Tax question..

[jeffs42885 10+ year member]

I know every state might be different, but is there anyway to estimate how much you will get back from your taxes? Im trying to figure it out because theres a couple things i wanna get for the monte, and i wanna plan like what im buying and when im buying it.

Last year, i only made a few g's, and got back almost 800.00, this year i pushed like 20 and i have no idea how much ill get back. Im a college student and live at home, so that usually means a bit more..

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[bigbirney420 10+ year member]

Depending on what you paid in tuition. If you spent about 5k in tuition you should get back close to 75% Federal. If you paid out more than that then you should you will get all of your federal, or close. If you claim the HOPE credit you get it all, but you can only do that for 2 years, and then you can use the lifetime learning credit.

 

[jeffs42885 10+ year member]

my goal is 2g's total return, i think i paid like 2200 in federal, 600 in state, and another hundred or two in local.

18''s here i come hehe

 

[BoomBoomBoy 10+ year member]

I know every state might be different, but is there anyway to estimate how much you will get back from your taxes? Im trying to figure it out because theres a couple things i wanna get for the monte, and i wanna plan like what im buying and when im buying it.
Last year, i only made a few g's, and got back almost 800.00, this year i pushed like 20 and i have no idea how much ill get back. Im a college student and live at home, so that usually means a bit more..

If you qualify to income average on your feds, do it. Been a long time since I did, but when I went from college to full time work it made a huge difference when my income went up the way yours did.

 

[ace_800 5,000+ posts]

Just use taxslayer.com or turbotax.com and input all your info up until it says pay for it to file. It will tell you what you should get back, turbo is better though.

 

[jeffs42885 10+ year member]

If you qualify to income average on your feds, do it. Been a long time since I did, but when I went from college to full time work it made a huge difference when my income went up the way yours did.

huge difference as in?

 

[PatFitz9 10+ year member]

yeah, you can find out what you will get when you do your taxes //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif the earlier you send it in, the earlier that check comes

 

[BoomBoomBoy 10+ year member]

huge difference as in?

Went from having to pay $900, to getting $2,200 back The way it works is you take the last 3 years of income and straightline average it.

Say you made:

$2,000 two years ago

$2,000 last year

$20,000 this year

$24,000/3 = $8,000 average income

I'm sure you'd rather pay taxes on 8K vs. 20K. The conditions I remember to qualify, are you have to be a student, and that you paid for at least 50% of your livelihood.