Any tax wizards?
02-20-2010, 06:49 PM
#1
I EAT CUM
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Any tax wizards?
This will be the first year that my parents can't claim me on their taxes so I will be doing it myself. I remember reading somewhere about a tax credit for students...something about 2500 back if you were a full time student in 2009? I've been looking around the irs website but can't seem to find too much helpful information. I'm 22, made like 8 grand last year(if even) and I guess am considered "single." If I remember correctly I took 15 credits in the spring, 12 in the summer and 11 in the fall.
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02-20-2010, 07:30 PM
#2
I EAT CUM
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Just found this on wiki:
The act specifies:
1. Provisions are specific to tax years 2009 and 2010 for the first 4 years of post-secondary education.
2. Increases the Hope Scholarship Credit to 100 percent qualified tuition, fees and course materials paid by the taxpayer during the taxable year not to exceed $2,000, plus 25 percent of the next $2000 in qualified tuition, fees and course materials. The total credit does not exceed $2500.
3. 40% of the credit is refundable.
4. This tax credit is subject to a phase-out for taxpayers with adjusted gross income in excess of $80,000 ($160,000 for married couples filing jointly).
My question is does it just reduce the amount I will owe or will I end up getting some on top of that? Meaning, if I owed 1200 bucks for school related stuff this year, will it cover that and then I would get 1300 back? Just trying to figure it out.
The act specifies:
1. Provisions are specific to tax years 2009 and 2010 for the first 4 years of post-secondary education.
2. Increases the Hope Scholarship Credit to 100 percent qualified tuition, fees and course materials paid by the taxpayer during the taxable year not to exceed $2,000, plus 25 percent of the next $2000 in qualified tuition, fees and course materials. The total credit does not exceed $2500.
3. 40% of the credit is refundable.
4. This tax credit is subject to a phase-out for taxpayers with adjusted gross income in excess of $80,000 ($160,000 for married couples filing jointly).
My question is does it just reduce the amount I will owe or will I end up getting some on top of that? Meaning, if I owed 1200 bucks for school related stuff this year, will it cover that and then I would get 1300 back? Just trying to figure it out.
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