Originally Posted by AwesomeFantastic
#1;Hi basically I didn't file in 2012, and I'm not sure If I even had to because I only made about $5000. I was a student though and I think If I had filed I would have received a credit.
#2;I Have decided to file this year for 2013 I made even less though about $3400. I didn't attend any classes in 2013 though Although I did register.
#3;I was wondering if it is still possible to try to claim the credit in anyway or if I should try to file both 2012 and 2013, and how I would go about doing that. I'm pretty lost with all of this any help would be greatly appreciated.
(sorry if I posted this in the wrong place. I'm brand new to the forums and this is my first post.)
#1;I guess it depends; You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive. There are some instances when you may want to file a tax return even though you are not required to do so. You should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had a prior year 2011 overpayment applied to next year’s tax, 2012 or etc. You may qualify for EITC if you worked, but did not earn a lot of money.EITC is a refundable tax credit; which means you could qualify for a tax refund.
#2; You can claim the Lifetime Learning Credit on your tax return if you, your spouse, or your dependents are enrolled at an eligible educational institution and you were responsible for paying college expenses; It provides a tax credit of 20% of tuition expenses, with a maximum of $2K, 20%*10k in tax credits on the first $10K of college tuition; The American opportunity tax credit can be claimed for expenses for the first four years of post-secondary education. It is a tax credit of up to $2.5k of the cost of tuition, fees and course materials paid during the taxable year. Also, 40% of the credit OF $2.5k (up to $1k) is refundable. This means you can get it even if you owe no tax. Taxpayers will receive a tax credit based on 100 percent of the first $2k, plus 25 percent of the next $2,000, paid during the taxable year for tuition, fees and course materials. You cannot claimboth the American Opportunity and the Hope and Lifetime Learning Credits in the same year.
#3; Tax credits are used to reduce the amount of tax you owe to the IRS. Some tax credits are used to reduce your taxable income, such as education and child credits, and some are considered payments, such as earned income credits. If you've already filed your income tax return and didn't claim a credit, you can amend your income tax return ,b y filing 1040X,and claim the credit.Aslong as you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the appropriate IRS campus. The 1040X instructions list the addresses for the campuses. you can’t efile amended returns. Be aware that you have three years to make any corrections that result in additional tax refunds. That's because there's a three-year statute of limitations on issuing tax refund checks. This three-year period is measured from the date you filed your original tax return. If you filed your return before April 15th, the three-year period begins from April 15th. If you requested an extension, the three-year period runs from October 15th.