Ok..... So i went to college this past spring semester which i recieved a full athletic scholarship. Since then i have graduated and worked since June and made $13,807 while paying in $1,516 in federal, $855 in SS, and $200 in Med.
I am a single male(23 yr. old) with no dependents, no other income, and with no deductions. Neither of my parents have claimed me on theres.
Can anyone help me out? Trying to figure how much i will get back in return. Thanks
2007-01-08 14:37:09 · 6 answers · asked by m_hall12 1 in Business & Finance ➔ Taxes ➔ United States
Depends on whether any part of your scholarship is considered taxable. For simplicity, let's assume that it is not, but you should double check this.
Whether or not your parents ACTUALLY claim you has no bearing on whether or not you get to claim yourself. If they CAN claim you, then you CANNOT claim yourself. Again, for simplicity, let's assume that your parents cannot claim you . You should double check this.
This means you had taxable income of $5357. The tax on that amount of income is $538. You had $1516 withheld so you should be getting back about $1008 (I added in the telephone excise tax refund that everybody gets for 2006).
Finally, you do not appear to have a very high income so you qualify to get your taxes done for free. You can either do this yourself at IRS.gov or go in person to one of their free tax clinics. Go to IRS.gov and search for VITA.
2007-01-08 16:57:15 · answer #1 · answered by MousePotato 2 · 0⤊ 0⤋
Since your income is low, as is mine, you can go onto the IRS's Web site and do that. In fact, you'll be able to file your taxes for free because you are considered low income and your parents do not claim you.
If you use 'direct deposit' into your checking or savings, then you'll have your refunds back within 16 days. How does that sound. For what you'll be getting back, take a trip to the public library and get a tax guide, or you can pick one up at the local post office. You can look up your income and see exactly what you can expect to get in a refund.
2007-01-08 22:44:57 · answer #2 · answered by chole_24 5 · 0⤊ 0⤋
you should definitely file your own taxes, but it may be more beneficial for either of your parents to claim you as a dependent. this is the last year they would be able to claim you since you were a student under 24.
keep in mind that since they are most likely in a higher tax bracket and have more income than you, they could possibly benefit more from claiming you than you claiming yourself. it could save them in taxes.
just a thought to consider.
2007-01-09 01:09:29 · answer #3 · answered by tma 6 · 0⤊ 0⤋
It's a guess, you will get taxed on about $4000 of gross.
Don't know what the amount is this year but normal is the first $8500 dont count..I'll bet you'll see about $750 to $900 of it back this year...
But remenber this is only a guess.....
2007-01-08 22:44:33 · answer #4 · answered by j d 3 · 0⤊ 1⤋
A quick run through shows a refund of $980.
2007-01-08 22:46:36 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋
Michigan.gov has helpful tax info with "Tax Bracket" and "Tax Deduction" information. Good Luck :)
2007-01-08 22:43:50 · answer #6 · answered by nikkimarose 2 · 0⤊ 0⤋