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its_me_farhan2005 | Tax Q.. Please reply if you are a tax expert!? |
Let say if i made $ 14K this year. I paid $6000 in tution for my college. I m single with no dependent. Would I be eligible to have some money back (lumpsum).
Also if someone can explain what is EIC (Earned Income credit). Should I file my tax my own or go to professional tax filing companies like H&R to avoid any error in filing my tax.
Additional Details
Last time i checked, the withheld was over $4,000 |
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Sandie B
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EIC is for those with single parent homes.
Sounds like you are looking for a big refund. Pay to have yours done. |
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Judy1
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Assuming you are single, you'd owe some tax on $14K, and taking an education credit for some of your expenses would reduce your tax. The most you'd get back though is what you paid in, and most likely you won't get all of that back.
If you are a dependent, then your parents or whoever is claiming you gets the education credit, you don't.
If you don't have any dependent children, then you are above the income limit for getting EIC. EIC is a payment made to low (and in some cases middle) income people to encourage them to work. Eligibility, and amount of EIC, is based on income and the number of children (up to 2 - you don't get more for over the 2nd kid). |
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MoB
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Acmerave is correct. The college credit that you will qualify for depends on what year of college that you are in. The first two years you qualify for the Hope credit, after that you qualify for the Lifetime credit. Or you may be better off claiming it as a deduction. A credit is usually better because if you do have any taxable net income after claiming yourself, it's like real cash deducted from any tax that you may owe or real cash back as a refund. You can go online and file for free. It is really, really easy to do. The program walks you through it step by step and ask you the very same questions as a professional tax preparer would if you were sitting in front of them. And if you have a checking or savings account, the IRS can deposit your refund directly into your account within about 10-14 days. Usually sooner. BUT.....because you are claiming Education Credits, the IRS is delaying accepting returns with that particular form until Feb 11th. It is a fluke in the system this year because they made adjustments to the alternative minimum tax and were not able to get their total program up and running until then.
By the way, I am a professional tax preparer that works directly with a CPA for the past 10+ years. |
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acmeraven
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Stay away from H&R; since you have internet access you can go to IRS.GOV and use their free filing setup; try it first. I have done tax returns for 36 years; you made 14K; am assuming nobody else is taking your dependency. You would file as single, take your own dependency, and with the education credits on $ 6,000 you would have no tax to pay; all of your federal income tax withheld will be refunded. The EIC for people with no children is for those between ages 25 and 65. The person who takes the dependency gets to take the education credits. If you have a parent taking your dependency you relinquish the credit to them. If you need any clarification send me particulars to answer. Happy new year. |
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ma_string
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You should easily be able to do your return with something like Turbotax. As far as getting money back, it just depends on how much tax you had withheld from your paychecks. You can either take the tuition expense as a deduction or you can elect one of the education tuition credits. The difference in these two options will not outweigh the extra cost of having your return done by a tax professional. |
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redberri21
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I'm not a tax expert, but I do my own taxes. I go to www.taxact.com, to do my taxes online. This program will calculate on its own, with the answers you provide, and tell you if you qualify for EIC or Head of Household. You should try it out. It is free to file your federal return, and 13.00 to file your state return. This will make my 4th year filing this way. It's faster, and it's cheaper, and I haven't had any problems yet.
go to this website www.taxact.com to check it out! |
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Bill
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Also look into the Education credit. I believe you can deduct some of your educational expenses.
If I remember correctly there's something called the "Lifetime Learning credit". |
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rubberduckygeorge
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go to H&R Block, they train all year around and the first year pro are more knowledgable then a senior tax pro at any other place. ( a client had come in and told me he went to a certain place and the senior tax pro couldn't even do his taxes) since you paid tuition, you can claim that, or get a deduction. as for EIC, you have to be 26 or older. so if you are then you have a chance to get it, especially with your income. |
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