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I'm not sure what to suggest to my friends 23 year old daughter. Last year (2018) she was claimed as a dependent on her mother's income taxes I guess due to being in college. She has not filed her 2019 taxes yet because she's going to owe. She doesn't have the income to pay what she owes due to losing her job because of the virus.
I personally haven't done taxes in years. Does anyone know if she e-files with owing if she has to pay what she owes when she files? I'm not sure what that amount is. Are they still processing electronic tax returns?
Due to being out of work she needs the stimulus money. I'm not sure if unemployment has started for her. At lot of people in NJ are having issues.
I'm not sure what to suggest to my friends 23 year old daughter. Last year (2018) she was claimed as a dependent on her mother's income taxes I guess due to being in college. She has not filed her 2019 taxes yet because she's going to owe. She doesn't have the income to pay what she owes due to losing her job because of the virus.
I personally haven't done taxes in years. Does anyone know if she e-files with owing if she has to pay what she owes when she files? I'm not sure what that amount is. Are they still processing electronic tax returns?
Due to being out of work she needs the stimulus money. I'm not sure if unemployment has started for her. At lot of people in NJ are having issues.
She should file electronically for 2019 to establish her qualification for the stimulus payment. Whatever is owed will be due on July 15th. That's the way it is whether she files now or in July so she may as well file now and try to get the stimulus money quickly.
If she can't pay what she owes for 2019, she should contact the IRS ahead of time and work out a payment program.
I was claimed in 2018 as an exemption, and according to IRS do not owe any taxes.
Are you sure she will be owing?.
When I did owe, I was sent the bill the following year.
Regardless, apply anyways; IRS is being pretty forgiving these days.
Plus she qualifies for the $1,200.
Thanks guys, I passed this on to her. I can't believe she owes. I told her let me know if she has questions.
It is possible if she didn't fill out her W-4 correctly (didn't withhold enough). She should put her stimulus $ in an interest-bearing account ASAP and put the proceeds toward her tax bill.
Unfortunately, she does not qualify for the stimulus. I remember reading an article a few days ago that said 18-23 year old who were claimed as a dependent in either 2018 or 2019 do not qualify for the stimulus. The person in the article was a 23 year old who was still a college student in 2018, but graduated and was working in 2019. It sounds like the same exact situation here, and he was denied the stimulus. I tried to find it, but I can't. Hopefully, her unemployment is higher than her pay was so she can use the difference to pay the IRS.
That is not correct. Eligibility is based on the most recent tax return between either 2019 or 2018. If the most recent tax return indicates you are eligible, you are entitled to a payment.
Further, even if you were a dependent for 2018 and 2019 and otherwise not qualified for a payment now, if you are no longer a dependent in 2020 you would still be entitled to the refundable credit the check essentially represents when you file your 2020 tax return.
She said someone in her BFs family offered to do her taxes to see. I gave her the tip about charity deductions too without receipts.
Yes, she graduated last year then went to full time working. She said the person that's going to help her said it doesn't sound right that she should owe
She said someone in her BFs family offered to do her taxes to see. I gave her the tip about charity deductions too without receipts.
Yes, she graduated last year then went to full time working. She said the person that's going to help her said it doesn't sound right that she should owe
All of the input is appreciated
My wife is a tax preparer, registered/certified/whatever with the IRS. I have learned a lot from her, I may not be qualified to actually do her return but one thing I can say for certain is "...doesn't sound right..." is speaking from a position of ignorance, as would the rest of us be since we lack the details necessary to form a qualified opinion.
A person who has the correct knowledge, and is not ignorant, should help her prepare the tax form ans *see* if she owes anything or not.
Much depends on what her income was, and what deductions were withheld. Without those figures, at the very least, everyone is just shooting in the dark.
A person can file, and not pay. She will get the stimulus - and I think that it will be applied to what she owes. But she should file. Better to get $1200, even if it is going to back taxes, than to not get anything, and still owe back taxes, $1200 more than she would have owed.
My wife is a tax preparer, registered/certified/whatever with the IRS. I have learned a lot from her, I may not be qualified to actually do her return but one thing I can say for certain is "...doesn't sound right..." is speaking from a position of ignorance, as would the rest of us be since we lack the details necessary to form a qualified opinion.
A person who has the correct knowledge, and is not ignorant, should help her prepare the tax form ans *see* if she owes anything or not.
Much depends on what her income was, and what deductions were withheld. Without those figures, at the very least, everyone is just shooting in the dark.
You're right. I'm clueless of what taxes were taken out. Hopefully whoever is helping her knows the best way to do it.
Quote:
Originally Posted by parentologist
A person can file, and not pay. She will get the stimulus - and I think that it will be applied to what she owes. But she should file. Better to get $1200, even if it is going to back taxes, than to not get anything, and still owe back taxes, $1200 more than she would have owed.
Agree that she should file as soon as possible
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