Also, if I made about 11,000, paid 2,000 in taxes, and claim myself, do you think I will get most of that 2,000 back??
2007-01-06 15:55:00 · 9 answers · asked by Mandi 2 in Business & Finance ➔ Taxes ➔ United States
Are you in the US? If so, and if you are unmarried, then yes, you should get most of that back, especially because of the tuition check. In the US, college tuition is fully tax deductible. $11,000 is under the poverty line anyway, so you should get your taxes back.
Enjoy the refund!
2007-01-06 15:58:06 · answer #1 · answered by bashnick 6 · 0⤊ 1⤋
Best to get the tax form to see exactly how much you will get back--I really doubt you could owe.
I don't understand what you mean about being able to deduct the portion of tuition you paid with a check--if tuition is deductible, whether you paid cash, credit/debit, check, money order, would not make a difference. The school would have records of what you paid, and will most likely send you a form for your income tax filing.
2007-01-06 16:00:18 · answer #2 · answered by Holiday Magic 7 · 0⤊ 0⤋
If you are single and a dependent, then you cannot deduct your tuition. You will owe about $250 in tax. If your withholding is more than that, you will get a refund.
If you are a not a dependent, then you can use the tuition and fees deduction. If no one claims you as a dependent, you may be able to take the Hope or Lifetime Learning Credits.
The best any education deduction or credit will do is reduce your taxes to zero, saving you about $250.
2007-01-06 16:08:31 · answer #3 · answered by ninasgramma 7 · 1⤊ 0⤋
If your parents qualify to take you as a dependent on their tax return, then they can take the deduction or the credit. This can occur if (US Tax now) you are their child, you are a full time student, and you are under age 24 as of Dec 31 of the tax year in question (I assume 2006). This can also occur if you are under age 19 (do not need to be a full time student).
Assuming none of the above applies, then you can take either a credit or a deduction for qualified education expenses. There was a last minute extension passed by Congress to extend the tuition and fees deduction to the 2006 tax year. Go to IRS.gov to read about how to enter this on your tax form. Use one of the free file options online from IRS.gov and just answer the questions to have them do your taxes. You didn't make a lot of income so you may also qualify for one of the low income clinics that will complete and file your taxes for you for free. Go to IRS.gov and search for VITA.
2007-01-07 11:53:30 · answer #4 · answered by MousePotato 2 · 0⤊ 0⤋
There is some sort of deduction for educational expenses, but you have to itemize to get it. In your situation, you are probably better off just using the EZ form and not itemizing. You get a standard deduction that way and you will probably get a nice refund, but not most of what you paid.
2007-01-06 16:00:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You betcha. You should be getting a form from your school. Also interest on student loans is tax deductable. I have no way of knowing how much you will get back.
2007-01-07 13:48:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can file for the HOPE credit. Also, if your son can no longer be claimed by you for some reason, later on in life he can claim the Life time learning credit. Below I have placed a link to the IRS with the specifics!
2016-03-29 00:29:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No, you won't be able to deduct that.
Yes, if you made $11K, you will get most of it back, maybe more with the earned income tax credit.
2007-01-06 15:57:00 · answer #8 · answered by kingstubborn 6 · 1⤊ 1⤋
Nope, sorry.
2007-01-06 15:56:39 · answer #9 · answered by James M 5 · 0⤊ 1⤋