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AGI is 26 dollars! Any reasons to file a student's return?

AGI is 26 dollars! Any reasons to file a student's return?

 

There's like 6 various 1099s.

 

The only real income is 8905 on the SSA-1099 (disabled student)

 

After the standard deduction, it says 0 for Federal refund and 0 refund from NJ.

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1 Best answer

Accepted Solutions
JulieS
Expert Alumni

AGI is 26 dollars! Any reasons to file a student's return?

Yes, it is possible that this return doesn't have to be filed.

 

Based on income alone, it is not enough income to require a tax return. 

 

If any of the 1099s are self-employment income (1099-NEC, or 1099-MISC) in the amount of $400 or more, you have to file the return to show why the net self-employment income is less than $400.

 

If there is investment income of $2,500 or more and the filer is a dependent, you have to file a return. 

 

When applying for financial aid, students may need to provide tax account information from their or their parents' tax return. 

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2 Replies
JulieS
Expert Alumni

AGI is 26 dollars! Any reasons to file a student's return?

Yes, it is possible that this return doesn't have to be filed.

 

Based on income alone, it is not enough income to require a tax return. 

 

If any of the 1099s are self-employment income (1099-NEC, or 1099-MISC) in the amount of $400 or more, you have to file the return to show why the net self-employment income is less than $400.

 

If there is investment income of $2,500 or more and the filer is a dependent, you have to file a return. 

 

When applying for financial aid, students may need to provide tax account information from their or their parents' tax return. 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

AGI is 26 dollars! Any reasons to file a student's return?

None of the situations you described seem to apply, except for possible future financial aide requests.

 

But the IRS has access to 1099 info anyway, right?  Even if you don't file the return?

 

If no obvious harm, maybe I'll just file the returns...

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