I'm 25 and single and female, and claimed 1 for I think 2 months (approximately). That was January and February. I have claimed 0 since then. My end of the year YTD is $29,797.86, NET $21,459.98. Federal withholdings $2,504.64, FICA $1,522.87. No state taxes.
I'm not sure if it matters but I do have approximately $24,000 in studen loans I am paying on and the interest rate on one is 6% and the other is at 4%. I also have made a charitable donation which was about $250.
I have a feeling I will be giving good old uncle sam some money!
2007-12-13 14:39:48 · 2 answers · asked by texas_thang24 1 in Business & Finance ➔ Taxes ➔ United States
The charitable donation won't help you any unless you itemize, and I assume you don't since you don't mention it.
You can deduct student loan interest that you pay up to a limit of $2500 for the year, and that's taken as an adjustment to income which means you don't have to itemize to take it. You should get a statement from your lender showing how much interest you paid in 2007.
With the student loan interest, you should come pretty close to breaking even, and probably get a small refund.
2007-12-13 18:52:14 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You should get a refund of about $260 or a little more because I did not consider student loan interest.
Jim KIrby, CPA
2007-12-13 16:09:51 · answer #2 · answered by Jim Kirby, CPA/PFS, CFP, CFS 3 · 0⤊ 0⤋