<p>Um, I got these 1099 forms from my banks and the interest on the forms total $68. I know I don’t have to file a 1040 b/c that’s my only income and a “gift” is excluded from gross income, but I don’t know what to do with those 1099s. Apparently I’m supposed to file 1099-INTs for each account I have with each bank or something. Can anyone tell me what date I have to file by and if I have to file one per account or if I can file one per bank? Because if I have to file one per account, I have to order more 1099s. And as for the address, I have to put the address on file on the 1099, right? </p>
<p>Chances are, I’ll owe like nothing on it, but I have no idea what to do with those.</p>
<p>Maybe I’ll just move all my accounts out of interest-bearing accounts. To file taxes for $68 is just a pain in the ass. If I figure out the time I spent figuring out what to do, it’s less than minimum wage.</p>
<p>Obviously you have not even looked at the 1040. Did you know that a tax program can be had on the internet for less than $20, and online with the IRS for free. </p>
<p>You can probably do your income tax in about 15 minutes. The hardest part is putting down your name, address, and TIN. </p>
<p>Why students do not figure out the instructions on taxes is one of the problems that the US faces today. They spend tens of thousands of dollars each year for college and hundreds of hours of study for a future goal, Where as learning to do personal taxes on a tax program is measured in minutes, last a lifetime, saves you money if you learn to optimize taxes vs income, and understand the system of citizen responsibility. </p>
<p>Wait until you pay $6800 for taxes and you don’t even know why. </p>
<p>No, you are supposed to RECEIVE a 1099-INT for each account you have with each bank. You don’t have to do anything further with these forms you got from your bank except use the information on them to fill out your taxes. The forms are for your information and let you know what information the banks forwarded to the IRS about the interest the banks paid you.</p>
<p>There is a spot on the Form 1040 for you to list the entities that paid you interest and the amount of interest they paid you. You do not send the 1099s to the IRS, nor do you file them anywhere. </p>
<p>If you don’t have to file the Form 1040 because you didn’t make enough money, then you can just put the 1099s in a folder and put them in a drawer where you keep all those papers that you think are important (but that you’ll never need).</p>
<p>thisoldman is right…you need to sit down and look at a tax form and read it (including all the instructions). We used to have to do this all the time back in the day when only accountants had tax software. It’s a good exercise and one that will help you understand taxes a lot better.</p>
<p>of, geez thisoldman, futurenyustudent is probably 18 year old and came with a legitimate question. No need to be so damning! </p>
<p>Futurenyustudent: It is a good idea to read a tax form. And filing taxes has become quite simple. Do make sure you do not need to file a 1040. If you don’t, keep the 1099s for future reference.</p>
<p>Well thanks for your responses. I wasn’t sure because I was reading the 1099-INT instructions (the blank ones from the IRS) and it said you have to file them if you PAID interest and mentions nothing about if you RECEIVED interest, so I just wanted to clear that up. And I’m pretty sure I don’t need to file a 1040, but I’ll go over to the taxpayer assistance center on monday and find out for sure. </p>
<p>Yes, I’m 19 and I’ve never filed taxes before. Better to ask and get my head bitten off than to screw up and end up getting fined lol. :)</p>
<p>futurenystudent, you would be surprised to find out how many adults do not know how to fill out a 1040! They just go to the nearest tax prep agency and dump their shoebox of receipts and forms into the hands of paid tax help. I think you need to pick up a 1040EZ form at the local library or post office or download one from the irs.gov and fill it like you would if you were filing taxes, just do not mail it in. Being tax literate is a good skill to have in life.</p>
<p>The forms that the banks sent you are 1099-INT.</p>
<p>thisoldman, in my D’s math class they had to figure out what kind of income they had to have to be able to buy a house that they found appealing in the local MLS. They had to account for the whole nine yards: mortgage payment, utilities, food, health care, child care, etc. It was the best math problem they had done!</p>
<p>Seems to me that the tax prep biz spends a whole lot of money telling people they cannot possibly do their own taxes. And they are very successful at it. </p>
<p>Don’t panic!
A student who earned very little money should be able to figure it out on their own – and it’s good practice. What good is that fancy college degree (or high school diploma) if you can’t read and follow the directions on the form?</p>
<p>Look at the 1040EZ. Below $400 you don’t even have to file if I remember right except for EIC (Earned Income Credit). If you are under 14, your income (including interest) can be reported on your parent’s form (but will be taxed according to their rate… filing status and bracket).</p>
<p>The kid is at NYU, wants to be lawyer, in NYC. There must be 8 million people in NYC less one, who wants to take every dime that this kid has. The kid, has gotten the answer without doing anything, and still has no clue.</p>
<p>OP- go to [Internal</a> Revenue Service](<a href=“http://www.irs.gov%5DInternal”>http://www.irs.gov). I think there will be a lot of answers there. Most young people with little income can file a 1040 EZ which is quick to fill out. If that 1099 -INT truly represents all the income you have in the world for 2007, you can PROBABLY file it away for now and not file a tax return (but taxes can be complicated and without knowing your entire financial situation no one can say yes or no on this thread)</p>
<p>I think the tone of some of the other posters is uncalled for; a lot of people ask for financial advice on this board.</p>
<p>The Internal Revenue Service has a list of links where you can file taxes for free; I did mine with a company called TaxSlayer. As long as your income is under $57,000 or something like that, you can file taxes with them.</p>
<p>I also discovered the joy of income tax returns. (Filed my taxes early on, since I don’t have much to account for.)</p>
<p>Futurenystudent, you asked a perfectly legitimate question. You probably don’t need a whole 1040 form. Get a 1040EZ at the library, it’s easier and you should qualify to use it. Also, tlaktan had good advice about filing online for free.</p>
<p>DD received a 1099 from her bank for a “free” iPod she received for opening a student account. We had already filed her return and now will amend her return.</p>
(Filed my taxes early on, since I don’t have much to account for.)</p>