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Submitted 362 days ago...

Emily

New User (1)

No income, but deductions

I was out of work for the entire year of 2007. I did not collect any unemployment. Even though I have no income to report, I do have deductions and I have in the past itemized deductions. How do I file and claim deductions since I have no income to report? Should I withdraw from my 401k in order to claim my itemized deductions?
I thought this would show taxable income to offset my deductions. Thanks for your assistance.

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Submitted 362 days ago...

Ruchele

Brain (3,118)

Deductions only reduce the amount of tax you are liable for, if you aren't liable for any taxe's, there is no need to itemize deductions.

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This Question was awarded 341 days ago therefore you can no longer post an Answer. However you may post a comment below.

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Submitted 296 days ago...

Greataunt1

New User (6)

I would not draw from your 401K just to show income. Since you had no income you can use the free efile that the irs provides for anyone who had less than 54,000 in income. This will allow you to enter in all of your deductions and fill out the paperwork properly so you will know that it is done correctly. To find out more about the efile go to the website irs.gov and on the home page they have online tools and give 3 different options to file for free. They are simple and easy to use. I hope this helps.

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