Do I need to file this year?

[DW3843]

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Do I need to file taxes this year?

I am a fourth year student about to graduate. I have not made a single penny since a summer job between first and second year. All I have is a bunch of student loans and no savings.

For what it's worth I am not married currently but will be soon. I am moving to a new city for residency in a few months and plan to rent for awhile. I will likely try to buy a house within the next year.

Do I need taxes filed for this year just to have a record of my lack of income or will that not be a big deal 6 months from now when I start thinking about mortgage options?

Thanks for your help.

 

[AndyFromMDTAXES]

If you have no income, you probably don't need to file. Some people are filing this year to get the Stimulus Credit Rebate, but if you have no income, you don't qualify for that.

The lowest amount of income that requires you to file is $400 of self-employment income, since that's when you begin to owe social security and Medicare taxes on that income.

 

[mark-ER]

Even if you didn't earn anything, chances are you made at least 400$ somehow (selling on EBAY or selling your books to underclassmen) and taxes on that amount are gonna be close to nill and this way you'll get your stimulus rebate. It's a pain, but it's worth 600$.