Law School Discussion

Nine Years of Discussion
;

Author Topic: No Taxable Income - To File Taxes or Not?  (Read 1635 times)

justlooking

  • Newbie
  • *
  • Posts: 1
    • View Profile
    • Email
No Taxable Income - To File Taxes or Not?
« on: March 15, 2009, 12:27:10 PM »
Stuck on the ideas of "disclosure" and "documentation" in the legal profession...

With no income, is there a 'legal documentation reason' why you should file?

Do you look shady if you don't file?

My 2008 Details... I had no income, nominal expenses, and student loans. 

Miss P

  • LSD Obsessed
  • *****
  • Posts: 21337
    • View Profile
Re: No Taxable Income - To File Taxes or Not?
« Reply #1 on: March 15, 2009, 12:45:11 PM »
You may want to make sure you're not eligible for any education credits or the earned income credit, though.  For the federal earned income credit, you need to have some earned income, but a handful of states allow people without earned income to claim similar credits.  For federal taxes, this IRS questionnaire may help: http://www.irs.gov/individuals/article/0,,id=96623,00.html.
That's cool how you referenced a case.

Quote from: archival
I'm so far from the end of my tether right now that I reckon I could knit myself some socks with the slack.

Ninja1

  • Sr. Citizen
  • ****
  • Posts: 3089
  • ☆☆☆☆☆☆☆☆☆☆
    • View Profile
    • Email
Re: No Taxable Income - To File Taxes or Not?
« Reply #2 on: March 15, 2009, 03:02:10 PM »
File just for the sake of filing (and keep a copy). It's nice to be able to whip out a tax return sometimes. An example follows.

At my UG, I was getting a bunch of grants and some loans. Every semester, they wanted me to prove that I made basically no money the previous year. To prove this, I could either bring in bank statements, fill out forms about how much it costs me to survive, etc., or I could show them my federal tax return. They'd always say something like "you filed a tax return for none money?" and I'd explain that yes, I did file a return for none money and now that was all I had to give to them, instead of their 20 other forms.
I'mma stay bumpin' till I bump my head on my tomb.

hbb

  • Sr. Citizen
  • ****
  • Posts: 228
    • View Profile
Re: No Taxable Income - To File Taxes or Not?
« Reply #3 on: March 15, 2009, 04:35:01 PM »
It probably takes less time to fill out a 1040EZ based upon zero income than it does to start a new thread asking about the possible reasons not to do so.

Pardon Johnny Cash.

  • Global Moderator
  • LSD Obsessed
  • ****
  • Posts: 5310
    • View Profile
Re: No Taxable Income - To File Taxes or Not?
« Reply #4 on: March 15, 2009, 11:34:41 PM »
It probably takes less time to fill out a 1040EZ based upon zero income than it does to start a new thread asking about the possible reasons not to do so.

Ummm yeah.  This is actually a very good analysis of the situation.

Miss P

  • LSD Obsessed
  • *****
  • Posts: 21337
    • View Profile
Re: No Taxable Income - To File Taxes or Not?
« Reply #5 on: March 15, 2009, 11:36:20 PM »
It probably takes less time to fill out a 1040EZ based upon zero income than it does to start a new thread asking about the possible reasons not to do so.

Ummm yeah.  This is actually a very good analysis of the situation.

I would agree except that I think you have to use at least a 1040A for some of the credits, and it might be worth it for the OP to look into whether s/he qualifies.
That's cool how you referenced a case.

Quote from: archival
I'm so far from the end of my tether right now that I reckon I could knit myself some socks with the slack.

Pardon Johnny Cash.

  • Global Moderator
  • LSD Obsessed
  • ****
  • Posts: 5310
    • View Profile
Re: No Taxable Income - To File Taxes or Not?
« Reply #6 on: March 15, 2009, 11:39:14 PM »
It probably takes less time to fill out a 1040EZ based upon zero income than it does to start a new thread asking about the possible reasons not to do so.

Ummm yeah.  This is actually a very good analysis of the situation.

I would agree except that I think you have to use at least a 1040A for some of the credits, and it might be worth it for the OP to look into whether s/he qualifies.

Turbo tax is a good idea.  You can breeze through it very quickly if you don't have any strange earnings.  And you can fly right to the education credits to see if you qualify.  I believe turbo tax federal is free (at least it was..), only state is a charged service.

Miss P

  • LSD Obsessed
  • *****
  • Posts: 21337
    • View Profile
Re: No Taxable Income - To File Taxes or Not?
« Reply #7 on: March 15, 2009, 11:42:37 PM »
Turbo tax is a good idea. 

It wasn't for Geithner!

But I agree.  And I think you're right about federal filing being free with TurboTax and a handful of other tax preparation sites.
That's cool how you referenced a case.

Quote from: archival
I'm so far from the end of my tether right now that I reckon I could knit myself some socks with the slack.

Scentless Apprentice

  • Sr. Citizen
  • ****
  • Posts: 783
  • My ego isnt LSD strong but I still want to play.
    • View Profile
    • LSN
    • Email
Re: No Taxable Income - To File Taxes or Not?
« Reply #8 on: March 15, 2009, 11:49:55 PM »
Yeah, good point.
Birds of a feather flock together.

LSN