Unemployed College Student. Do I need to file

[theblizzardofozz]

I been going to college full time since 2010 and have lived solely off of student loans. With having no income should I still file taxes? I haven't but know you can file 3 to 4 years back. If so should I just print out my financial aid award letters from the previous years   

[Hal_Al]

No. You are not required to file.

But there is a case when you may want to file. If you cannot be claimed as a dependent on anybody else's return, and you are over age 23, at the end of the tax year, you may be able  to claim an (up to) $1000 refundable education credit.

You should not need your financial aid info, unless you have taxable scholarships & grants (loans are neither). Taxable scholarships & grants are those used to pay "non-qualified" expenses (anything except tuition, academic fees and  books). Room and board are "non-qualified" expenses.

[theblizzardofozz]

Ok, I am 32 and does the pell grant count as a "non qualified"expense.

[Hal_Al]

It's not the source of the money  that is either qualified or non qualified; it's what it is spent on. For example: you get a $15,000 Pell grant in 2013. You are an under graduate student and spent $5000 on tuition and fees & $1000 on books. The rest of the money is spent on room & board and other living expenses. You have $9000 of taxable income (taxable scholarship). Since that is less than the 2013  filing threshold of $10,000 (assuming you cannot be claimed as a dependent by someone else), you are not required to file a tax return.

There is a tax “loophole” available. The student reports all his scholarship, up to the amount needed to claim the American opportunity credit, as income on his return. That way, he can claim the tuition credit on his return. He can do this because that much tuition was no longer paid by "tax free" scholarship.  You cannot do this if the school’s billing statement specifically shows the scholarships being applied to tuition or if the conditions of the grant are that it be used to pay for qualified expenses.
Using the above example: instead of reporting $9000 as taxable income, you report $13,000. You can then claim $4000, of qualified expenses paid, toward the tuition credit.

But, you said you " lived solely off of student loans". Loans and grants are not treated the same.

[SweetieJean]

See http://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/Do-You-Have-to-Claim-Pell-Grant-Money...to see what you have to do in your situation.

[bandit9420]

I am a full time student without income. I am 42 and want to know how to file tax return without income and get my stimulus check can anyone help me please? 

[CatinaT1]

If you cannot be claimed as a dependent on anybody else's return, you may be able to claim an (up to) $1000 refundable education credit.  You do not have to have income to qualify for this.  That would also serve you for direct deposit of your stimulus check.

Did you get a 1098-T from your school?  
 

[bandit9420]

Yes i havemy 1098-T form. How do I do this

[bandit9420]

Also what about student loans that i have paid while in school? Didn't get any forms on that

[CatinaT1]

Student Loan Interest is an adjustment to income.  If you have no income, there would be nothing to adjust.

Start your return in TurboTax and go all the way through the Personal Information, then:

To file your 1098-T please follow the steps below:

1. Open (continue) your return, if you're not already in it.
2. In TurboTax, search for 1098T .
3. Click Jump to 1098T in the search results.
4. Answer any education questions that pop up (enrollment status, name of school, and so forth).

• If you land on the Education Expenses Summary screen, click Edit next to the student in question, then edit the Tuition item.

Additional Information on 1098-T's.

[RyanMckiver]

I'm 32 with no income for 2020 but was a full time student. How do I get my second stimulus? I had income last year but none this year and I have to file in order to receive my second stimulus? Need help

[Hal_Al]

Yes, you have to file a tax return to get the stimulus.

"In essence, the 2  stimulus checks act as an advance of your 2020 income tax refund. This means when you prepare your 2020 income tax return, there will be a line to include the section 6428 credit (line 30 on the 2020 form 1040). The credit on your 2020 return is subtracted by any amount received as a stimulus check in 2020. If the amount you received as a stimulus check is less than the credit you are due, the difference will be included as part of your 2020 refund. If you have been overpaid by receiving the stimulus check, however, you will not be required to return any excess amount".

Under the CARES Act, if you are claimed, or qualify to be claimed, as a dependent on someone else’s 2019 (or 2018) return you cannot receive a stimulus check, in 2020.   If you qualified as a dependent for 2019, but will not be for 2020, you will most likely get it in 2021, when you file a 2020 tax return.

If you have no income, you have to mail in a paper tax return.  Some people advise that you report $1 of interest income, so that you can e-file.