How much will I get back from taxes??

Question

I made 24780.00 for the year
2922.63 in federal income tax was withheld
1536.36 in SS tax withheld
359.31 in medicare withheld
I live in Maryland, my mother claims me as a dependent and I am a student. How much should i expect to get back. Also will I be able to claim my school tuition and fees even though i am a dependent. I do pay my own tuition costs.

Answer 1

Without knowing how much your mother makes, sounds like you make way too much money for her to still be claiming you as a dependent. Even though you are student. Also, you cannot claim education credits if someone else is claiming you as a dependent. If your mother is claiming you, she would have to be the one to take the deduction.

Answer 2

2006 Numbers as follows; your federal income tax will be 2,566 which gives you a refund of $ 357.00. If your mother is taking your dependency then she will be the one who gets the education credits. Only the person taking the dependency can take the credits; no matter who pays them. You may have paid them but your mother can take the credit for them. You might discuss this with you and see if she wants to let you take your own dependency as the Hope credit would wipe out your tax entirely.

Answer 3

With no exemption for yourself (your mom is claiming you), your federal tax liability is $2,567. Taking into account your federal withholding, this means you will get a refund of $356. Your Maryland tax is $1,030, and this does not take into account any local tax that may apply as well. These numbers also do not take into account any school expenses that you would be able to deduct. If you claim the Hope Credit, you can increase your refund.