taxes? does anyone know?

Question

I was wondering, if your a student do you get more back when you file your taxes???

Answer 1

Your occupation has absolutely no bearing on what your tax liability is. It is affected solely by how much you earn, what your filing status is, how many dependents you have, and what your deductions are. The only effect being a student would have on your return would be whether you can claim your education costs for either the Hope Credit or Lifetime Learning Credit.

Answer 2

Typically, full time students don't owe too much tax because they generally don't have much income. If the Form W-4 is filled out properly when you first start the job (that's the form where you fill in your name, address, social security number and number of personal exemptions), most students don't owe money. If the student can be claimed on their parents' tax return, though, they can't claim themselves as a dependent.

If the student has quite a bit of income but still can be claimed as a dependent on their parents' tax return, however, they in fact may end up owing more than your average taxpayer because they've lost the personal exemption.

Death and taxes - can't avoid either one.

Answer 3

If you have student loans the interest you paid on your loans are tax deductable. If yo made less than $30k last year you shoul dbe able to get most of your federal and state taxes back either way.

Answer 4

It really depends on how much money you made during the year, if you qualify for certain refundable credits, if you paid qualified tuition and fees, what your filing status is, you would have to be more specific to get a better answer.