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. 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. 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.
Answer:
#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 Click Here to Read More...
Answer:
#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 Click Here to Read More...
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