Taxes in medschool

[Doc 2b]

Anyone know how to file this years taxes if you didn't make any money? I'm just wondering if you just don't do anything or what. First time in 10 years I haven't paid taxes I'm just worried they'll come take my First Aid or something!!!!

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[glp]

Anyone know how to file this years taxes if you didn't make any money? I'm just wondering if you just don't do anything or what. First time in 10 years I haven't paid taxes I'm just worried they'll come take my First Aid or something!!!!

google is good.

http://www.irs.gov/faqs/faq-kw205.html

http://www.irs.gov/individuals/students/index.html

http://www.irs.gov/individuals/article/0,,id=96623,00.html

 

[njbmd]

Moving to Finance for expert answers and opinions.

 

[IceMan0824]

I'm a little confused here, so I will try to clarify my confusion

You didn't make any money and you're wondering if you have to file your taxes?
Well if you get a job, most (short of cash-paying services) will give you a W-4 to sign, if you don't, you will get the maximum taken out of the amount you make. If you didn't work, then what taxes are you trying to pay? (Unless you like the US government that much that you are giving them your money...in which case, I like them tooo, so sending money to me is like sending it to uncle sam)

If you mean you have to file the forms before April 15, then that really isn't paying your taxes. What that really is, is you comparing what you got taxed to what you should be taxed. If you didnt fill a W-4, this is where you get to fix the problem. If you overpaid, either erroneously, or because you had lots of deductions that decreased the amount you should be taxed, then you send the correction before April 15 to the government and they send you a check. If you pay too little in taxes before hand, then you send a check to the government before they do an audit and make you pax interest.

Ofcourse, if you did gain income that could not be easily taxed, aka capital gain (money from stock investmest, real estate, etc), you get paid in cash or tips, or any extra, then you will have to fill out the form and pay your taxes then or they will come after you like someone in the news right now.

But most likely, if you work a job somewhere, where a contract was filled with a company with a fein (federal employer identification number), Uncle Sam is already taking his tax from you before you sit down to enjoy that money.

Hope this clarifies all confusion everywhere, but from me as to what your question is, and your confusion.

 

[Doc 2b]

My q is. I lived off loans last year, hence made 0 dollars. Do I even have to file anything with the IRS. If so what, I don't have a W2? If no what do I put on my FAFSA?

 

[Miami_med]

My q is. I lived off loans last year, hence made 0 dollars. Do I even have to file anything with the IRS. If so what, I don't have a W2? If no what do I put on my FAFSA?

I'm pretty sure that if you made less than a few hundred dollars you don't have to file. Did you have a bank account? Did you make ANY interest? To be safe, fill out a 1040EZ (or 1040 if you have investments) and send it in. You will end up owing $0, so it will just be the irritation of filling out the form.

 

[dpmd]

You should check the irs.gov website to be sure, but generally if you are a student and you didn't have any income (loans don't count as income, scholarships do but only if they are for more than tuition and fees) you don't have to file a tax return.

Start here and it will let you know what to do in your particular situation.
http://www.irs.gov/individuals/article/0,,id=96623,00.html

One thing you may want to fill out is this. If you want $30 bucks that is.

For FAFSA you just click the box that says you didn't have to file a tax return and fill in the rest of it based on your situation (zero for income, etc).

 

[adcomm]

so... need some straight up advice here, not official bull. I had one day of W4 work this year ($41 deducted... woohoo). that's fine. I also worked a few jobs as a "contractor" (no W4, just a company check in the mail) that total >$400 but probably <$2000. is it completely unreasonable to just not file that? I'm trying to come up with the worst that could happen- I'm a full time student and get claimed as a dependent, so anything I'd owe on it I'd get back anyway...?

 

[Sol Rosenberg]

so... need some straight up advice here, not official bull. I had one day of W4 work this year ($41 deducted... woohoo). that's fine. I also worked a few jobs as a "contractor" (no W4, just a company check in the mail) that total >$400 but probably <$2000. is it completely unreasonable to just not file that? I'm trying to come up with the worst that could happen- I'm a full time student and get claimed as a dependent, so anything I'd owe on it I'd get back anyway...?

If your employer will file a W2 or 1099 MISC with the IRS, I would file and pay the taxes. If your employer does not file a W2 or a 1099 MISC with the IRS, the IRS has no way of knowing that you earned that money.

 

[dpmd]

Depends. Did you make more than 600 at any of the independent contracting jobs? If so they may decide to send you a 1099-MISC which means you would "most likely need to file" (according to the website). That would seriously suck since you would have probably have to file a regular 1040 with schedule SE and C (self employment income). It also sucks because you have to pay about 15% of your earnings as self employment tax (unless you can claim some expenses). If I remember correctly, even if you didn't earn a lot you still have to pay.

If no 1099's (each job paid you less than 600, and they weren't all part of your self-employed business) then you likely don't have to file, but could do a 1040EZ to get your withholding back (and the $20 long distance credit).

I would guess the likelihood of an audit in this situation would be low.

 

[adcomm]

If your employer will file a W2 or 1099 MISC with the IRS, I would file and pay the taxes. If your employer does not file a W2 or a 1099 MISC with the IRS, the IRS has no way of knowing that you earned that money.

so if my only tax document in the mail to date was the one I already knew about, I'm cool? thanks for your help guys!