I mamade around 5000 and paid 300 in taxes, the tax sofware is saying I will collect around 600 back. also am i college so I collected some loan for school.
2007-04-14 04:58:54 · 4 answers · asked by dan_sarki 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
It may have been that you qualified for a bit of the Earned Income Credit, based on the figures that you gave for your income . If you are over 25 single with no dependants and your earned income was below $12,120.00 for 2006 you would qualify. so that in addition to your withholding that are refunded to you increased your refund
http://www.irs.gov/individuals/article/0,,id=150513,00.html
2007-04-14 05:39:41 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes , its called a refund. There are credits and deductions that allow you to collect a refund even though it appears you paid less than the refund. The Students loans do not affect your taxes unless you made a payment on the loan that will allow you to deduct the amount of interest from your income. It's all looking good for you. Keep working and those credits will keep giving you a higher refund.
2007-04-14 16:11:47 · answer #2 · answered by emulwa 2 · 0⤊ 0⤋
It's possible, if you are eligible for the earned income credit.
Warning - if you are under age 25 and do not have a dependent child, you are NOT eligible for this, so if you're not 25 yet and don't have a dependent child and the software is giving you an EIC amount, then check your entries, something is wrong. If you are between 25 and 64, whether you have a child or not, then you'd be eligible. From the amounts you list, it sounds like you don't have an eligible child, so if you're at least 25, it's probably right, but if you're under 25, check that you entered your birth date correctly.
2007-04-14 12:40:28 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
yes put be careful because eventually you will back it back sooner or later
2007-04-14 12:07:56 · answer #4 · answered by juanita2_2000 7 · 0⤊ 1⤋