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I have been unemployed for the last five years as I was attending school full time and trying to excel with my studies. I was lucky enough to have a cheap cost of living which was paid by my school refund. My questions are apropos to my taxes. I haven't filed because I had read that since I have no income, I wouldn't be required to file. I need to know if I should file; and if so, can I go back and repair the damage of not filing for a few years? I also would like to know if there are any tax breaks or rebates or credits I can get from my student loans? I had heard that there were a certain amount of rebates per credit. Is this information false?


ANSWER


The BIDaWIZ Team's Answer:

You are not required to file tax returns, for the years

in which you had no taxable income. The student loan interest

expense is tax deductible, once you have taxable income, and

begin paying the student loans. 

The BIDaWIZ Team

 

 

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