I enjoy student loan interest that I can subtract but I don't own any taxable income (ha!) What do I do?
Do I still need to crawl out the 1098 E? Can I deduct it subsequent year when I will have taxable income? Thanks. Please don't bestow me info that might not be correct. :-)Answers: no income, no deduction, no carryover - you'll draw from a new 1098 for 2008's interest subsequent year - not sure if that int is deductible anyway
Explain this to me.
How could you have salaried the interest (that you want to deduct) and yet own no income (that you are reporting) to have remunerated it with?
I contemplate for you to try this would be a very doomed to failure idea... this year or subsequent.
Good luck with this one!
Hi in attendance. Your student loan interest paid on your loan surrounded by 2007 can be carried forward for up to five years. When you do claim it you enter the figures on flash 319 of Schedule 1.
I assume that you received the loan under the Canada Student Loan Act; the Canada Student Financial Assistance Act or a similar program carried out by the province where on earth you live.
Hope this has be of some help for you. If you want more info on other student concerns such as claiming tuition fees, books etc. tolerate me know and I will help you.
Is anyone else getting a headache from thinking something like income taxes?
Even e-filing is a pain within the butt. Anyone have any cyber-tylenol? LOLAnswers: It's that most wonderful time of the year. :)
no,grounds i have not gotten my w2's however. when they come in i'm sure I will.
If your [jointly filed] taxable income does not get $8000 or so, is in attendance any benefit surrounded by file as one?
(Because up until that point single or married you owe the same) So by filing as one am I screwing myself? If I file us both married but filing separately we wouldn't hold hardly any taxable income on our own. Or am I mistaken and nearby is some benefit I am not realizing?Answers: YOu also might qualify for the EARNED INCOME CREDIT!
check into that and see
If you qualify for this, you will take back more money than you remunerated out
There are some credits that you can't get if you folder separately. Other than that, especially if your income is fairly low, it probably won't generate a lot of difference - but combined still usually saves a couple dollars.
If file separately you each wouldn't own much taxable income, then the total on a reciprocal return shouldn't be much either since you find both exemptions and both standard deductions on a pooled return, and only one on respectively of the separate ruturns. If your taxable income on a joint return is more than the total from the two separate returns, you are doing something wrong.
Yes, nearby is a benefit! Married people file jointly own a lower tax liability than relatives who are married and file separately or those who are single.
If you wallet jointly, you'll (more than likely) find more of your taxes back than if you file separately. You can always digit it out both ways, just to check. Also, if you directory separately and one gets a return while the other owes, you're both still "out" money paying those taxes.