I am a unemployed disabled american living with a friend, my income is $10,188 a year, but I received student loans for my education in the amount of $45,000. Should I file taxes?
2007-03-14 04:19:34 · 4 answers · asked by hot_rod2k 1 in Business & Finance ➔ Taxes ➔ United States
I live in Miami, Florida
2007-03-14 04:50:59 · update #1
The filing limit for someone who is single is $8450, so if the $10,188 was NOT social security disability, then you need to file. The student loans don't affect your taxes - they're not income, they are loans that will have to be paid back.
2007-03-14 08:22:10 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
It's a tough one depending on your income, I'm assuming your income is a benefit/retirement income. But another factor are your student loans.
Are you paying on your loans?
Did you receive any of the $45k last year?
Is there a chance you will take out more in 2007?
Depending on these answers although you may not be 'required' to file taxes you may still want to just to leave your options open.
Let me know and I'll see what details I can dig up for you.
Good Luck!
2007-03-14 11:34:48 · answer #2 · answered by Student Loans 4 · 0⤊ 1⤋
I agree with Bostonia....however this year the IRS is offering the telephone exise credit, which states that if you have paid long distance taxes on your phone bill from Feb '03 to Aug '06 you may be elegible for a small refund. Its based on family size and the maximum refund is $60. Also if you have paid rent, property taxes or a mortgage, (depending on your state) you should file state taxes.
2007-03-14 11:28:10 · answer #3 · answered by Heady S 3 · 0⤊ 0⤋
That depends upon the source of your income. Since you didn't state where it came from, it's not possible to accurately answer your question.
2007-03-14 11:24:11 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋