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Author Topic: ITT an idiot is asking for your advice.  (Read 1849 times)

stricly bricly

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ITT an idiot is asking for your advice.
« on: December 28, 2007, 02:26:10 PM »
i'm 21 and have never filed a tax return in my life, though i've been working (part-time, measly) jobs since i was 18.  how much is this going to @#!* me up in the fin.aid process?

  i've also never filed a FAFSA because my parents just paid for my UG out of pocket. help?

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Re: ITT an idiot is asking for your advice.
« Reply #1 on: December 28, 2007, 02:28:57 PM »
Your jobs pay cash? No W2s?

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Re: ITT an idiot is asking for your advice.
« Reply #2 on: December 28, 2007, 02:30:22 PM »
Or did you just not file a return because your income was under the limit for mandatory filing?

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Re: ITT an idiot is asking for your advice.
« Reply #3 on: December 28, 2007, 02:48:12 PM »
Or did you just not file a return because your income was under the limit for mandatory filing?

i got w2s, but sort of ignored them.  i half assumed that i was under the limit.. BUT I MIGHT HAVE BEEN WRONG.


see, this is where the idiot part comes in!   

Assuming your parents claim you as a dependent, I think you are only required to file if your earned income was over $5150 for the year. Or if your unearned income (interest, dividends, etc) was more than $850. I think.

I'm getting this from Pub 501 http://www.irs.gov/publications/p501/ar02.html

If you were supposed to file a return and didn't, I have no idea what happens, but you'll need your W2 (and your parents') for the FAFSA.

Meliss1086

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Re: ITT an idiot is asking for your advice.
« Reply #4 on: January 02, 2008, 09:58:31 AM »
Tagging because, I too, am staring at the FAFSA completely bewildered...

 ??? A 1040 what?

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Re: ITT an idiot is asking for your advice.
« Reply #5 on: January 02, 2008, 10:44:17 AM »
If you were supposed to file a return and didn't, I have no idea what happens, but you'll need your W2 (and your parents') for the FAFSA.

The statute of limitations for the IRS to come back and ask for more money, in most cases, is three years after the date of filing or the deadline, whichever is later.  If you do not file, the IRS can pull that year out 20 years from now and assess the tax as well as penalties and interest.  The chances of them going back that far are low, but it is still possible.

siski

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Re: ITT an idiot is asking for your advice.
« Reply #6 on: January 02, 2008, 12:03:42 PM »
If you didn't file a return, you are probably the one who got screwed, not the IRS. Unless you claimed EXEMPT status when filling out your W4s (the forms you fill out when you start a job), then as you worked, taxes were withheld from your paycheck. Usually, you are entitled to a small (few hundred dollars) refund of your taxes for the first $7500 you earned (the 'standard deduction').

So, unless you were making tens of thousands and owe taxes, it's not like you committed tax fraud or anything.

As for the FAFSA, it applies to the immediately previous year. So, it doesn't matter if you filed a tax return -- you just base it on your W2s and 1099s and any other money you may have received that is undocumented (like parental help).

If anyone has any other questions, I can try to answer them.

JMFM2011

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Re: ITT an idiot is asking for your advice.
« Reply #7 on: January 04, 2008, 10:47:29 PM »
i'm 21 and have never filed a tax return in my life, though i've been working (part-time, measly) jobs since i was 18.  how much is this going to @#!* me up in the fin.aid process?

  i've also never filed a FAFSA because my parents just paid for my UG out of pocket. help?

The FAFSA is easy, but my advice is to log on now to get a PIN set up for you and one for your parents.  They take a while, if I remember correctly, so it can't hurt to start the process so that when tax forms come out you can file ASAP.  (www.fafsa.ed.gov)

Bananas, Melonas, Yeah

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Re: ITT an idiot is asking for your advice.
« Reply #8 on: January 05, 2008, 02:19:58 AM »
i'm 21 and have never filed a tax return in my life, though i've been working (part-time, measly) jobs since i was 18.  how much is this going to @#!* me up in the fin.aid process?

  i've also never filed a FAFSA because my parents just paid for my UG out of pocket. help?

The FAFSA is easy, but my advice is to log on now to get a PIN set up for you and one for your parents.  They take a while, if I remember correctly, so it can't hurt to start the process so that when tax forms come out you can file ASAP.  (www.fafsa.ed.gov)

I got my PIN, but you're saying my parents have to request their own?

JMFM2011

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Re: ITT an idiot is asking for your advice.
« Reply #9 on: January 05, 2008, 08:30:25 AM »
i'm 21 and have never filed a tax return in my life, though i've been working (part-time, measly) jobs since i was 18.  how much is this going to @#!* me up in the fin.aid process?

  i've also never filed a FAFSA because my parents just paid for my UG out of pocket. help?

The FAFSA is easy, but my advice is to log on now to get a PIN set up for you and one for your parents.  They take a while, if I remember correctly, so it can't hurt to start the process so that when tax forms come out you can file ASAP.  (www.fafsa.ed.gov)

I got my PIN, but you're saying my parents have to request their own?

If you are entering any of their tax info, then yes.  Law students are automatically considered "independent" but if any of the schools want your parents info on the FAFSA, then they need a pin.