I make $16000 a year, and I am a full time student. Will I get 100% of my federal income tax back?

Question

I am single, independent (noone can claim me as a dependent), and I have no children.

I made $11,000.00 last year, and I got 100% back. I dont know if this year will be the same.

Also, I recieved a promotion, and I will be making $32000.00/ year starting from Jan. with the same single/independent/no children status. Will that change anything in respects to tax returns?

Answer 1

You're not likely to get 100% of your withholdings back as a refund. Unless you have a lot of education credits and/or student loan interest deductions you are able to take. My best advice is not to wait until April to have your return completed. You can wait as long as you want to actually file, but you might want to run the numbers so you know where you stand.

Yes, making more money will change things with respect to your tax returns. You should see a qualified professional who can advise you about the changes and what you can do to lower your tax. You should contribute to a 401K if it is offered. IF not, you need to discuss IRAs with your tax preparer. You also need to consider whether you have business expenses that are deductibe, and any other life changes coming up, such as getting married, having a baby, or buying a home.
Hope this info helps!

Answer 2

Just because you are a student does not mean that you will bet all of your Federal Tax withholding back. It is still a matter as to your total taxable income.

To have no taxable income, you must have $16,000 in deductions. Since the standard deduction and personal exemption for you totals $8750, that means you will need to find another $7250 in deductions, if you can't, then that will be your taxable income.

Your raise will not change your tax status except that you will earn more income and likely pay more in taxes.

There are ways to reduce your taxable income such as using pre-tax deductions like a 401(k) plan or flexible spending account.

Answer 3

You will have some tax on $16,000, but depending on how much of an education credit you are eligible for, that should wipe out at least some of the tax you'll owe, possibly all of it.

Making $32K next year, you will almost surely owe some tax - it would be extremely unlikely that you'd get back all that you pay in.

Answer 4

For Single status, your federal tax is $725. You won't get earned income credit.
Now your refund depends upon your Education credit and your withholding.

Answer 5

yes