is it bad to not file tax returns?? my dad said it would be more trouble than its worth?

Question

im 19 and a college student. i only made $1700 last year

Answer 1

If you only made $1700, then you're not required to file, assuming that it wasn't from self-employment. If it was on a W-2, you're OK if you don't file. But if you had anything withheld for federal income tax, you can get it back. If it's just a couple dollars, your dad might be right, but if it's more than that, download a 1040EZ and fill it out and send it in to the address shown in the instructions. Don't pay someone to do it - that probably WOULD cost more than you'd get back.

Jeff's comment that "you can save it to next year - you have three years to get a refund" is somewhat true but very misleading. You can't just file it along with next year's return - you'd still have to file a return for just the 2006 income, and if you're going to do that eventually, you might as well do it now. But he's right that you have 3 years to file and still get a refund.

Answer 2

It's super-simple to do a 1040EZ, and all you have to remember is to mark the little box (Line 5) that asks if you're a dependent on someone else's return as "yes" because more than likely Dad is claiming you as a dependent on his own tax return.

Just go to www.irs.gov, click on the Forms and Publications link on the right-hand side of the screen, and then choose pdf files. Scroll down the list to 2006 Form 1040EZ, and select it, click the Review Files button under the scroll box. On the next screen, click the Form 1040EZ link, and it'll come up in pdf format.

Type in your personal information at the top, paying attention to the information they're asking for. Don't worry. The information you're filling in doesn't go anyplace. It's just on the screen in your computer. It may be wise to put your parents' address, so they can send your refund check there. That way, if your address at school changes, the check will be safely sent to the permanent address. Also perfectly legit.

In the pdf file version of the form, just click the box beside the word "You" in Line 5. This indicates that you're being carried as a dependent on another taxpayer's return. (In your case, that would probably be Dad's.) This is perfectly legitimate, and you should get back everything you paid in.

Use the amount listed as "Taxable Wages" on the W-2 (Box 1) as your wage amount, and the "Federal Withholding" amount goes in on Line 7. Be sure to enter $5150 on Line 5, which is the standard deduction for Singles who are dependents on another tax return. Then just grab your calculator for the math part, and Pooof! You're done. Print a couple copies of the form, save one on your computer while you're at it, sign and date one at the bottom, staple the Federal filing copy of your W-2 to the front of it... and mail it in.

The simplest way to find the correct address to mail the return to is call a local tax office, like H&R Block, and they'll have that.

Answer 3

You didnt make enough to be required to file. So it depends on how much they took out. It may not be worth it to file, just to get that withholding back. You could save your 2006 retirm until next year and mail it with your 2007. Depending on how much was withheld, it may be more cost effective considering postage and if you have to pay someone to do it. Federal is usually easier and you can probably do it yousrself.. States can be more complicated and confusing, even for small amounts. You have three years to claim a refund.

Answer 4

If you made that much money you certainly do need to file your income taxes.

Answer 5

That all depends on your age and your income. Without more info no one can answer your question and give you good advice.

Answer 6

Yep sure is bad and your dad is right. When the IRS comes after you, you will wish you had filed.