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Old 03-20-2013, 01:40 PM
 
35 posts, read 57,818 times
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Question Questions About Filing Taxes

On the books (with taxes taken out) I made approximately $1,550. Off the books (without taxes taken out) I made $796 to be exact. I definitely have receipts that can be written off to counter balance taxes not being taken out. My question is:
1. Do I have to file taxes if my combined income shows up as being under $2,400?
2. If I do have to file taxes, what route do you recommend that I go? For example, can I still work in tax write-offs on the $796 if I use Return Preparation and Filing Options I heard H&R Block and the like are rip-offs and that the employees are overall incompetence. Is this true with regard to my situation (will I still get an income tax check back?
3. I heard that I use student loan payments as tax-write offs. Does Sallie Mae need to send me something or do I just print out a page showing my payments and the dates for last year?
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Old 03-21-2013, 07:49 AM
 
85 posts, read 97,208 times
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I assume no responsibility for any incorrect information in this post.


You don't have to file a Federal return if your income is less than 9750. Check local laws for state/local returns.
You might want to if you had money withheld from your paychecks, so you could get a refund. You may also want to file if you qualify for certain refundable credits.

You qualify for free-file, which means you enter the data yourself, and you send it electronically. Tax write-offs are called itemized deductions. You can choose either itemized deductions or the standard deduction, which is 5950. (The standard deduction and the personal exemption of 3800 is where the 9750 number comes from.) Since it's impossible with your income for you to have more than 5950 in itemized deductions, you would choose the standard deduction.

Make sure you report all your income. Since you're not paying any taxes, you might as well do the right thing.

The free-file websites should ask you the right questions to determine if you qualify for any credits like education. The IRS website is Internal Revenue Service . You can also google for more information.

You don't have to send any receipts unless you're being audited. Just make sure your tax return is honest and accurate, and keep your receipts.
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