Question

Both wife and I didn't work last year.

Forum|Forum|11 months ago
April 14, 2025
2 replies
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Both my wife and I didn't work last year we lived off our savings. We have a mortgage, and we paid our property taxes plus we our dependent was a full-time college student. Do we file taxes?

X

xmasbaby0

Entering mortgage interest and/or property tax will have no effect---refunds are sourced from having tax withheld from income you received during the year except for refunds that you get as a result of having refundable credits. And itemized deductions have no effect unless they exceed your standard deduction--which is $29,200 for a married couple (+ $1500 for each spouse 65 or older).

When you say you lived on "savings" were you taking money out of a retirement account? Do you have a 1099R? 1099B for investment income? What kind of "savings" ?

Who has to file?

http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

J

JavEAuthor

Thank you for your reply. No, we took money from our personal account it was planned in the event that we ended up in the situation. Our retirement is exactly that retirement. Thank you both for the prompt response and clarity as to the deductions. That was exactly what I was looking for in answer.

B

Bsch4477

While you have no filing requirement if you are eligible for the education American Opportunity Credit you can receive a refund of the refundable amount of that credit.