Will i get a tax refund this year? I claim zero on my w2.?

Question

My parents still claim me and they also claim my schooling. I paid like 8k in total taxes this year. So about 5k federal taxes. Any ideas if i will get a refund? and how much i will get?

Answer 1

Are you sure your parents are going to claim you? Were you under 24 and a full-time student for part of at least five calendar months? If so, they can claim you. That means you do not get your exemption, but you can claim the standard deduction. You will get a little back if you have been claiming 0. I have no idea how much it will be as I would need to know how much you earned and if the $5K is only withholding and not FICA as well.

Answer 2

Depends on your income honestly. Just cause you PAID that much in doesn't mean you'll get that much back, need to go to the www.irs.gov and look up the tax tables and figure it out considering, plus claiming schooling is only claiming the interest on your loans that you've PAID on already. There is no true way to know EXACTLY what you'll get unless you do the paperwork and know exactly what you made and just do it. You can guesstimate though by tax tables. Depends on if you have kids, get EIC which I doubt if you've paid that much in and what you claim, HOH, Single, Etc....HOH gets a bigger standard deduction than Single but you can only claim HOH if you are claiming children or someone you've taken care of.

Ok I re-read that you wrote about your parents, sorry didnt' see it. WIth them claiming you and claiming your schooling, still all that can be claimed is interest paid on the school loans and you will probably get a refund but not as much if they weren't claiming you cause you have to put that you are being claimed by someone else.

Answer 3

Most likely your standard deduction will put your taxable basis down enough to the point you will get a refund.

Try to do them yourself. Buy Turbo Tax or another program. Don't let H&R Block charge you $200 to prepare your taxes. As you age, marry, have children, buy a house, you will want to get more assistance in preparing your taxes.

Answer 4

To answer this question properly, we need your income. I'll try Federal based on what you said. I assume your W-4 said single and 0 allowances. I will also assume a bi-weekly pay period. $5,000 in Federal withholding = $192 per check. This corresponds to $1400 gross pay per check or $36,400/year.
Federal AGI: $36,400
Standard Deduction:$5,150
Personal exemption:N/A (your parents get it)
Taxable income:$31,250
Tax Liability:$4,376
Refund:$624