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Should I file my taxes? No income, unemployed, but paid 2k in student loan interest
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This question is hypothetical.
I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my student loan payments.
I paid about $2,000 in student loan interest.
Should I file my taxes this year, and will I be able to get a tax refund in the mail? In previous years when I was employed, I filed my taxes and got a nice refund, partly because of the interest I paid on student loans.
This is in New Jersey, America.
united-states taxes student-loan interest unemployment
edited 1 hour ago
yoozer8
2,04631123
asked 2 hours ago
user83226user83226
61
New contributor
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
This question is hypothetical.
I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my student loan payments.
I paid about $2,000 in student loan interest.
Should I file my taxes this year, and will I be able to get a tax refund in the mail? In previous years when I was employed, I filed my taxes and got a nice refund, partly because of the interest I paid on student loans.
This is in New Jersey, America.
united-states taxes student-loan interest unemployment
edited 1 hour ago
yoozer8
2,04631123
asked 2 hours ago
user83226user83226
61
New contributor
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
2
Just to clarify, will your parents claim you as a dependent?
– Nosjack
2 hours ago
add a comment |
This question is hypothetical.
I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my student loan payments.
I paid about $2,000 in student loan interest.
Should I file my taxes this year, and will I be able to get a tax refund in the mail? In previous years when I was employed, I filed my taxes and got a nice refund, partly because of the interest I paid on student loans.
This is in New Jersey, America.
united-states taxes student-loan interest unemployment
edited 1 hour ago
yoozer8
2,04631123
asked 2 hours ago
user83226user83226
61
New contributor
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
This question is hypothetical.
I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my student loan payments.
I paid about $2,000 in student loan interest.
Should I file my taxes this year, and will I be able to get a tax refund in the mail? In previous years when I was employed, I filed my taxes and got a nice refund, partly because of the interest I paid on student loans.
This is in New Jersey, America.
united-states taxes student-loan interest unemployment
united-states taxes student-loan interest unemployment
edited 1 hour ago
yoozer8
2,04631123
asked 2 hours ago
user83226user83226
61
New contributor
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited 1 hour ago
yoozer8
2,04631123
asked 2 hours ago
user83226user83226
61
New contributor
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
edited 1 hour ago
yoozer8
2,04631123
edited 1 hour ago
yoozer8
2,04631123
edited 1 hour ago
yoozer8
2,04631123
2,04631123
asked 2 hours ago
user83226user83226
61
New contributor
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 2 hours ago
user83226user83226
61
asked 2 hours ago
user83226user83226
61
61
New contributor
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
user83226 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
2
Just to clarify, will your parents claim you as a dependent?
– Nosjack
2 hours ago
add a comment |
2
Just to clarify, will your parents claim you as a dependent?
– Nosjack
2 hours ago
2
2
Just to clarify, will your parents claim you as a dependent?
– Nosjack
2 hours ago
Just to clarify, will your parents claim you as a dependent?
– Nosjack
2 hours ago
add a comment |
2 Answers
2
active
oldest
votes
Student loan interest is a deduction. A deduction reduces your tax liability. If you had no income and you don't have a tax liability you can't get a refund since you didn't get more tax withheld than you have to pay.
answered 1 hour ago
xyiousxyious
1,077313
if you have an IRA, convert a chunk to Roth, and deduct your student loan deduction from that tax liability.
– Aganju
34 mins ago
add a comment |
The word "refund" means "money that you previously paid and that you are now getting back". A tax refund is where you had money withheld from your paycheck (or you otherwise made tax payments), and you get some of that back. If you didn't pay any taxes, then you can't get a refund, because there's no money that you paid to refund (there are a few complications to that due to things like Earned Income Tax Credit, but since you didn't have any income that doesn't apply). If you have deductions that exceed your taxable income, they are "wasted" unless you can carry them forward.
answered 43 mins ago
AcccumulationAcccumulation
3,486414
add a comment |
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2 Answers
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active
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2 Answers
2
active
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votes
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votes
Student loan interest is a deduction. A deduction reduces your tax liability. If you had no income and you don't have a tax liability you can't get a refund since you didn't get more tax withheld than you have to pay.
answered 1 hour ago
xyiousxyious
1,077313
if you have an IRA, convert a chunk to Roth, and deduct your student loan deduction from that tax liability.
– Aganju
34 mins ago
add a comment |
Student loan interest is a deduction. A deduction reduces your tax liability. If you had no income and you don't have a tax liability you can't get a refund since you didn't get more tax withheld than you have to pay.
answered 1 hour ago
xyiousxyious
1,077313
if you have an IRA, convert a chunk to Roth, and deduct your student loan deduction from that tax liability.
– Aganju
34 mins ago
add a comment |
Student loan interest is a deduction. A deduction reduces your tax liability. If you had no income and you don't have a tax liability you can't get a refund since you didn't get more tax withheld than you have to pay.
answered 1 hour ago
xyiousxyious
1,077313
Student loan interest is a deduction. A deduction reduces your tax liability. If you had no income and you don't have a tax liability you can't get a refund since you didn't get more tax withheld than you have to pay.
answered 1 hour ago
xyiousxyious
1,077313
answered 1 hour ago
xyiousxyious
1,077313
answered 1 hour ago
xyiousxyious
1,077313
answered 1 hour ago
xyiousxyious
1,077313
1,077313
if you have an IRA, convert a chunk to Roth, and deduct your student loan deduction from that tax liability.
– Aganju
34 mins ago
add a comment |
if you have an IRA, convert a chunk to Roth, and deduct your student loan deduction from that tax liability.
– Aganju
34 mins ago
if you have an IRA, convert a chunk to Roth, and deduct your student loan deduction from that tax liability.
– Aganju
34 mins ago
if you have an IRA, convert a chunk to Roth, and deduct your student loan deduction from that tax liability.
– Aganju
34 mins ago
add a comment |
The word "refund" means "money that you previously paid and that you are now getting back". A tax refund is where you had money withheld from your paycheck (or you otherwise made tax payments), and you get some of that back. If you didn't pay any taxes, then you can't get a refund, because there's no money that you paid to refund (there are a few complications to that due to things like Earned Income Tax Credit, but since you didn't have any income that doesn't apply). If you have deductions that exceed your taxable income, they are "wasted" unless you can carry them forward.
answered 43 mins ago
AcccumulationAcccumulation
3,486414
add a comment |
The word "refund" means "money that you previously paid and that you are now getting back". A tax refund is where you had money withheld from your paycheck (or you otherwise made tax payments), and you get some of that back. If you didn't pay any taxes, then you can't get a refund, because there's no money that you paid to refund (there are a few complications to that due to things like Earned Income Tax Credit, but since you didn't have any income that doesn't apply). If you have deductions that exceed your taxable income, they are "wasted" unless you can carry them forward.
answered 43 mins ago
AcccumulationAcccumulation
3,486414
add a comment |
The word "refund" means "money that you previously paid and that you are now getting back". A tax refund is where you had money withheld from your paycheck (or you otherwise made tax payments), and you get some of that back. If you didn't pay any taxes, then you can't get a refund, because there's no money that you paid to refund (there are a few complications to that due to things like Earned Income Tax Credit, but since you didn't have any income that doesn't apply). If you have deductions that exceed your taxable income, they are "wasted" unless you can carry them forward.
answered 43 mins ago
AcccumulationAcccumulation
3,486414
The word "refund" means "money that you previously paid and that you are now getting back". A tax refund is where you had money withheld from your paycheck (or you otherwise made tax payments), and you get some of that back. If you didn't pay any taxes, then you can't get a refund, because there's no money that you paid to refund (there are a few complications to that due to things like Earned Income Tax Credit, but since you didn't have any income that doesn't apply). If you have deductions that exceed your taxable income, they are "wasted" unless you can carry them forward.
answered 43 mins ago
AcccumulationAcccumulation
3,486414
answered 43 mins ago
AcccumulationAcccumulation
3,486414
answered 43 mins ago
AcccumulationAcccumulation
3,486414
answered 43 mins ago
AcccumulationAcccumulation
3,486414
3,486414
add a comment |
add a comment |
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2
Just to clarify, will your parents claim you as a dependent?
– Nosjack
2 hours ago