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MFIP?

2007-12-30 08:40:47 · 3 answers · asked by Anonymous in Business & Finance Taxes United States

w-2's yes, what is a 1099?

2007-12-30 08:57:38 · update #1

3 answers

You need income to go with those children and expenses. Will you get *any* W-2s or 1099-Misc forms?

2007-12-30 08:48:48 · answer #1 · answered by Anonymous · 0 1

If you worked for part of the year, and were on assistance for part of the year, OR if you were on partial assistance while you were working, then you will still be able to file a tax return and get the benefits of claiming your children.
In your situation, it is unlikely that any other deductions will help you out. Here's why. When tax is computed, you take all of your income. You then subtract your standard dedution - you do not pay tax on this money. You then subtract $3400 per individual on the return - you do not pay tax on this money. Whatever is left is what you actually pay tax on.
If you are on assistance, I am assuming that you don't make much money. It is likely that you won't have anything to pay tax on - that after you subtract those two things, you don't have taxable income.
Using other deductions will only reduce the money that you pay tax on. They cannot reduce your tax below zero and increase your refund. Only the Child Tax Credit and the Earned Income Credit can do that - and you get both of those by claiming the kids.
Good luck, and have a Blessed New Year!

Edit: A 1099 is a form used to report several different types of income. It can be used for interest, stock sales, and dividends. It can be used to report income paid to a self-employed individual (contractor). It can be used to report cancellation of debt, and prize winnings. The 1099, in one of it's forms, is used to report to the IRS income from almost every source except wages.

2008-01-01 02:23:52 · answer #2 · answered by Katie Short, Atheati Princess 6 · 0 0

Yes, if you have income. But be sure that you report any income to the assistance people.

2007-12-30 10:23:26 · answer #3 · answered by Judy 7 · 0 1

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