topic Filing Tax in Education

Filing Tax

the student — Wed, 12 Feb 2020 16:52:17 GMT

Hey,

So last year I made around $2000. and I played stock last year lost around $400. Did work study and got around $200.

regular job $2000- $300 tax

stock lost $400

Work study $200 - no tax at all

Donation- $500- but i do not have any proof because I donated with cash on a weekly base.

My first question is do i have to file tax?

If I do have to file tax which plans are the best option for me.

I'm currently a college student. Thanks.

Re: Filing Tax

CatinaT1 — Wed, 12 Feb 2020 17:34:04 GMT

Are you being claimed by your parents as a dependent? Here are the filing requirements for a single dependent under age 65:

Single dependents—Were you either age 65 or older or blind?

□No. You must file a return if any of the following apply.

Your unearned income was more than $1,050.
Your earned income was more than $12,000.
Your gross income was more than the larger of—
1. $1,050, or
2. Your earned income (up to $11,650) plus $350.

Use this IRS link for further information.

You can also use this interactive IRS tool to confirm.

Re: Filing Tax

Hal_Al — Wed, 12 Feb 2020 17:45:19 GMT

Technically, you are not required to file a tax return. But you want to anyway; to get your $300 back ("regular job $2000- $300 tax").

Don't enter the donation, there is no tax benefit for that little.

There is a refundable education credit if you are over age 23. If you are a dependent, your parents should claim the ed credit

Your stock activity prevents you from using the regular free edition, but

TurboTax also has another free product called the FREE FILE Edition (not to be confused with the regular Free Edition). It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15

The Free file Edition can handle a 1099-B.

The Free file Edition is more fully-featured than the regular Free Edition.

For Freedom Edition a user needs to meet only ONE of these qualifications:

AGI of $36,000 or less
oractive duty military (including Reservists and National Guard) with a military-issued W-2 and a 2019 family AGI of $69,000 or less
or eligible for EIC (Earned Income Credit.)

The FREEDOM Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Freedom Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition

Re: Filing Tax

the student — Wed, 12 Feb 2020 21:13:04 GMT

Yes, my parents will be claiming me. So i can still file tax?

Re: Filing Tax

DoninGA — Wed, 12 Feb 2020 21:14:03 GMT

@the student wrote:

Yes, my parents will be claiming me. So i can still file tax?

Yes you can file a tax return. Just indicate on your tax return that you can be claimed as a dependent.

Re: Filing Tax

the student — Wed, 12 Feb 2020 21:15:30 GMT

Hello,

Can I use the Free file Edition if my parents will be claiming me? And another thing is since i lost $400 in stock I will get some back?

Another questions that is for my cousin is, do she have to file taxes if she makes no income but she plays stock and gain $50? Thanks.

Re: Filing Tax

Hal_Al — Thu, 13 Feb 2020 04:02:54 GMT

Q. Can I use the Free file Edition if my parents will be claiming me?

A. Yes

Q. Since i lost $400 in stock I will get some back?

A. No. A stock loss is a deduction against other income, so most people will see some tax savings. But since you income is so low, you are already at 0 calculated tax.

Q. do she have to file taxes if she makes no income but she plays stock and gain $50?

A. Technically no. A dependent does not have to file if they have less than $1100 of investment income, including capital gains. But if her broker issue a 1099-B show more than $1100 in sales, she may want to file to ward off an IRS inquiry