When I filled out my tax refund I was only entitled to 300 bucks out of 900 now isn't there a rule for student

Question

that if your a student u get most of it back?

Answer 1

I wish! :-) No, there's no special rule for being a student.

Unless you are being claimed as a dependent on your parents return, there are education credits. These credits offset the taxes you owe. If you're still a dependent, you are not allowed to claim these. In addition, if you weren't the one paying the expenses (unless you're receiving student loans), you're not allowed to claim them.

-If you're paying on student loans you can deduct your interest on your loan. This is entered directly on line 33 on Form 1040, or line 18 on Form 1040A. You may not file Form 1040EZ and claim the deduction.

You can also deduct portions of your expenses for attending (tuition, books, etc.), but not living expenses. There are two of these credits. The Hope Scholarship Credit and the Lifetime Learning Credit. You can not claim both credits in the same year.

The Hope Scholarship Credit is only available for the first two years of undergraduate school and may only be used for two tax years in a row. You also must be enrolled at least half time for one semester during the year. After that, you may take the Lifetime Learning Credit for any education taken after high-school.

The maximum you may take for the Hope Credit is $1650. This is 100% of the first $1,100 of expenses, and up to 50% of the next $1,100.

The Lifetime Learning Credit allows you to deduct 20% of your qualified expenses, up to $10,000. The most you can claim as a credit is $2,000.

Both credits are claimed on Form 8863. If you were eligible for these credits or the loan interest deduction, you can file a form 1040X-an amended tax return, make the changes, and attach Form 8863. It will probably be easier to fill out the Form 1040X if you fill out and calculate a new tax return, then having both in front of you fill out the 1040X.

Be prepared to wait a little while for your refund. It can take a few months sometimes.

If none of this applies to you, and you are still being claimed on your parent's return, check what you're claiming for withholding with your employer. You might need to change your exemptions to single and 0. They'll take more Federal withholding out of your check each period, but you'll get a bigger refund at the end of the year. It works out the same, it's just a matter of whether you want it now or later.

Hope this helps!

Answer 2

No, there's not a rule like that. Being taxed has nothing to do with being a student, it depends on how much money you make and how you earn it. A student making $100 a week working at McDonald's won't owe taxes - that's probably what you're thinking of - if the person was NOT a student he wouldn't owe taxes either - he would have made too little to owe taxes.

If you were working as an employee, then the first $5150 last year wouldn't be taxed - you'd owe taxes on anything you made over that. This assumes you can be claimed as a dependent - if you can't, you don't pay taxes on the first $8450 but do on amounts over that.

If you were working as an independent contractor, the limits for income tax are the same, but you'd owe self-employment tax (social security and medicare) of 15.3% if you made over $400. If you had been working as an employee, half of that would have been deducted from your paychecks, the other half would have been paid by the employer.

Answer 3

The tax benefits for college students are for students who are not claimed as a dependent on another person's return, and who owe tax. These benefits are the tuition and fees deduction, the Hope Credit, and the Lifetime Learning Credit.

If you are a dependent of a parent (for example), then you can earn $5,150 before you have to pay any taxes. If you earn more than that you will owe tax.

If you are not a dependent and paid for college, then by amending your return you may get an additional refund.

Answer 4

You need to check your w-4 and see what you are claiming. If you are unmarried you should be claiming single and 0 dependents. As a human resources officer for a supermarket I always see younger people come in and claim single and 1 because they are claiming themselves as a dependent. The problem is that means you pay less in taxes and sometimes get little refund or worse wind up owing the government. As a student your parents are the ones who receive your tax benefit (as a dependent) not you.

Answer 5

There is a special rule for students, but you must use proper grammar and punctuation when you ask about it.

Seriously, there is nothing in the Internal Revenue Code that says just because you are a student that you would get a different refund. There are some credit available, but there are income limits and you can't be taken as a dependent by your parents' on their return. (They may have taken the credit on their return.)

Answer 6

Sorry there is no special rule for students. Our tax law is based on brackets and you must pay the amount of tax depending on which bracket your income falls in.

You may want to talk to your accountant and see if you qualify for any hope or lifetime learning credits as well as a student loan interest deduction. Just some planning ideas for next time.

Answer 7

there are 3 rules
1. Hope Credit: (all deduct the full amount up to 1650)
must be freshman and sophmore going for degree or
certificate

2. Life time learnign credite (20% and up to $10000)
any level of student

3. tuition reibursement(about the line) this lower
only your agi not your taxes

I need more info before I can solve your problem

Answer 8

When my 1st husband and I seperated, The H & R block told me who ever filed first got the earned income but I worked so I filed on my income and got the earned income, So with you not working I don't know how you would file. But filing married filing seperate, with dependents (do you have kids to claim?). Call the IRS hot line. Since you haven't live together, he shouldn't claim you . UNLESS you make a deal to split the refund. GOOD LUCK.

Answer 9

No, there is no special rule like that.

Answer 10

No, no such rule. Where did you ever hear that??