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Does it make sense for me to file my 2012 taxes if I did not work in 2012?

Asked by: covici 524 views YA Discussion

I did not work in 2012, but I was a student the entire year and I did have a CD account earning a small amount of interest. Does it make sense financially for me to still file my 2012 taxes now or should I just hold off and file 2012 when I file 2013? Do I need to file 2012 at all? I have heard if you earn under a certain amount then you are exempt from filing. Any tips and help at all would be greatly appreciated. Thank you!

3 Answers

  1. Quick Answers on Jan 27, 2013 Reply

    If the interest was less than $ 950, you don’t file.

    If the interest was between $ 950 and $ 1900, you can file or your parents can add the income and tax to their return. After $ 1900, you would owe kiddie tax.

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  2. TedEx on Jan 27, 2013 Reply

    Even though your tax liability may be zero, if you filed in the past,you should still file,for the sake of continuity.

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  3. Miranda on Jan 27, 2013 Reply

    You cannot wait a year to combine years and file, you have to file for the current year if you are going to file at all. File a return this year – you aren’t required to since you had minimal earnings, but it maintains continuity of your records, and avoids any question of whether you avoided filing for other reasons – you keep the records straight that way and leave nothing up for questioning.

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