0
Can a student with 3 children file an income tax return if student loans are the only source of income?
Wiki User
∙ 14y ago
No. Student loans, while you're receiving them, aren't taxable.
For more information, go to www.irs.gov/individuals/students for the article, 'Taxable Income for Students'.
Also go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can I claim my children as dependents on my tax return if my income was from unemployment benefits?
Unemployment income does not effect your dependents and your ability to claim them on your return. As long as you meet the other requirement to claim your children then you can certainly claim them.
Do children need to pay income tax for income earned?
Yes. There is no exception to taxes on account of age. The child must file their own tax return (obviously if the child is too young, the parents can fill it out for them). The child's income cannot be combined on the parents' return (unless the child is subject to the kiddie tax and the child's ONLY source of income is interest and dividends).
Do you need to pay income tax on interest earned on fix deposit even tds deducted by bank already?
Yes all interest income is reported on the income tax return. tds (Tax Deducted at Source). At present NO interest income is exempted from tax .On the federal 1040 income tax return you do have some types of interest that is exempt from income tax but the amount still has to be reported on the 1040 federal income tax return..
Do you need to file a state return with no income in that state?
If you are a resident of that state, you have to file a tax return regardless of where you got your income. For example, if you are a New Jersey resident working in New York, you must file both a New Jersey and a New York tax return even if your only source of income was working in New York. And be sure that your definition of "income" coincides with the state's definition of income.
How do you close income tax returns in India?
You need to show all the heads from where you have got the income major heads of income are 1) salary 2) Income from other source like-interest 3) capital gain 4) Business income You can select correct form to file income tax return. http://taxgyan.in/income-tax-return-form-for-assessment-year-2012-13/
What is the source of income of municipal corporation?
income source
As a single person with 2 dependents and one job and no other source of income what tax return should you file?
1040A
What are student loans?
The private student loans are the loans arranged by the student through any of the private banks at a fixed interest rate. To apply to these private student loans you need a cosigner unless your credit rating is too good and you have a source of income.
You live and work in one state and have a rental property in another state. Do you have to file a tax return in the other state?
Yes the state where the source of the rental income is from wants some income tax on that rental income that you have received from the nonresident state. A nonresident state income tax return will have to filed with the state where the rental property is located.
In a Modest Proposal what will these children do as adults to support themselves?
In "A Modest Proposal," Jonathan Swift suggests that the children he refers to should be raised as a source of food and income for their impoverished families. He argues that this would alleviate poverty and burdens on society while providing a source of income for the parents.
How are income taxes primarily collected in the US?
By the withholding of taxes from the source of the income and when taxpayers file and pay quarterly estimated taxes with the pay as you earn income system and after the end of the tax year when the taxpayer completes the income tax return correctly and pays any remaining taxes that may be owed after the income tax return is completed correctly. Study Island answer: tax withholding
When would you have to pay capital gains taxes on real estate at the end of the year if that is your only source of income would capital gains tax be considered your income tax?
Yes long term capital gains on the sale of real estate would be subject to your income tax return. Capital gain taxes would be a part of your income tax on your 1040 income tax return.
