I have taken out student loans and have recieved a few hundred dollars in grants. I have 3 kids and a wife that stays home full time. We usually get back a nice return, as I pay in a lot. Will I get a bigger refund this year being a full time (online) college student and still working 65 hours a week? Or will they take more than usual? I know nothing about it.
2007-11-06 02:30:36 · 8 answers · asked by Jules 2 in Business & Finance ➔ Taxes ➔ United States
If everything is the same except that now you are going to school, your refund might be larger if you are eligible for an education credit for your tuition and fees - check into that, you are probably eligible, and amounts you paid with loans are considered expenses you paid.
2007-11-06 03:20:29 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You will make a larger return. Claiming three kids gets you more money i think its about 500-1000 per child and as a full time student you will get more back. Also if you pay school loans u can claim the income on that as well. You can also claim medical bills (co pays)..
2007-11-06 02:34:06 · answer #2 · answered by Renee 4 · 0⤊ 1⤋
you will get a refund of all the Federal earnings Tax withheld out of your paycheck in the process the 300 and sixty 5 days, that quantity is meditated in field "2" of your kind W-2 for 2011, Federal earnings Tax Withheld. Tennessee applies earnings tax in basic terms to earnings from activity and dividends so a state tax and/or refund does not prepare to you. good success.
2016-10-15 05:43:35 · answer #3 · answered by ? 4 · 0⤊ 0⤋
It should be big as usual but you should be, or should have been at some point, earning tax credits which would mean that you wouldn't pay tax for a period of time instead of it being given back to you at the end of the year.
2007-11-06 02:34:27 · answer #4 · answered by Anonymous · 0⤊ 1⤋
your return is based on the amount of taxable income you have, withholdings, and tax credits. being a student may qualify you for the hope or lifetime credit, but to determine whether your return is larger than usual more information is needed.
for instance do you qualify for the earned income credit
2007-11-06 02:35:47 · answer #5 · answered by scott A 5 · 0⤊ 0⤋
It really depends on previous taxes, your increase in income and your dependents. Go to irs.gov for more information on deductions and what is new for exemptions this year.
2007-11-06 02:33:30 · answer #6 · answered by Tapestry6 7 · 0⤊ 0⤋
You'll get more back because you've got more going on & as a full time student you fall into tax exempt statis!!!
2007-11-06 02:35:53 · answer #7 · answered by Anonymous · 0⤊ 1⤋
yes u will with no doubt man.
And u wont believe it that this same real life story is also the same with me.
thank u.
2007-11-06 02:36:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋