I'm about to turn 24 and I've never filed taxes. (oops)
I've been working as a waitress "forever", and the other times I've worked in other ways, my income was still very low. I've recieved W-2s for most of the jobs I've been at, but never did anything with them, mostly because I'm an idiot where it concerns taxes and had no idea what to do.
I've been abroad as a tourist almost all of this year so I have no income to speak of for 2007. (I know what you're thinking. "She's been abroad for over half a year on a waitresses budget?" but yes. I am staying with a family and minimizing expenses. I'm in Venezuela, not Europe, lol)
Should I file now for all the years? Could I potentially get a refund? Might I owe money? Is there a "tax filing for dummies" book? lol. Help...
2007-10-10 05:22:35 · 5 answers · asked by Lexi St.Laurent 1 in Business & Finance ➔ Taxes ➔ United States
Nice poem wartz...cute =)
2007-10-10 05:30:54 · update #1
Since you have such a low income I would suggest you use the 1040 EZ form. Use this site - Taxsoftware.com - It's free unless you print the form. The truth - Most likely you'll owe. The GOVT screws the LOW income earners! You'll get $$ back when you have deductibles, like mortgage points, House tax, capital gains, losses .. good Luck!
2007-10-10 05:33:35 · answer #1 · answered by MarkyMarkC 3 · 0⤊ 0⤋
As mentioned, if you were not required to file for any year before 2004, there is nothing to gain by filing a return.
You can file for 2004, 2005, and 2006 and still apply for a refund. However, since you have worked as a waitress, unless your W-2 includes an accounting of tips you have received, expect your return to be questioned especially if you are applying for a refund.
You have to report all your tips as income on your return. Most tips are also subject to Social Security and Medicare, and if these taxes were not taken out of your tip income as you earned it, you pay these taxes when when you file your income tax return.
Also, for the years you were under 25 and did not have a child dependent, you are not eligible for the Earned Income Credit. So you would at best expect to get your withholding refunded to you.
2007-10-10 14:45:50 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
Technically, if you made enough to be required to file, you should go back and file for all the years. But for the early years, if you had owed anything, the IRS would have most likely contacted you by now - if you didn't owe, you have forfeited refunds for years 2003 and before. You can file for 2004, 2005 and 2006 and still get your refunds if you have refunds due to you.
2007-10-10 14:11:38 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You should file for all the years for which you had income. You might get a refund for the most recent few years. You might owe money for any of the years. If you owe money, there might be a penalty for being late. There is no penalty for being late if you are entitled to a refund.
2007-10-10 13:53:18 · answer #4 · answered by StephenWeinstein 7 · 0⤊ 0⤋
You may be entitled to Earned Income Credit. You have to file a return to get it. (Cute, I made a poem.)
2007-10-10 12:27:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋