Economy stimulus plan for college students?
If I was a college student ending year and my income was beneath $3000. Do I qualify? Last year my taxes were file with my parents.What if my income be over $3000 last year?
I am soooo confused.
Answers: It appears you do not qualify for a rebate, but you may still benefit underneath the plan.
While the rebate depends on your 2007 status and income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, contained by 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you hold taxable income in 2008, you will see a levy cut when you file surrounded by 2009.
"If I was a college student finishing year and my income was lower than $3000. Do I qualify?" no
"What if my income was over $3000 closing year?" If by last year you miserable January 1 through December 31, 2007, only if you do not qualify as a dependent of your parents.
Are you a college student beneath age 24 at the end of 2007 and did your parents provide more than partially of your support?, if so then they can claim you as a dependent.
The solitary people that can claim the credit are those making 3000 or more, are not eligible to be claimed as a dependent by someone else, and do not clear more than maximum (75000+).
If your income for 2007 was below $3000, or if you were claimed as a dependent, no you don't qualify for a rebate.
My taxes... please assist?
I didnt yet wallet for last year's taxes... I have filed an extension for 6 months, but I havent done it but... I claim 5 on my taxes... I am head of household and own 1 child... how much do you think is owed me? I am doing my taxes soon.. lately have to attain all the papers together.Answers: I don't know going on for the penalty, but you can use Turbotax.com for free to put some numbers surrounded by to get an 'idea'. But it's not a 2006 text, so don't bank on care.
good luck.
Turbotax is unbelievably good. I use it every year.
You...are surrounded by too deep.
You enjoy until April 15th to file so you best gain busy !SJ
We can't possibly give you even the slightest thought of how much might be owed to you, since you didn't tell us how much you manufacture or how much was withheld from your repay by your employer.
Claiming 5 on your W4 means that your employer would not enjoy been barring very much withholding for you. This increases the probability that you might have owed taxes later year -- but again, we have no bearing of estimating that without an concept of what your income was.
If your income be low, and especially if you file as boss of household as well, you might be entitled to a repayment even if your employer didn't hold out that much. If that is the luggage, you won't owe any interest. I don't know whether you'll still be subject to a late file penalty or not.
The quicker you go and get this taken care of, the better. If you *do* owe money for ending year, the interest and penalties will be accumulate for every day you put it bad.
Julie-Anne: While I am not a tax preparer, my go partner is. And before I have someone else to do it, I always did my own taxes. So I can right to be heard with your income and human being a single mom/head of household, you will get child export tax credit and fall surrounded by the tax bracket where on earth you should get some money vertebrae. If you had too much withheld from your pay envelope, you could probably get around $2,000.00 backbone, but if you did not have satisfactory withholdings, you would get smaller number. Do you have any other deduction - such as medical/travel/moving/rental property deductions or small business? That can really bring back your refund up giant. You should prepare both years' tax returns at indistinguishable time and file prompt this year. The sooner you file, the sooner you will go and get your refund, if one is due you. If you want to shell out $100 or so, H&R Block or one of the other big charge preparers will get them both done for you. The Turbo Tax program costs give or take a few $50.00, I think. If you lived anywhere practical Federal Way, WA, I'd tell you to run to my partner to have your taxes done!
Good luck!
Tax put somebody through the mill!! made style more concluding year than within 06 but just getting $128 more than i did surrounded by 06!?
so aftering filing taxes for 2007 on Turbo Tax it say i get 688 federal 259 state. my in the swing of things gross income was going on for 21k. i just looked up my 2006 taxes and i get 531 federal 288 state and my income was merely 6852!! i know i claimed 1 in 2007 and 0 within 2006 because i moved out last year but is this really true!!? Im investigational at this so sorry for my ignorance. I dont get income anywhere else and the merely things i put down was going on for 300 in medical expensences and 100 surrounded by car registration...please comfort!! I havent confirmed it yet on TurboTax so i obligation your input ASAP!!Answers: Ok, there are several things here.
The extra income probably put you into a higher import tax bracket. Generally the more you make contained by income, the more you have to income in taxes. If the withholding on your paychecks wasn't adequate, your refund (overpaid taxes) go down, and you may even owe taxes come tax time. My suggestion is to travel back to have 0 allowances (if you like have the larger refund). They may take a touch more out of your paycheck, but it tends to be worth it at the stop of the year.
Second, you really shouldn't be itemizing deductions. The $300 within medical expenses (the car registration is not deductible...the taxes on it are, but its remarkably doubtful there be $100 in taxes on it), does not compare to the standard assumption offered this year. Unless you have any other qualified deduction, you should only bring the standard deduction (you can't itemize if you nick the standard deduction).
I hope this made sense. Best of luck to you.
The amount you get for a reimbursement is simply the tax you owe minus the amount your employer have already withheld for you during the year.
If you get a big discount, it means your employer be withholding too much. If you have to pay cheque, it means they weren't holding out satisfactory. Since you're getting a refund of $688, it sounds similar to you were have close to the right amount held out (maybe a little bit too much).
Last year the amount of levy you would have have to pay would hold been much smaller, because of your smaller income -- so if your repayment was bigger, you must hold had proportionately more money held out. How much be your total federal withholding on last year's W2, and how much be it on this year's?
Also, the only approach you would get to take off your medical expenses would be if you added up all your deduction and they came to more than the standard conclusion -- yours certainly wouldn't. You didn't inevitability to include those medical expenses on your form. You can't deduct vehicle registration in any covering, even if you do itemize.
Are you using a form 1040? If you're single, no children, and only have income from one job, you really could fashion doing your taxes a lot easier by only using the 1040EZ. Try using that form and see what you get.