Tax Refunds and Forms?

Question

I am a 26 year old full time college student. I will be filing taxes in January after I receive my W-2's. I would like to get the most back that I can. I was wondering how much you can make to get all your federal taxes back per year and what form I should fill out if there are any higher education deductions or credits. I am single and live in Ohio. I made less then 20,000, but I still live at home at the time being. So I always fill out the 1040EZ forms, but I am wondering if I am missing out on money that I could be getting back??? Any help would be great....

Answer 1

If you are single and make $20,000 in tax year 2006, your tax obligation would be $2,626. There are deductions that could reduce that tax burden however. Your best bet would be to use a tax filing software to file online... there are free services for filing federal taxes online in you make less than $52,000 a year (see the reference link in sources).

The software will walk you through questions that will tell you if your education and other expenses qualify for deductions and it will choose the correct form for claiming those deducation.

Answer 2

I would say that the 1040EZ is probably best unless you are paying for your college, if that's the case, the college will send you a form at the end of the year and you will have to use a 1040 or a 1040A. If you are in on scholarships or someone else is flipping the bills then you can't claim it. Student loans I am not sure about ;in that case, I suggest seeing a tax preparer and paying to have them done.

Answer 3

As a single person, you can make up to $8450 and get all your income tax withholding back.

If you have paid for qualifying education expenses this year, then you'll be eligible for some tax relief on those, but won't be able to claim them on a 1040EZ.

Answer 4

Form 8863 eduction credits. It depends on how much you payed for for your education out of your own pocket.