I will have deductions and have never used Turbo Tax before. This is my first semester at a University. I always file my own taxes though.
What items can I get deductions and credits on for being a student? I worked very little and made probably under $6,500 for the entire year. Should I expect to get a decent refund back?
2006-12-29 12:18:32 · 6 answers · asked by ghirardellichic 2 in Business & Finance ➔ Taxes ➔ United States
Turbo Tax is great, it will help you with your school deductions, such as the hope credit or lifetime learning credit. However make sure you don't pay for it. Use the following website to file your return.
taxfreedom.com
It turbotax for the web, however its free if you make under a certain amount of money.
Good Luck
2006-12-29 12:23:24 · answer #1 · answered by mcdaid36 2 · 0⤊ 0⤋
As far as I know, you can use the turbotax website for free. It will only cost you if you are going to either print it or transmit it electronically. Why don't you just try it and see what you can get for refunds?
You may just as well use EZ and pay nothing if it makes no difference. You may qualify for EIC (Earned Income Credit) if you meet certain conditions.
Other than that, students earning so little and owning not much don't qualify for deductions or credits, other than standard deductions. As to refund, other than EIC, you don't get more than what you paid in. So big refund? No. Unless you are claiming LARGE deductions for number of dependents on W2 form, I'd expect low hundreds.
Once again, try out the turbo tax and see for yourself it is even worth paying for the service.
2006-12-29 12:34:56 · answer #2 · answered by tkquestion 7 · 0⤊ 0⤋
TurboTax is good for anyone. The tax preparation product does not affect the refund.
First, I would need to know if you are a dependent or not.
If you are a dependent, then you will owe tax on about $3200 of your income. Depending on how much was withheld, you may or may not get a refund. Since you are a dependent, the education credits will not benefit you.
If you are not a dependent, then you owe no tax and will get your withholding back. Since you owe no tax, the education credits do not benefit you.
Individuals under the age of 25 with no dependents are not eligible for the Earned Income credit. If you are over the age of 25, and not a dependent, the Earned Income Credit in your case is about $400.
2006-12-29 13:15:12 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
I often end up posting the same thing on other sites
2016-08-23 13:57:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2016-07-28 07:07:15 · answer #5 · answered by ? 3 · 0⤊ 0⤋
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2016-09-20 21:50:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋