Tax Question???? Help Please????!!!!?

Question

I am a student in college. I have been working since I was 17 but I dont file my taxes because if I do then they wont give me a lot of financial aid. Is this illegal? Will I owe a lot of money when I graduate? Or is it ok because Im enrolled in college?

Answer 1

It depends on how much you make whether you have to file a tax return, but if you aren't reporting your income to FAFSA for financial aid, yes that's illegal, and you could be in some pretty serious trouble for falsifying your application.

The limit to have to file for last year, assuming you were a dependent, was $5350.  If you made more than that, then you were required to file.

If you have been working as an employee, and getting a W-2, it's very possible that you were owed a refund.  If that's the case and you don't file, the IRS won't come after you, they'll jusr keep your refund.

Being in college doesn't mean you don't have to follow the tax laws. so no it's not OK if you are required to file and don't.

Answer 2

If you make enough to file taxes, it will come back on you whether you're a student or not.  If the college finds out you have other income, it could affect your student aid (and possibly the aid you've already received).  You need to step and get this taken care of before you end up in a world of trouble later.  As far as your work affecting your financial aid, you'd be surprised how much you can make and still get a lot of financial aid.

Answer 3

If any/all employers filed a W2 with the IRS, it's only a matter of time.

Possibly the first time you do file, your history will come up throught your SS #.

If you didn't earn enough annualy to file, no problem.

Answer 4

Your question makes no sense.  The only reason for not filing tax returns would be to keep FAFSA from learning that you had lied to them.  But you're not lying to FAFSA, so ...?

Willful failure to file a federal tax return is a misdemeanor.  You could get as much as 1 year for each count, if convicted.  It is unlikely the DOJ would ever ask for an indictment.  You're no Wesley Snipes.

Answer 5

You really need to sit down and talk with somebody who knows taxes to get a clear picture of what you are doing.  You are most likely owed refunds but there is a three year limit beyond which your refunds will be forfeited.  Usually financial aid forms cannot be processed unless information from a tax return is placed thereon.  Speak to somebody who knows taxes before you get in so deep you can't get out.

Answer 6

It seems that you are trying to mislead parties about your income.  Is it illegal?  YES!!!