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Taxes!!!

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Old 01-06-10, 08:50 AM
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Taxes!!!

Ok, I find myself in a bit of a pickle. To continue my education in the fall of this year, I'll need to have my tax return filed. I didn't make any money last year. No W-2, no income, nothing. Is it still possible to fill out a tax return for 0 income and if not, how do I sort out my financial aide for the fall semester?
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Old 01-06-10, 08:53 AM
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PM mv. for once, it will be useful to know him.
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Originally Posted by colorider View Post
Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 01-06-10, 08:58 AM
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Originally Posted by jsharr View Post
PM mv. for once, it will be useful to know him.
Dammit, I was trying to avoid that bugger...
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Old 01-06-10, 09:00 AM
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Is this for the FAFSA?

For the FAFSA, you don't actually have to file taxes, just know what you would put on the tax form.

Also, you can file a 1040 for 0 income.
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Old 01-06-10, 09:12 AM
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Originally Posted by UnsafeAlpine View Post
Dammit, I was trying to avoid that bugger...
Are you eligible for any credits? Even if you don't have an income, some credits are available. I won't go into the details, as I really am not a tax accountant and would have to do a little research to tell you which is which.
In addition, how did you pay for school last year without an income? Perhaps you can show withdrawls from savings or some such in lieu of a tax return.
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Old 01-06-10, 09:14 AM
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Originally Posted by ModoVincere View Post
Are you eligible for any credits? Even if you don't have an income, some credits are available. I won't go into the details, as I really am not a tax accountant and would have to do a little research to tell you which is which.
In addition, how did you pay for school last year without an income? Perhaps you can show withdrawls from savings or some such in lieu of a tax return.
The previous year's grant and some loans. Are loans considered income and if so, will I receive some sort of tax form for that?
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Old 01-06-10, 09:16 AM
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Originally Posted by UnsafeAlpine View Post
The previous year's grant and some loans. Are loans considered income and if so, will I receive some sort of tax form for that?
No, loans are not considered income unless you don't pay them back, in which case you have income.
Grants may or may not be considered income, depending on the grant and its terms.
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Old 01-06-10, 10:33 AM
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Originally Posted by UnsafeAlpine View Post
Ok, I find myself in a bit of a pickle. To continue my education in the fall of this year, I'll need to have my tax return filed. I didn't make any money last year. No W-2, no income, nothing. Is it still possible to fill out a tax return for 0 income and if not, how do I sort out my financial aide for the fall semester?
I don't pay taxes! Ha! ha!
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Old 01-06-10, 11:30 AM
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Originally Posted by UnsafeAlpine View Post
I didn't make any money last year. No W-2, no income, nothing.
Hard to believe no woman has snagged you yet.
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Old 01-06-10, 11:37 AM
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Originally Posted by probe1957 View Post
Hard to believe no woman has snagged you yet.
Dude, get with the program. I'm living with my gf, her two kids, and her mom. I've been snagged, tagged, gutted, and filleted.
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Old 01-06-10, 11:39 AM
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Originally Posted by UnsafeAlpine View Post
Dude, get with the program. I'm living with my gf, her two kids, and her mom. I've been snagged, tagged, gutted, and filleted.
So jsharr's going to start offering you as the new B'day gift to everyone?
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Old 01-06-10, 11:41 AM
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I practice catch and release
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Originally Posted by colorider View Post
Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 01-06-10, 11:42 AM
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Originally Posted by jsharr View Post
I practice catch and release
maybe, but its that time inbetween that catch and release that is what worries me.
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Old 01-06-10, 11:45 AM
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Originally Posted by UnsafeAlpine View Post
Dude, get with the program. I'm living with my gf, her two kids, and her mom. I've been snagged, tagged, gutted, and filleted.
And served lightly breaded in a white wine sauce with asparagus spears and sauteed red potatoes on the side?
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Old 01-06-10, 11:47 AM
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fava beans and a nice chianti.
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Originally Posted by colorider View Post
Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 01-06-10, 11:50 AM
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'zacktly!
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Old 01-06-10, 12:20 PM
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Originally Posted by UnsafeAlpine View Post
Dude, get with the program. I'm living with my gf, her two kids, and her mom. I've been snagged, tagged, gutted, and filleted.
I know. I was just givin' ya chit.
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Old 01-06-10, 12:21 PM
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He is already full of it, why give him more?
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Originally Posted by colorider View Post
Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 01-06-10, 12:23 PM
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hmmm....maybe we can have a new tea party where we throw non taxpaying college students into the water.
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Old 01-06-10, 12:25 PM
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Originally Posted by ModoVincere View Post
hmmm....maybe we can have a new tea party where we throw non taxpaying college students into the water.
just make sure that their new computers are not with them.
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Old 01-06-10, 12:30 PM
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Originally Posted by RUOkie View Post
just make sure that their new computers are not with them.
But some of them might be floaters then.
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Old 01-06-10, 12:58 PM
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UA - don't get me wrong - I think you a nice guy but I now know waaaaay too much about you. Just consider this the next time you try to tell me something in P & R... I have been working and supporting myself, putting myself through graduate school etc, for the last 40+ years. You are the true equivalent of a young whippersnapper! Get out and make it on your own for about 10 - 15 years, then tell me how I should believe or behave. Of course I say this all in jest...

getting back to the original topic... It might behoove you to pay some money (yes I Know you have none) to let an accountant work with you at least this first year. Once that's done each sucessive non working year should be easy!
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Old 01-06-10, 01:04 PM
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Do you have any money in bank accounts? The interest is income.
They should give you a 1090. I think?
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Old 01-06-10, 01:06 PM
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Originally Posted by chevy42083 View Post
Do you have any money in bank accounts? The interest is income.
They should give you a 1090. I think?
Only if its above $10. And its a 1098-INT

With current interest rates, you'd have to have lotsa money to make more than $10/yr in interest on a bank account.
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Old 01-06-10, 06:53 PM
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You can always file a return, whether you had income or not. You can even get a computerized return preparation for free. http://www.irs.gov/efile/article/0,,id=118986,00.html
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