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| *Ostroff, Fair and Company>>>Other Taxes |
If I only worked one month last year but still got a 10-99 ? |
then do I still have to file and claim that I had a loss for the year. Can I just not file since I will owe nothing? Do I just send it in with no payment? The best is to file an Income Tax Return. One, because that keeps away any IRS wondering why you have not filed and second cause in case you will need to apply for a grant (say you want to go back to school or have a child that needs co-signer) you will need to prove that you have not made a certain high income... If you do not have a tax return, you don't have proof. In fact, depending on income made that month shown on 1099 Misc, when you subtract the standard deduction (or if you bought a house and itemize on schedule A interest paid for the year, real estate taxes paid and any discount points that you might have paid, that might be more than the standard deduction amount). It really depends on figures that you made and whether you file single or joint. Play with figures a little bit. Run different scenarios. I used to work for a Tax preparation company (do not want to give name but the most famous one) and you do your taxes the way is more advantageous for you providing you keep it within the legal side. In other words after you subtract all deductions you might end up with 0 adjustable gross income... therefore no need to worry about losses...or owing... But play with figures. Hope my explanation helps. FILE.... if you do owe anything, they will penalize you for not filing in time. better to file a zero return. |
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