Hi my mom told me to file the tax this year as I am a college student.
I worked part-time last semester and I only made $3000 a year total last year. Will i eiligible to file tax and get that extra $600 rebate extra from tax?
and if I just file the form 1040 A and W2 only? what free filing tax site suggest? my friend refer me to use turbotax but need to pay $20, so wonder any other suggestion?
Several issues.
1. Filing. Since your adjusted gross income was $54,000 or less in 2007, you can use Free File to prepare and e-file your taxes online:
http://www.irs.gov/efile/article/0,,id=118986,00.html
2. Rebate. If you earned $3000 in wages, you would be eligible for a $300 rebate (not a $600 rebate). You get a $600 rebate only if you paid that much in 2007 federal income tax.
3. Dependent status. Regardless of how much money you earned or taxes you paid, if your parents claim you as a dependent, you will be ineligible for the rebate, but you may still benefit under the plan.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the Economic Stimulus Act of 2008, taxes would be cut in 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you have taxable income in 2008, you will see a tax cut when you file in 2009.
Yes, you need to file to qualify for the $600 tax credit.
try this site. http://www.express1040.com
References :
If you are claimed as a dependent, you aren’t eligible for the rebate. If you only made $3000, you wouldn’t owe any tax in any case, so at most would get $300 if you are NOT a dependent.
If you aren’t a dependent, file – you could use a 1040EZ if your income is on a W-2.
References :
I used taxslayer.com to file for free the past two years.
The rebate money will not come with your tax return. It will be a seperate check they will start mailing sometime around May.
References :
Several issues.
1. Filing. Since your adjusted gross income was $54,000 or less in 2007, you can use Free File to prepare and e-file your taxes online:
http://www.irs.gov/efile/article/0,,id=118986,00.html
2. Rebate. If you earned $3000 in wages, you would be eligible for a $300 rebate (not a $600 rebate). You get a $600 rebate only if you paid that much in 2007 federal income tax.
3. Dependent status. Regardless of how much money you earned or taxes you paid, if your parents claim you as a dependent, you will be ineligible for the rebate, but you may still benefit under the plan.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the Economic Stimulus Act of 2008, taxes would be cut in 2008 from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you have taxable income in 2008, you will see a tax cut when you file in 2009.
References :
http://finance.yahoo.com/taxes/article/104417/Tax-Rebate-Winners-and-Losers