MS4 + File taxes?

[RxBoy]

OK I have no reported income, single, and I paid all my tuition + living expenses with student loans.

Question: Is there any advantage for a MS4 to file taxes with no income?

Curious because the government seems to be happy handing out money at the moment so i didn't want miss the opportunity to take my fair share.

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[nontradappl]

Despite all of the spending in the economic recovery bill, I'm not sure you made the list. In order to file taxes, you need to pay income tax. sorry

 

[tabula0rasa]

What if I did some odd jobs for the school and my income is like $700. I'm not obligated to file tax unless I make $5800 or something like that. Can I gain anything from filing tax with my meager income?

 

[JonnyG]

I file just to show documentation. Its free and probably would take you only a few minutes on turbo tax. Plus there is talk of giving money to people who make less then the amount required to file taxes.

 

[TheEleventhReel]

As a student, you should be elligible for the lifetime learning credit. That's 2K right in your pocket.

 

[JonnyG]

As a student, you should be elligible for the lifetime learning credit. That's 2K right in your pocket.

Its a tax credit, you have to pay taxes for a credit to come into play. If i do not pay anything I get nothing if I pay 500 in taxes I get 500 back etc.

Though the stimulus has something called the American Opportunity Tax Credit that may come into play even if you do not pay taxes.

 

[Monty Python]

OK I have no reported income, single, and I paid all my tuition + living expenses with student loans.

Question: Is there any advantage for a MS4 to file taxes with no income?

Curious because the government seems to be happy handing out money at the moment so i didn't want miss the opportunity to take my fair share.

I would take a few moments just to fill out a 1040. Who knows you might be eligible for something beneficial which you're currently not aware of. Maybe, maybe not. But if you have a few moments to waste give it a shot.

 

[Impromptu]

As an MS4, don't you have lots of free time? You can knock federal, state, and city taxes out in a single afternoon.

Step 1 (most important) gather all the documents.
Step 2 Do it
Step 3 When you see others with last minute tax struggles come April, laugh at them.

 

[mmag]

If you have any amount of student loans, file them. One of the ways you can show your income to the feds to be considered for loan deferment is a copy of your most recent filed income tax (adjusted gross income/12 = monthly income). With the new loan repayment law coming into effect July 1st, you want your "monthly income" as low as possible.
Since you made little to no money, you can efile for free. Just google IRS free file.