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Posted by Spirit on February 20, 2008, 11:20 pm
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I was unemployed in 2007 but do have interest and dividend income.
Should I send in a tax form with that info even though it is so low I
would not owe taxes. I thought this might be best in case they wondered
why I didn't file anything. Thanks
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by removeps-groups@yahoo.com on February 21, 2008, 1:34 am
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On Feb 20, 8:20 pm, decreat...@webtv.net (Spirit) wrote:
> I was unemployed in 2007 but do have interest and dividend income.
> Should I send in a tax form with that info even though it is so low I
> would not owe taxes. I thought this might be best in case they wondered
> why I didn't file anything. Thanks
Is your income less than your exemption + standard deduction? If yes,
then you don't have to file. Did you get unemployment compensation?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Phil Marti on February 21, 2008, 1:48 am
Please log in for more thread options "Spirit" wrote:
>I was unemployed in 2007 but do have interest and dividend income.
> Should I send in a tax form with that info even though it is so low I
> would not owe taxes. I thought this might be best in case they wondered
> why I didn't file anything.
If you meet the filing requirement in the 1040 instructions file. If not,
they won't be curious.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Benjamin Yazersky CPA on February 21, 2008, 9:02 am
Please log in for more thread options On Feb 20, 11:20 pm, decreat...@webtv.net (Spirit) wrote:
> I was unemployed in 2007 but do have interest and dividend income.
> Should I send in a tax form with that info even though it is so low I
> would not owe taxes. I thought this might be best in case they wondered
> why I didn't file anything. Thanks
>
> --
Check the 1040 intructions for the requirement to file.
If your income is below the level required to file, then you don't
need to.
Sometimes, tax returns are filed, even if not required, as there are
third party reporting items such as 1099's for INT, DIV, or like in
your case unemployment. This could help to avoid correspondence down
the road. It also starts the statute of limitations to run.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
"This written advice was not intended or written to be used, and it
cannot
be used by any taxpayer, for the purpose of avoiding penalties that
may be
imposed on the taxpayer."
(The foregoing legend has been affixed pursuant to U.S. Treasury
Regulations
governing tax practice.)
The information transmitted is intended only for the person or entity
to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of,
or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received
this in error, please contact the sender and delete the material from
any
computer.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Spirit on February 22, 2008, 12:05 pm
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Re: no income
Group: misc.taxes.moderated Date: Thu, Feb 21, 2008, 9:02am From:
byaz55@lycos.com (Benjamin Yazersky CPA)
On Feb 20, 11:20 pm, decreat...@webtv.net (Spirit) wrote:
I was unemployed in 2007 but do have interest and dividend income.
Should I send in a tax form with that info even though it is so low I
would not owe taxes. I thought this might be best in case they wondered
why I didn't file anything. Thanks
--
Check the 1040 intructions for the requirement to file. If your income
is below the level required to file, then you don't need to.
Sometimes, tax returns are filed, even if not required, as there are
third party reporting items such as 1099's for INT, DIV, or like in your
case unemployment. This could help to avoid correspondence down the
road. It also starts the statute of limitations to run.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on
hobokeni or hobokenx <-----
"This written advice was not intended or written to be used, and it
cannot
be used by any taxpayer, for the purpose of avoiding penalties that may
be
imposed on the taxpayer."
(The foregoing legend has been affixed pursuant to U.S. Treasury
Regulations
governing tax practice.)
The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received
this in error, please contact the sender and delete the material from
any
computer.
--
<< -------------------------------------------
<< The foregoing was not intended or written to be used, >> << nor
can it used, for the purpose of avoiding penalties >> << that may be
imposed upon the taxpayer. >>
<<
<< The Charter and the Guidelines for submitting posts >> << to
this newsgroup as well as our anti-spamming policy >> <<
are at www.asktax.org.
>> << Copyright (2007) - All rights reserved.
>>
<< ------------------------------------------- I went to school
last year,(at my expense) and looked for work, I didn't draw
unemployment. My interest and divdend income is under $2000. I know
there is no refund or rebate for me but should I file since I have
received reportable income? Thanks for your response.
========================================= MODERATOR'S COMMENT:
When responding to a post, only include in your response those portions of
the prior post that are necessary to context, or to which you specifically
reply, and delete the rest. Thank you for your assistance.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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