Last year when me and my husband filed rae taxes (married filing jointly) my tax guy if I had any outstanding student loans,I said yes(which I do)but all together I dont owe more than like 3,000.well I was shocked to see on my return I got a 1,500 credit...why was that?Should I have gotten that?If I wasnt entitled shouldnt they have contacted me by now this was last year...
2007-01-04 12:50:00 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
What do you mean a credit?
Typically if you own money and file electronically said place will take your refund to cover their loss.
2007-01-04 13:26:21 · answer #1 · answered by ~Just A Girl~ 3 · 0⤊ 0⤋
I'm not sure that your student loan is related to the $1500 credit.
There is an education credit calls Hope Credit that is worth exactly $1500. But the credit requires that you being a student. If you are not in school any more and just paying back the loan, you are not qualified for the Hope credit.
It is possible that he might had misunderstood you and gave you a full time student status.
For more information about education credit, http://www.irs.gov/newsroom/article/0,,id=107670,00.html
Best wishes.
2007-01-04 22:10:29 · answer #2 · answered by JQT 6 · 1⤊ 1⤋
I don't know what questions he asked you but you can deduct all the interest you pay on studen loans. If you forget to file it for a few years, you may have been eligible to duduct all the interest you had paid for all years htat han't been claimed yet. You will likely get much less of a refund this year for that.
2007-01-04 21:12:00 · answer #3 · answered by ? 2 · 0⤊ 0⤋
It is hard to understand what you are asking. Where was this credit on your return? Sounds like he might have given you an educational credit.
2007-01-04 21:55:32 · answer #4 · answered by chelle8079 2 · 2⤊ 0⤋
sounds like instead of deducting the student loan interest your tax guy took a college tuition credit. if you did not attend college in 2005 you have a mistake. will it get caught by the irs ? it might.
2007-01-04 23:14:11 · answer #5 · answered by Anonymous · 2⤊ 1⤋