Income tax question - Mothering Forums

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#1 of 6 Old 01-07-2007, 08:43 AM - Thread Starter
 
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At present, my only income is child support. I haven't filed a tax return in several years because I haven't had any taxable income.

This year, I opened up savings accounts for each of my daughters to put their gift money into- both got cash for Hanukkah, plus the older one got lots of monetary gifts for her Bat Mitzvah. We did this the last week in December

They got their statements in the mail yesterday with their December interest on it. The younger one earned one cent in interest, the older one four cents.

I don't have to file with the IRS because of this nickel, do I?

Ruth, single mommy to Leah, 19 (in Israel for another school year), Hannah, 18 (commuting to college), and Jack, 12(homeschooled)
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#2 of 6 Old 01-07-2007, 09:09 AM
 
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NO...

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#3 of 6 Old 01-07-2007, 04:10 PM
 
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#4 of 6 Old 01-08-2007, 12:33 AM
 
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Thats funny.
I think you should file just to irritate or confuse the IRS people! :
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#5 of 6 Old 01-08-2007, 04:10 PM - Thread Starter
 
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Quote:
Originally Posted by quirkylayne View Post
I'm surprised they even sent it to you - when I worked in banking (not that long ago) we didn't even send anything if it was under $10.
It was on the bottom of the monthly statement for December.

Ruth, single mommy to Leah, 19 (in Israel for another school year), Hannah, 18 (commuting to college), and Jack, 12(homeschooled)
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#6 of 6 Old 01-08-2007, 08:25 PM
 
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No, you don't need to file for the interest earned.

You mentioned that you hadn't filed in several years and that your only income at present is child support. However, if in the past few years, you worked at all, then it might be to your benefit to file - if you worked at all, you had taxes withheld, and you may be due both a refund and the earned income tax credit, depending on your circumstances.

Just a thought :-)

SAHM to my and and due in summer 2010, married to my best friend.
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