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Old 02-05-2014, 01:38 AM
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No Income

MY Wife is a Full Time Teacher and partner in a her Family Corporation.
She has been told that if we don't file married with income, she will be hit with a $30K plus tax bill. But I have read, that even though I have had no income during the past tax year, I can still file. Is this true? And would that 'fix' the problem?

Thanks!


Mark



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Old 02-05-2014, 08:57 PM
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Join Date: Oct 2010
Posts: 5,227
Quote:
Originally Posted by ESA1178 View Post


#1;. But I have read, that even though I have had no income during the past tax year, I can still file. Is this true?


#2;And would that 'fix' the problem?

Thanks!


Mark
#1;true and it is up to you;if you did not have any income during the past tax year, you actually do not need to file your returns. However, you can file your taxes if you had no income, and many people do. For instance, students who have no income have to file taxes each year to qualify for tuition aid at college. as you have no income, it is a simple process to report for the tax year. to report for the tax year. You will need to use either Form 1040 or Form 1040A to file your federal income taxes.





#2;what do you mean fixing the problem;i guess what you mean is;,by filing jointly in lieu of filing as Married filing separation, she (you)can at least reduce $10k for standard deduction/personal exemption and this also cuts her tax liability by reducing her taxable income reported on 1040 line 44.



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