Your Tax Question - 026

Dear John, I am a college student and I had a summer job. I did not make a lot of money and I was wondering if I had to file a tax return this year? Thanks, Jay
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Hi Jay,

From what I gather you are single. The IRS requires that you file a return if you earned at least $9,350 in wages. If you made less than that you are not required to file. However, I suggest filing because you may have some federal or state tax money that is due back to you and since you are a student you may have student loan interest to claim. Also, this year President Obama is giving you $400 for having earned income so you really do need to file.

Best wishes,
John

PS. I know an excellent tax guy you can trust. Email me

Your Tax Question - 003

Dear John, What is this Making Work Pay Credit that I keep hearing about? Thanks, Jim
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Hi Jim,

You get a $400 (or $800 on a joint return) credit just for having a job (i.e. Earned Income). You likely got this added in your paycheck throughout this year but if not you will have to fill out a Schedule M to claim it.

Best,
John

PS. I would be happy to add you to my limited list of clients for this tax season to make sure that you get all of the credit due to you. Email me -dullc2005@gmail.com