Now I owe the government $120, according to the tax lady. Good thing I'm having my taxes done now instead of April 17th.
And to go along with that, if I were to ride my tuition and books off on my taxes, I would probably only get $160 to $180 back but still need to pay the government the $120. And if my parents ride it off on their taxes, they get over $200 that they're probably going to keep. They'll probably give me the $120 to pay back Uncle Sam, but still, I don't think that's right to have my parents get more back for my tuition and books that I would if I were to ride those off.
2007-02-08 01:52:58 · 6 answers · asked by Bear 5 in Business & Finance ➔ Taxes ➔ United States
Fine. Excuse me for saying "ride off" instead of "write off." I didn't know people would be uptight about that. I meant "write off." And I would like to not have to pay Uncle Sam because I paid my tuition and for my books and I didn't even make $9,000 this year. And the tuition for one semester was $1,152.2 and the books were over $200. Don't forget to factor in that I need to pay rent, for gas, food, and phone bill, which aren't free. And you can also factor in that I am NOT recieving any aid this semester from anyone. I also had to pay for my tuition and books last semester as well.
2007-02-08 02:52:19 · update #1
You filled out a tax form when you started work. That told your boss how much to deduct. If you want them to deduct more, so you don't have to pay next year, ask for a new W4 (I think that form is the same regardless of state). Ask the bookkeeper, if there is one, what to check, if you don't know...I always have them deduct for "0" dependents, that way I usually get a small amount back.
2007-02-08 02:01:54 · answer #1 · answered by Baby'sMom 7 · 1⤊ 0⤋
For your educational expenses, if your parents can still claim you as a dependent, then they are the ones entitled to the credit.
And the education credits are for tuition and fees. Books and supplies are not eligible unless they MUST be purchased FROM THE SCHOOL as a condition of enrolling or attending class. Even if the books are required for the course, and are purchased from the school book store, they are not eligible expenses. Read carefully Chapter 35 of IRS publication 17, on Education Credits.
Your parents get more for writing (not "riding") the expenses off if they make more money and are in a higher tax bracket than you are.
To keep from owing again next year, have your withholding increased a little bit.
2007-02-08 10:14:02 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
"Ride my tuition" ??? Are you really in college??
You have to pay because you didn't have enough tax withheld from your wages. (They withhold taxes, not wages. Wages are what you earn.)
When you started your job, you filled out Form W4 to tell your employer how much to withhold from your wages. If you don't remember what you claimed, ask your employer. To have more tax withheld, decrease the number of exemptions on Form W4 If you're already at 0, you'll have to tell your employer to withhold an additional dollar amount each pay period. If you're paid bi-weekly, $5.00 should do and leave you about even next year assuming that your income remains about the same as it was this year.
Your parents are probably still claiming you as a dependent. If so, they get the write-off (not "ride off") for your tuition. They probably make much more than you do so they get much more benefit by claiming you than if you claimed yourself.
Why do you not think that that's not right? They've supported your for what -- 18 years or so? Don't they deserve something for that? They could drop you in it and let you fend for yourself -- and if you were my kid fussing like that over a measly $120 I'd probaby do just that! Get your priorities in line, kiddo!
2007-02-08 10:45:13 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 1⤋
its better to owe a small amount than to get a refund.. a refund is just an interest-free loan to the government..
by the way its "write off" not "ride off"
I owe uncle sam another 200$ this year, on top of the $7500 they already took!
2007-02-08 10:02:07 · answer #4 · answered by kvuo 4 · 2⤊ 1⤋
Take a look at the W-4 that you signed before you were hired. This is what the employer goes by to figure out your taxes. They can't take out anymore or any less than what you have specified
2007-02-08 10:02:25 · answer #5 · answered by saved_by_grace 7 · 1⤊ 0⤋
When you filled out your W-2 when you were hired that's what determines how much of your paycheck came out. Ask your payroll person, or an accountant if you can't trust the people at work, to give you a better estimate for what to claim for this year so it doesn't happen again. (If you can't work with your employer on this though, maybe you need to reconsider working there)
2007-02-08 10:01:58 · answer #6 · answered by suzieq_64093 4 · 0⤊ 1⤋