $30 telephone tax credit that everyone is eligible for this year. Here's a link to the form. What state do you live in so somebody can help you with the question for your state return?
http://www.irs.gov/pub/irs-pdf/f1040ezt.pdf
2007-02-14 13:05:23 · answer #2 · answered by Dee 4 · 1⤊ 0⤋
Last week you said you had also had thousands of dollars of cash income, and you were asking about how to report it. Now that has disappeared? Did you just not like hearing that you'd owe taxes, and decide to file a fraudulent return instead?
Report what you actually made, and pay taxes honestly.
2007-02-14 15:16:19 · answer #3 · answered by Judy 7 · 1⤊ 1⤋
filing your taxes is always a good idea even if you dont owe or get a refund. It sets up a record for you and if you will ever apply for a loan they sometimes ask for it.
2007-02-14 12:16:59 · answer #4 · answered by Ski_Bum 3 · 0⤊ 1⤋
you're good to go federally...check the state sitch out with H&R block seasoned pro
2007-02-14 12:00:12 · answer #5 · answered by (_)iiiiD 4 · 0⤊ 1⤋