Tax Return question(s)

carpwrist

carpwrist

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So i'm a college student, i earned about $8,000 this year with my part-time jobs. That money covered living expenses like rent & food.
I payed about $6,000 in tuition and $2000 in rent.
My parents have been helping me out, with the tuition, obviously.
Would it be wise for me to claim that tuition for tax exempts? will i actually get more money back from what i spent (~$400) in taxes this year ?
any insight on taxes and being broke would help out alot. I'm not trying to be greedy, i'll be happy to get that $400 back, but i actually could use the extra cash.

thanx
 
Wouldn't your parents be the ones to claim tuition if they helped out, or did you cover some of that?

Making $8000 should mean you get it all back, as far as what you paid in. You need to make a bit more than that to have to pay in. You should qualify for the stimulus package if it sees the light of day. I think you had to make at least $3000 to qualify for the $650 or whatever it's going to be. You might get a pretty penny back from taxes, then maybe the stimulus check this spring or early summer.
 
I think you qualify the "Hope Scholarship Credit" or the "Lifetime Learning Credit" for the tuition you paid. Are you claiming yourself or your parents? If you're filing your own taxes, make sure your parents doesn't claim you.
 
I thought if you only made $8000 you didn't have to pay any taxes and so get all of it back when you fill your return? I don't know what would happen when your parents try to claim you though.
 
[quote name='sandrokstar']i've never heard of the stimulus check... that's kinda what i'm looking for tho.[/quote]

The stimulus is to give the economy a kickstart. It hasn't been passed yet, but that last draft was for $600 to single taxpayers, $1200 for married joint-filers, and I think $300 for seniors that don't make enough to pay in. You had to make at least $3000 in 2007 to qualify for it. If I'm incorrect about anything, somebody please correct me.

Anyways, the idea is to give all this money to taxpayers so they go out and buy TVs and shit. They literally want you to piss it away when you get it, not to invest it or pay off bills and/or credit card debt. Funny thing is all the stuff they want you to buy is made in Japan or China.
 
My stimulus check is going toward a good ole' fashioned American rifle (the best made U.S. product outside of foods).
 
[quote name='RAMSTORIA']i would imagine your parents are going to claim you[/QUOTE]

[quote name='cletus'] I don't know what would happen when your parents try to claim you though.[/QUOTE]

[quote name='Panda']I think you qualify the "Hope Scholarship Credit" or the "Lifetime Learning Credit" for the tuition you paid. Are you claiming yourself or your parents? If you're filing your own taxes, make sure your parents doesn't claim you.[/QUOTE]

My parents haven't claimed me in two years. I'm still new to the tax system though. I filled out the 1040EZ last year, but i think i'm due for more money this year.

thanx for all the posts.
 
You won't get stuff like Social Security back, I don't think. You will get a lot of money back though.

I did an internship this year based on a $38k salary. They took out close to $4500 in taxes. Even though I'm a dependent, I'm in a different tax bracket and I won't get a lot of that back. First time I've ever seen money like this. It's great.

Shit sucks though. I paid close to $2k for money I'll never see when I get to be an old fart. But I appreciate that generation with SS fought in WW2.

I have an all new look on life. When I see some idiot paying for groceries with food stamps but their kids have brand new Nike Dunks on their feet I get really pissed. When the government sticks their hands deeper in your pocket, you start to notice stuff like that.
 
Well, they should claim you. By doing so it is likely they would get a much bigger benefit than the $400 you will get. And if they have been helping you, there is no reason that they shouldn't claim you.
 
I have a question, I am a student and I didn't make any real money this year, but I did make $700 in bank interest. Do I have to file that, and will I get anything back?
 
[quote name='Magehart']My stimulus check is going toward a good ole' fashioned American rifle (the best made U.S. product outside of foods).[/QUOTE]

I just used my tax returns to build an AR-15. So, I have to use my stimulus check for school. :)
 
[quote name='Scrubsy']I have a question, I am a student and I didn't make any real money this year, but I did make $700 in bank interest. Do I have to file that, and will I get anything back?[/quote]
Yes you have to file it, and no you won't get anything back, because you haven't paid anything. The government isn't in the business of just giving you money because you earned a little bit (or in your case, a lot) of interest. Tax refunds are for people who actually PAID taxes. Well, except for the ridiculous stimulus package, but that's another story.
 
[quote name='sandrokstar']So i'm a college student, i earned about $8,000 this year with my part-time jobs. That money covered living expenses like rent & food.
I payed about $6,000 in tuition and $2000 in rent.
My parents have been helping me out, with the tuition, obviously.
Would it be wise for me to claim that tuition for tax exempts? will i actually get more money back from what i spent (~$400) in taxes this year ?
any insight on taxes and being broke would help out alot. I'm not trying to be greedy, i'll be happy to get that $400 back, but i actually could use the extra cash.

thanx[/quote]

Careful. You need to ask your parents if they are going to claim you as a dependent. I surmise that they will, considering things like vehicle and health insurance which you obviously can't afford with your salary. So, while you will have to file your own state and federal taxes, you won't get the exemptions and deductions of a single male, head of household status. Yet, you will get a break considering you're a college student who is a dependent. I'm nearly 100% sure you ,at the least, won't owe anything to the government.

Honestly, your parents are the ones that are going to rake in the dough for birthing you, so you need to talk to them about their refund and how much of it was attributed to you.
 
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