tax question

[speedemons]

i hope im posting this in the right section. So im curious about something before i go and file my taxes this year. In Georgia, if your a full time student dont you get all of your state and federal taxes refunded? In 2007 I did. I didn't in 2008 because i was self employed for a little while. I went online earlier and started to file through H&R block online but stopped because it wasn't showing me to be getting anything back for taxes. Is there an income limit as to when the full refund apply's? I was really looking forward to getting all of my taxes back to fund my AEM but looks like i might be getting screwed. Thanks

[JennB]

You didn't get a full refund because you were a student, students are taxed just like everyone else but have access to few good deductions and credits that can greatly reduce their taxes.

You most likely received a full refund for one of two reasons. 1) You used the Hope or Lifetime Learning Credit which allows a direct reduction of your tax liability. There is a formula based on your income and expense amount but the bottom line is it's a credit that reduces what you owe. 2) You took an education expense deduction that reduced your taxable income to nothing, therefore owing no taxes for the year.

Which one you took depends on your income level and how long you've been in school.

As for this year, I have no idea how much you make so I really can't give you a definite answer. The Hope Credit is only for students in their first two years and I *think* the AGI limit is $58K per year. For the deduction, it is for anyone in school and I think the limit is somewhere around $80K. I'm not 100% sure on the exact amount of each limit but you can find all of that info online. I've been out of public accounting for quite a few years and the limits could have easily changed since then.

Maybe you didn't fill in everything correctly. Did you receive your 1098-T and enter all of that info on the H&R Block website? BTW, I use Tax Act and greatly prefer it to H&R.

[JennB]

Maybe you didn't fill in everything correctly. Did you receive your 1098-T and enter all of that info on the H&R Block website? .

^^^^^


For that income level, you shouldn't be paying much tax. There is no way I can tell you what you'll get back though. I have no clue how much you had withheld and no idea how much tuition you paid.

[speedemons]

all tuition was paid by hope and pell and i had like 2300 withheld

[Verik]

all tuition was paid by hope and pell and i had like 2300 withheld

I'm a student, 4th year now, and I've always been refunded my entire federal and state income. Medicare/aid and SS which are withheld are not refunded. I always used 1040EZ w/ turbo tax. My AGI was greater than yours too, so I wouldn't settle for anything less than being refunded everything.

[speedemons]

im still claimed as a dependent by my parents I wonder if this could be part of the problem

[marcos713]

im a full-time student as well with HOPE. i made 14,700 this year. you should have gotten a letter from your school's business office in the mail that can be used as a tax credit.

i went to H&R Block as well but i ended up not doing with them. anyway, i took my book receipts, receipt from what i payed for school, and they asked for my mileage for the semester. the lady showed me what im getting back from federal, it was 1,200. the reason i ended up not doing it with H&R Block was b/c the lady said i would get the same amount of money + more if i was claimed under my parents.

[dallasb84]

tax act ftw.... used it for about 3 years...

[speedemons]

i maid a little over 16,000 this year and im a freshman in college.

[bdydrpdmazda]

taxact is awesome

[JennB]

Yes. That along with the fact that it sounds like you aren't taking any deductions or credits for your tuition. You have a tax liability. If you don't have anything to reduce your taxable income such as exemptions, deductions and credits, then you have to pay taxes.

[speedemons]

i forgot to mention the 2300 i had withheld was just between state and federal and from my trials im only showing to be getting 300 back