Do I need to file if I don't owe taxes even if my COD income is not excluded? Hi, I have about $5,000 of Cancellation of Debt income for tax year 2013 for a discharged student loan by the Department of Education (Nelnet) due to total and permanent disability. I can elect to exclude the full amount of this income due to insolvency, per IRS rules, but even if I don't bother to exclude this, I still won't owe any taxes as I get less than $10,000 per year in Social Security Disability as my sole income (plus about $2,000 a year in SSI, which is non-taxable by definition), and am single with no dependents. Do I still need to file?
Thanks! |