uhhh im new at this. I need to fill out my financial aid application soon and these are some of the things i need to know. What exactly is an IRS income tax return and is it required that you fill one out? I live with my parents and only one of them works if that helps.
2007-10-19 20:47:35 · 4 answers · asked by jackSprckk 3 in Business & Finance ➔ Taxes ➔ United States
A tax return is the form you fill out at the end of the year and send in to the IRS to report your earnings, and calculate your taxes. If you haven't been working, or just made a couple thousand dollars a year, you probably don't have one. But your parents almost surely do - your parents' form is what the financial aid application will need info from. Family income is part of what determines the amount of financial aid you are eligible for.
2007-10-20 04:56:32 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
1. A 1040, 1040A, or 1040-EZ form, and the schedules and forms that are attached to it or are filed with it electronically.
2. You are required to file one if your income is more than a certain amount. If your income is less and you do not work, you do not file. If your income is less and you do work, filing will result in a refund (usually) of taxes that were withheld from paychecks.
3. The parent who did work should have filed one and should have a copy somewhere. There is probably not a separate one for you.
2007-10-20 15:33:38 · answer #2 · answered by StephenWeinstein 7 · 0⤊ 0⤋
If you've never had income and live with your parents, you've probably never had to file a tax return. They may be asking for your parents' tax return in order to verify family income. Go over the application with your parents.
2007-10-20 05:53:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
when you get a job you fill one out. if you havent worked for a paycheck then no tax return. youre probably being claimed on your parents taxes as you are a student and living at home.
2007-10-20 03:53:08 · answer #4 · answered by fishshogun 5 · 1⤊ 0⤋