Unemployed College Student and Taxes?

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VIDEODROME
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11 Jan 2013, 5:31 pm

This will be the first time I've been in a situation like this. In the end of 2011 I quit my driving job to try going back to College. I've been a full time student all through 2012 but unemployed.

So far what I've learned is my College will email me a form to print out for when I file. I wondered if anyone else had input on this. I also purchased a portable hard drive specifically for school so could I include that receipt? Could I even have money come back?



MountainLaurel
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11 Jan 2013, 8:51 pm

Unemployment benefits are taxable; if you received any you will have to file a 1040 or 1040EZ. In order to deduct for your computer you will have to file a 1040 and itemize your deductions but often in such cases the standard deduction will work out in your favor.

Get a 1040 form and use the worksheets in order to calculate which deduction is best.



VIDEODROME
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11 Jan 2013, 9:50 pm

Thanks I should mention more details.

I have not collected Unemployment Insurance. My previous job was as an Independent Contractor so I don't think I was even eligible. I have been living off of student aid by staying at my parents' place.

I really haven't earned actual "Income". That's why I wondered how this works. Frankly, if I still itemize and get a "return" that would seem utterly bizarre to me, but still I thought I should ask.



MountainLaurel
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12 Jan 2013, 11:31 am

You might want to check this out:
http://www.ehow.com/about_4679883_finan ... xable.html