I just did my taxes online... and entered all my deductions in (which I only had one... it was 16,500 for tuition for college)... and i didnt really make all that much... just about 3500..... and when i got to the end of it... it said my federal refund would be $19. does that sound right? should i add more deductions? i didnt add in books because i dont have the receipts for them... and i didnt add in medical/dental/prescription costs cause i cant find all the receipts for that... i just want some opinions on if i should be happy i dont owe... or go after more money. this is my first time doing my taxes... so im just soooooooooo lost
2007-04-01 13:20:00 · 6 answers · asked by Ashley Nichole 2 in Business & Finance ➔ Taxes ➔ United States
My money says that you had $19 in taxes withheld. You'd get that all back with only $3,500 in income even if you didn't claim your tuition deduction.
You can't get back more than you paid in unless you're eligible for the EITC. You didn't provide enough information to determine that.
Did you remember to claim the phone tax rebate? Most taxpayers are eligible for that; it would be an extra $30 for a Single taxpayer. Contrary to what Shibboleth said (and he was OK up to that point) the phone tax IS refundable. There is even a special form for folks with zero income to claim it: Form 1040EZ-T.
I agree, Moose blew it with his response. If he's really a CPA, he's being too hungry for his own bad advice.
2007-04-01 16:24:16 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
What had you paid in for federal withholding? $19? That would be all you'd get back, no matter how many deductions you had - those only reduce your taxes to zero, and with $3500 income, yours would already be at zero. What you can get back is whatever you had withheld.
Under most circumstances, your textbooks are not eligible expenses for education credits anyway. And medical expenses are only deductible if you itemize- with that income, there would be no reason to even try to itemize.
If your parents claim you as a dependent, then THEY can take the education credit for your tuition and fees.
Following Moose's advice will only cost you money, not get you more back. His suggestions are a little scary if he's really a CPA.
2007-04-01 20:39:30 · answer #2 · answered by Judy 7 · 4⤊ 1⤋
Well chances are none of your deductions mattered because of the amount you earned. You could have $1,000,000 worth of deductions, and if you only made $3500 and probably only paid about $19 in Federal Tax over the year, then $19 in all you can get back.
In other words, the most you can get back, in the amount that was taken out of your paycheck during the year.
Sorry man, you only get a refund from Overpaying taxes during the year.
2007-04-01 20:27:10 · answer #3 · answered by Ken C 6 · 1⤊ 0⤋
Yes, it sounds right.
With an income of about $3500, I'm surprised you'll get back anything at all.
You certainly won't owe anything in taxes, and your college tuition probably didn't do you any good, because you're below the zero bracket without it. (I think this year you have to earn at least $8800 before you owe anything.)
Your refund will be equal to the total taxes you had taken out of your pay plus any REFUNDABLE credit you qualify for (like EIC or the additional child tax credit).
You know, it sounds to me like you also didn't make enough to live on. By any chance are you still with your parents? Did your parents claim you?
It occurs to me that if you're under 24 and in college, you can let your parents claim you, and your college tuition will be worth quite a bit more to them. Suggest to them that they claim you and then ask them to kick back $100 to you for giving them profitable tax advice. You'll look smart and you'll have a bigger refund than $19.
2007-04-01 20:47:17 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If you made $3,500 in income and are a full-time college student, then you will only get back your withholding. The deductions for college won't do you any good, since you owe no tax.
If you have no dependents, just file a 1040EZ. And if you paid for a telephone in the past few years (even a prepaid card), get the telephone excise tax credit as well, which for you is $30 if you are not a dependent.
2007-04-01 20:49:54 · answer #5 · answered by ninasgramma 7 · 1⤊ 1⤋
It sounds like you are not sure how to file and what to deducted for your taxes. I do believe you can get more back and you would be better off going to a professional tax person. The money you spend on that service could get you more back in the end.
2007-04-01 20:34:56 · answer #6 · answered by Moose 1 · 0⤊ 5⤋