I wanted to know if I could file my taxes after i graduate from school and possibly get a refund?
2007-09-24 02:48:47 · 5 answers · asked by truth hurts 4 in Business & Finance ➔ Taxes ➔ United States
If you claim exempt, then they don't take anything out in the first place, so there's nothing to refund. A refund is for an overpayment - if you aren't making any payments, then there isn't an overpayment.
The exception to this is if you are eligible for a refundable credit like earned income credit. If you don't have a dependent child and aren't at least 25, you are not eligible for that.
You do know that you can only file as "exempt" if you don't expect to have any tax liability for the year. Being a student does not mean that you are exempt from tax - only if you make under $5350 for the year if you are a dependent, $8750 if you aren't. If you are in high school it's very likely that you are a dependent so $5350 would be the limit. If you make over that, then you are not allowed to file as exempt, and you must file a tax return and probably pay some tax.
2007-09-24 03:23:25 · answer #1 · answered by Judy 7 · 2⤊ 1⤋
If you claim exempt on your taxes, then you would have $0 withheld for federal and $0 withheld for state. There'd be nothing to refund back to you then. If you are thinking of refunds for education expenses, they aren't a "refundable" tax credit. If you have no tax liability, then you don't get a refund from them. Also, even though you claim exempt on your taxes, an employer still has to withhold social security and medicare taxes from a paycheck, and those you can't get refunded under any circumstances.
2007-09-24 02:57:56 · answer #2 · answered by Anonymous · 1⤊ 1⤋
Refunds are just that....refunds of taxes paid in. If you haven't paid any in, you can't get a refund.
It is possible to get a refund without paying anything in if you are lower income and have kids or are very low income and are over age 25.
2007-09-24 02:56:48 · answer #3 · answered by Wayne Z 7 · 2⤊ 0⤋
Sorry, this cannot be a deal. The Govt. is always interested in getting the taxes on yearly basis as the rate of tax varies from year to year. If you are earning your income as a minor you have to pay taxes and even if you are in college it is not material for tax people to collect taxes from you. If you are in employment your employer will deduct tax and deposit with the govt.
2007-09-24 02:54:40 · answer #4 · answered by ssunderagarwal 4 · 0⤊ 0⤋
No, you are not eligible for a refund. No taxes were withheld from your wages, therefore there is nothing to be refunded.
2007-09-24 02:56:07 · answer #5 · answered by Anonymous · 1⤊ 1⤋