Tax Returns

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Rengo

Rengo

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Does anyone know how much I should expect to get back if I have made 17,000 claimed 0. I am in college paying off a loan. I paid in last year, I was told these are right offs? I am 20 and in Ks.
 
There may be some folks who do that professionally on here, but rule of thumb, if you are single, your personal deduction is $3000 (I think). You should be eligible for EIC (Earned Income Credit) for a couple hundred bucks, and maybe something for the intrest paid on your student loan.

Maybe someone else can help a little more, but that should get you in the ballpark. I used to do my own taxes, then I got turbotax and almost doubled my refund.
 
Let me try this again and I hope no one read my last post before I edited it. My computer decided to freeze as soon as I gave you some jacked-up advice.

You will need to know how much you paid this year in taxes (from W-2 or your pay stub) then look up your income on the tax table (may be on-line, or you can use last year's, but it will not be exact). The table tells you how much you owe, then you start subtracting - how much you paid, your personal decuction, EIC, Guarenteed Student Loan Intrest, etc. That will get you in the ballpark.
 
All I know is that I have my own business and will be paying through the nose to the gubmint this year....:angry7:
 
Yeah I heard that.I make 4 payments a year,but I don't have to worry about a refund.
 
Last year I got slapped for 800. :( I know its not much but for a broke college kid it sucks. I didnt realize I was claiming myself, so I changed to 0. You are right, I have paid in around 1200 and I am just guestimating on how much I will have to work with this tax season for an 8 3/4. (relation to FABO)
 
Being married with kids has its advantages..especially at tax time:thumbup::thumbup:
 
If you were in school all year, there are credits, and any student loan interest is a deduction, too. But usually you won't have both at the same time. If you are in school, your student loan payments are usually deferred. Is the loan you've mentioned a student loan, or just a loan? Tax laws change every year, so it's hard to guess. There are a lot of other variables, too that would affect the outcome.
 
What's a refund?:toothy10:..............You should get something back. Always get your taxes done by super qualified people, it's worth the money.
 
It is a subsidized student loan, due in April, the interest starts. It's a 1200.00 loan. Dad claimed the interest last year but doesnt intend to pay a dime of it. I need to learn about the credits. I was told I can claim two at the time I file so I get more back, but this came from my brother.
I don't want to depend on getting some back and then suddenly have to pay in.
 
Just some friendly advice.........What ever you may receive go ahead and pay toward your student loan...........you will be money ahead and becoming debt free.

Good habit to get into early in life.........."Wants" will come in time.
 
J4R3D said:
It is a subsidized student loan, due in April, the interest starts. It's a 1200.00 loan. Dad claimed the interest last year but doesnt intend to pay a dime of it. I need to learn about the credits. I was told I can claim two at the time I file so I get more back, but this came from my brother.
I don't want to depend on getting some back and then suddenly have to pay in.
Click to expand...

You probably won't be able to itemize as your interest expense will not be more then your standard deduction. Plus, you better make sure your dad isn't claiming you as a deduction on his taxes.

Here is some good advice never spend your tax return until it is in your hand! Also, payoff your debt first before you buy car parts!

Try using this IRS Tax Calculator: http://www.irs.gov/individuals/page/0,,id=14806,00.html
 
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