<p>Ericsmom,
You’re right about TurboTax being helpful, tho you do have to have some knowledge of what you’re doing, more so than me apparently. </p>
<p>I went through all their questions and it started getting sticky when it came to her car and using it for travelling for her occupation. They wanted to depreciate it and so she came away with this HUGE amount for deducting.
It then asked me if I wanted to apply some of her HUGE loss of income for next years taxes, so I said sure…not knowing that it would not deduct the W2 income first. This involved some other forms and yada yada I had no clue.</p>
<p>So although her taxes owed is $0, as you stated above, that is not really good enough because it still shows her w2 income for 2007! That of course will up her EFC contribution. NOT GOOD when it comes to getting aid for college.
Oh well, maybe they will kick it back as turbotax stated that the IRS will review and kick back in a couple of days if they don’t like something about the submission.
If not, she has a $3000 deduction toward any 1099 income for next year…I hope she can use it!</p>