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income tax

Posted by on Jan. 30, 2014 at 3:23 PM
  • 7 Replies

OK - I posted a while ago about whether or not i needed to file because I did not have an income. 

Well, Last year when I filed my student loan took my refund.  I got a letter the other day fr tax purposes for my student loan.  It said that I paid $x on my interest and have to claim it as a credit on my income tax.  I HAD NO INCOME last year.  So, I do not know how or what I need to do to file.  I don't want to go to an accountant - i can't afford it especially if I am not getting anything back because I had no income.  This kind of stuff confuses me anyway.

Anyone know what I should do?  Will they answer this over the phone at no charge? 

Thanks. 

by on Jan. 30, 2014 at 3:23 PM
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Replies (1-7):
atlmom2
by Ruby Member on Jan. 30, 2014 at 3:37 PM
My dd has not had any income from a job. For years she has filed and had to pay taxes and extra because of income from stocks etc she owns.
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-PB
by Gold Member on Jan. 30, 2014 at 3:38 PM

 Call the IRS.  You'll probably be on hold for a while but they can give you an answer and of course they don't charge you.

momofsunshine77
by on Jan. 30, 2014 at 3:41 PM

 I don't own my loans though.  They are not an asset or income, they are a debt.  They used my refund from 2012 to pay some of it. 

I do know from years ago, when I had a job and was paying them, I got extra back on income tax for paying them. 

IDK - how am I supposed to pay a tax on something that I already owe on when I have no income.  It i wierd IMO.  It doesn't make sense to me. 

Quoting atlmom2: My dd has not had any income from a job. For years she has filed and had to pay taxes and extra because of income from stocks etc she owns.

 

ladybugchar
by Member on Jan. 30, 2014 at 3:41 PM
You can go to turbo tax online and go through everything. It will tell you everything to do. You don't have to pay unless you use them to file.
cosborn30
by on Jan. 30, 2014 at 3:43 PM
1 mom liked this

Hi im crystal, I think that when you have no income you don't have to file the IRS has a long waiting time but you can call toll free and ask. Last year i started school online and they sent me a W-2 for my loans and i added it but at the time i had no school disbursments to claim. I would suggest you call that IRS and ask or even just call h&R block they answer questions for free too, hope this helps good luck.

mommie2madison
by on Jan. 30, 2014 at 3:48 PM
2 moms liked this

The interest paid on student loans is a deduction against income, if you didn't have income, you have no deduction to claim.  Another example would be if you donated to charity.  Such donations would be tax deductions, but you still have to have income to claim the deduction off of.  


a_and_j_momma
by Gold Member on Jan. 31, 2014 at 11:09 PM
Have you not deferred your loans or set up arrangements? I'm confused.

If you had no income, you don't file a return
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