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catzor
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I am simply filling out my 1040ez for the year. However, this year, I worked for a few weeks helping a family friend on a construction job and my income wasn't taxed. I presume I owe something on this (SS?), but I don't see how that would be filed any differently. I have a regular W-2 so it wasn't under the table or anything. Is this to be entered any differently on my tax form or is it simply not taxed since I would get it back anyway. Also, do I need to report my financial aid income?

Also, is there someone on campus I can talk to about this?

I hope my question makes sense.



[Edited on April 6, 2009 at 6:14 PM. Reason : .]

4/6/2009 6:12:00 PM

agentlion
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if you have a W2, then it shows your Gross and Net Income from that job, right? And since you didn't have anything withheld, they are the same?

Just fill in the 1040ez according to the instructions, and just put in 0 in the tax boxes. If you owe anything, then it should show you at the end after all the calculations are done. If you're under all the normal deductions, then probably won't matter.

scholarships/fellowships/grants are reported on a 1098-T. I'm not sure if this prevents you from using the 1040EZ or not (i.e. you might have to do a regular 1040).

i'm not sure about loans - i don't think you have to report them, since they are a loan and not income. When you start paying the loans back, you can deduct the interest on them.

here is documentation on Financial Aide
http://www.irs.gov/pub/irs-pdf/p970.pdf

[Edited on April 6, 2009 at 6:51 PM. Reason : irs]

4/6/2009 6:50:26 PM

Big Business
Suspended
9099 Posts
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tax returns are fuckin awesome.


I'm Big Business and i approved this message.

4/6/2009 7:05:08 PM

howaboutno
Veteran
471 Posts
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Did you get a W2 for the construction company? How much did you earn?

4/6/2009 10:05:02 PM

TragicNature
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BTTT

I'm starting a business and plan to use a virtual address. Are there any tax advantages to choosing a poor NC county vs a wealthy county? eg: Beaufort vs Wake.

4/5/2021 10:31:59 AM

Geppetto
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2048 Posts
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Not on your federal tax. I don't believe on the state return either, but if so it is ever so slight. There could be a business registration or annual flat tax that may be smaller based on county, but I think traditionally the benefits are from property taxes, which would be moot with a virtual address.

4/5/2021 10:50:20 AM

TragicNature
All American
11720 Posts
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^ Thank you

4/5/2021 10:53:37 AM

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