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Asked 12/5/2007
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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?
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Answer 1/2 - Submitted 12/5/2007
Answer 2/2 - Submitted 2/10/2008
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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