A friend of mine(whose mother is an accountant) told me that I should get everything back because I am a full time student...is this correct? I dont have any dependents and noone else can claim me as a dependent
2007-01-17 08:51:39 · 11 answers · asked by lilmizterious 1 in Business & Finance ➔ Taxes ➔ United States
The only difference being a student makes is that it may allow your parents to claim you as a dependent. If they can, you can't claim your self. If your income is less than the standard deduction ($5,150 for single) + the personal exemption ($3,300 if not a dependent), you should receive all your Federal income withholding back. If your income is greater that this limit, you won't get everything back, but you are REQUIRED to file.
2007-01-17 11:51:34 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
The answer is a definate maybe.
If you made a zillion dollars last year I would count on paying taxes.
If you only made $2000 you will likely get all the withholding back.
The grey range in between is determined by your net income after you take whatever deductions are allowed.
Pick up a 1040EZ form from the feds and do a dry run and see what you are going to get back. If it looks too little then you may want to take it to a tax place or borrow a copy of TurboTax to see if either of those places come up with a better solution.
As a rule of thumb.. the older you get - the more you make - the more you pay... being a student doesnt help a whole lot once you pass a certain income amount.
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2007-01-17 09:00:11 · answer #2 · answered by ca_surveyor 7 · 2⤊ 0⤋
This all depends on how much you made in 2006. You will have prepare a tax return (probably a 1040EZ or 1040A, but you will need to review the requirement to know which form) and then you will know if you get anything back from what your employer withheld during the year.
I do not know any reason why this accountant thought you would 'get everything back' simply because you are a student, unless she though you do not enough money to pay any tax at all.
2007-01-17 09:00:26 · answer #3 · answered by NHMike 3 · 1⤊ 0⤋
There is no stated rule that says that you will get everything back if you are a student if that's what you're asking. Basically you haven't given enough information on here to determine whether you will or you won't. Despite what everyone else is going to say one here, go to TurboTax.com or H&R Block's website to find out. On either one of these websites you can enter all of your information and it will tell you what your refund will be. There is no charge to do this.
2007-01-17 09:01:36 · answer #4 · answered by Anonymous · 1⤊ 0⤋
How much you will get back depends on how much many you make and your circumstances. Just being a student does not automatically make you get all your money back.
2007-01-17 09:19:10 · answer #5 · answered by growing inside 5 · 2⤊ 0⤋
There are many factors, including your income and how much taxes were withheld, the IRS uses tax tables to figure these things out.
2007-01-17 08:56:29 · answer #6 · answered by smartypants909 7 · 1⤊ 0⤋
If after deducting your tuition eligibility your net is less than the basic exemption then yes you should get all your tax contributions back.
2007-01-17 08:59:48 · answer #7 · answered by hurt 3 · 0⤊ 1⤋
No this is not correct, this is only true if you are a dependant and do not provide over half of your support.
2007-01-17 08:58:12 · answer #8 · answered by big_mama42718 1 · 0⤊ 2⤋
You have to claim EXEMPT on your W-4 so they won't take out taxes.
2007-01-17 08:55:36 · answer #9 · answered by duritzgirl4 5 · 0⤊ 2⤋
yes, go to turbo tax online, it will walk you thru it, and u can get it done there free. very good
2007-01-17 08:55:28 · answer #10 · answered by aprilcda 2 · 0⤊ 1⤋