Changing my mind about filing a tax return

Paying for College
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<p>When I first filled out the CSS profile a few months ago, I put that I WOULD be filing a 2007 tax return, since I did so the year before when I had a full-time summer job. I've already sent the CSS profile to my schools. But recently when my parents went to get the tax returns done, the accountant said that since I only had a part-time job this year and I was paid little, I didn't have to file a tax return.</p>

<p>So my question is, do I actually have to print out my entire CSS profile, make that one correction, and send it to all of my schools (since that's what it says I have to do in order to make a change to my profile application)?</p>

<p>Or can I just send the financial aid offices a letter telling them that I will not be filing a 2007 tax return?</p>

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<p>Are you sure you don't want to file a tax return? Did you have any taxes withheld? If you are under the minimum filing threshhold but had taxes withheld, you are probably due for a refund.....</p>

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<p>Well I probably wouldn't get much back anyway, since I only made ~$1000... for my summer job in 06, when I made around twice as much, I only got like $100 back.</p>

<p>So if I'm sure I won't be filing one, should I send a letter or send them the entire CSS profile over again?</p>

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<p>My son was not going to file a return this year as he didnt earn much more than a couple of hundred and no w2's---however he just received a 1099 B and it indicates proceeds. So I think he now needs to file---anyone know fr sure
thanks</p>

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<p>I think it is best to file because:</p>

<ol>
<li><p>You get back the money which was deducted from your paychecks.</p></li>
<li><p>It makes filing for financial aid simple since you will have a verifiable document of your earnings to present to the colleges in the manner in which they prefer the information be presented.</p></li>
<li><p>It gets you in the habit of filing taxes and it can be done online quite easily using the 1040EZ form:
<a href="http://www.irs.gov/pub/irs-pdf/f1040ez.pdf?portlet=3%5B/url%5D"&gt;http://www.irs.gov/pub/irs-pdf/f1040ez.pdf?portlet=3&lt;/a>
review it see how simple it is.</p></li>
</ol>

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<p>You may want to file because you may be eligible for the economic stimulus check that the house and congress are cooking up.<br>
You can do it on the IRS form or you can also use File</a> Taxes Online - Do Taxes FREE - File Taxes With TaxACT. It actually just asks you questions and fills out the form for you. Very easy and free.
I did it for one of my college age kids and his refund was in his account about one week later.</p>

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<p>excellent point ebeeeee, I forgot about economic stimulus check.</p>

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<p>He would have to have earned $3000 to get the stimulus check.</p>

<p>But OP if you had een $20 deducted for taxes file and get it back. You will be paying taxes for many many years - don't pay them when you do not owe them!</p>

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<p>swimcatsmom,</p>

<p>Is your statement true even if the student is claimed by his parents on their income tax return?</p>

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<p>My reading of it is that they cannot get it at all if they are claimed by parents on their tax return. The bill is here if you want to try and figure it out.</p>

<p>Search</a> Results - THOMAS (Library of Congress)</p>

<p>In one part it says <a href="3">quote</a> ELIGIBLE INDIVIDUAL- The term `eligible individual' means any individual other than--

              `(A) any nonresident alien individual,



          **`(B) any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual's taxable year begins, and**




[/quote]



</code></pre>



<p>So I think my daughter is out of luck. But I find bills incredibly hard to understand because they always refer to bits of other bills and I have never found a source that tells the whole story (ie this Bill plus the next 1000 bills that have been added to it).</p>
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<p>From </p>

<p>11Alive.com</a> - Understanding The Upcoming Tax Rebate</p>

<p>"....While more than 130 million Americans are expected to receive rebate checks, some people will come up empty-handed, while others will see their rebates reduced. Those individuals include:</p>

<p>College students. Under the law, anyone who was claimed as a dependent on someone else's 2007 tax return is ineligible for the rebate. That means that college students whose parents claimed them as dependents in 2007 are not eligible, even if they earned at least $3,000 in 2007, says Mel Schwarz, partner with Grant Thornton's national tax office.</p>

<p>Their parents can't claim a $300 rebate for them, either; the rebate is limited to dependents under age 17.</p>

<p>"If you're a freshman in college, and you're a dependent on Dad's return, he doesn't get an extra $300 for you, and you can't claim yourself," Schwarz says. "You fell out of the rebate system."........"</p>

<p>So DD, who is a senior in HS, has earned 4,000 in her part-time job, is not eligible for a rebate, since we claim her as a dependent, and since she turned 17 last October, we don't get the $300 either...!</p>

<p>Forgive me if the link doesn't work, I've never posted one before.</p>

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<p>That's what happens when they rush Bills through - not well thought out at all.</p>

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<p>Your W-2 form(s) which have your income on them are as verifiable (if not more so) than your tax return. If you are not going to file a tax return and the college requests documentation of your income, you send the W-2 forms.</p>