The year after we file we received a 1099c form which have adjectives 0s? Does anyone no what we should do?
Should we have to profile it when it says nought? Can I add it to subsequent years taxes? Im not sure what to do. We wasn't aware that we were getting one until it come. The day after we file. I'm scared we are going to achieve penalized.Answers: If it have all zero it will have no due implication however you may want to determine why you step it as it could have implication for your credit report.
Form 1099C reports cancellation of debt, which is usually taxable income but may be excluded below certain conditions.
It other bothers me when well-meaning people (Taxdude) net blanket statements without knowing adjectives the facts. Someone rightly asked what is the origin of the cancelled debt? I'd put in, what amount was cancelled? The issuer on the form should confer you a clue if you do not already know.
Here's where the rub is: lenders roughly do not issue form 1099 C at all if nearby was ZERO cancelled debt. So why be one issued? Was it a typo by the data entry clerk or some other justification?
If the 1099C was issued near Zero when it should have an amount of of cancelled debt, it is expected to get corrected at some point and corrected form issued to you AND IRS. At that time IRS will transport you a notice asking for the excise on the cancelled debt plus interest and penalty.
So, what to do? Contact the 1099C issuer and find out if it is correct. If so, NOW you can disregard it. If not, determine the amount of cancelled debt and grip a tax professional very soon to see if an exception applies that allows you to exclude it from income.
Good luck!
I'm file my taxes next to a roommate and he's going to claim me as a dependant. Is that okay for us to do?
Additional information...I didn't work or pay bills he payed everything but I am attending college. Would it be smart for us to database together?Answers: You can't file together if you tight filing a united return.
If you lived with him adjectives year, AND your total gross income for the year was lower than $3400, AND he provided over half of your total support for the year, he can probably claim you. If your relationship violate any state or local ordinance, you can't though whether the law is currently enforced or not - and believe it or not near are still many places near laws on accounts with law against cohabitation by unmarried couples.
He can't file as go before of household though, even if he can claim you, you aren't a qualifying individual for that
thanks for the giggle.
great to know they (colleges) do not teach adjectives sense or tax sense.
be in motion ahead let him claim u as a dependent newly visit him surrounded by jail .
it is fraud FEDERAL FRAUD
u both profile single /separate.
CAREFULLY read the qualifying relative rules.
If he qualify, yes, he can claim your $3400 exemption only. No HOH, no EIC.
If YOU have no income, then you would not record a tax return this year. IF the roommate in fact furnished more than 50% of your total support for the year, then the roommate could claim you as a dependent and give somebody a lift the exemption for you. You do not qualify the roommate for any other credits.
Since you are a student, are your parents claiming you as a dependent on THEIR taxes? If so, the roommate deal is out the skylight. Better check with your folks first.
Like another poster said, IF you're breaking local ruling by living together as man and wife without the benefit of wedding ceremony, he can't claim you.
1098-T form??
I was a full-time student for the spring semester of 2007. I call the university, and the forms have be mailed out but I didn't receive one. They won't buy and sell with lost or somehow otherwise misplaced forms until after Feb. 1st. I purely wanted to trade name sure that I was eligible for one since I did payment tuition for one full semester, but I was not a student the entire year.Answers: you be a full time student so you will be able to cart the credit, just loaf for your 1098 to come back within
Nothing you mention in your sound out would disqualify you from taking an education credit.