What will happen if I decided to file for 2007? Also, I'm a college student
2007-06-21 06:12:37 · 12 answers · asked by facethefacts 1 in Business & Finance ➔ Taxes ➔ United States
Also, my parents claim me as a dependent, so do i still file
2007-06-21 07:30:39 · update #1
2007 has nothing to do with 2006, they are two separate tax years. What you need to do is file your 2006 tax file, that is the only year you can get the $200 for. You should also check out your state state situation (if your state has a state income tax), you might get a state refund as well. And the people who are saying that your refund will be eaten up with late fines and penalties are incorrect. There are no fines/penalties when you are owed a refund.
2007-06-21 06:53:00 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Your student status has no bearing on the answer to your question.
Not everyone is required to file a tax return. If you are a dependent (probably of your parents) with only wages for income, then you could earn up to $5,150 in 2006 and you would not have to file a tax return.
If you made over $5,150, you must file. If you are due a refund, you will not be assessed a penalty.
If you made under $5,150, you must file if you are going to get a tax refund.
You will have a possible problem when you file for 2007 only if you were required to file for 2006 and did not file a return.
So, file that return.
2007-06-21 07:05:44 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
Everyone that has already responded are perfectly correct. The only thing i want to add is that your W2 doesn't show how much you will get refunded. There are many things that go into calculating a refund. The W2 is just a blanket statement of your wages and taxes with held. If you are a college student I doubt you met the minimum to be paying taxes anyways, so THEORETICALLY you would of gotten your taxes paid back, however, it's to late now and you will to file because you dont want to be red flagged by the IRS (FYI: If you were working at a reputable company they already sent in the tax information regarding its employees in 2006 so it's not like you can just dodge the IRS).
FYI#1 "And even if you don't owe, not filing could cost you. There's no penalty for not sending in a return if you're due a refund. But if you wait too long to file, you may risk losing your tax cash. The deadline for claiming refunds is three years after the return's due date." -IRS website
FYI#2 When you are filing check with your parents. They probably claimed you as a dependent on their forms (it saves them some money), so you CAN NOT claim yourself on your forms. You will get a nice ole letter from the IRS saying that someone has already claimed your SS# (happened to me in college).
2007-06-21 06:25:11 · answer #3 · answered by bushnellparty 2 · 1⤊ 3⤋
Only if you want your $200 - and I never knew a college student who couldn't use an extra $200! Download form 1040EZ, fill it out and send it in. And geez, so many answers with wrong info - if you have a refund coming, then you won't be charged any penalty for late filing.
Warning: A W-2 does not say whether you have a refund coming, or how much it is. Although if you know your income was below the amount where you would owe any tax, then you'd get back whatever it has for "federal withholding"
2007-06-21 06:23:39 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
File for 2006 now.
2007-06-21 06:16:10 · answer #5 · answered by r_kav 4 · 1⤊ 0⤋
Your W-2 only indicates wages earned and taxes withheld, that does not mean that's how much you'll get as a refund. You have to fill out a tax return first.
You should file and find out. No matter how big or little, if you overpaid, it's your money, why wouldn't you want it back?
You also have 3 yrs. from the deadline to file for your refund.
2007-06-21 06:27:48 · answer #6 · answered by Celeste 6 · 1⤊ 0⤋
If you want to get your refund, then file your taxes. You are not required to file a tax return but it is in your best interest to do so if you are ever audited.
Since you are getting a refund, there won't be any penalties since you don't owe tax.
2007-06-21 06:29:55 · answer #7 · answered by Steve 6 · 1⤊ 1⤋
If you get an income, the law is you have to file taxes every year. They can garnish your wages, throw you in jail, fine you etc.Remember Al Capone? I would file the taxes and call irs to see if they haven't added interest, they do this sometimes. If you wait you might not have a refund. Good Luck!
2007-06-21 06:19:07 · answer #8 · answered by greysfan 3 · 0⤊ 3⤋
If you have money coming back, you're crazy not to file. IN any case, you should get it on record before they come looking for you.
2007-06-21 06:16:33 · answer #9 · answered by wizjp 7 · 1⤊ 0⤋
You do know that you will owe a penalty for not filing if you met the criteria for required filing?
You might as well file late now rather than paying more in penalties later. Perhaps your $200 refund will cover it.
2007-06-21 06:19:29 · answer #10 · answered by lunatic 7 · 0⤊ 5⤋