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Old 02-20-2010, 07:49 PM   #1
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Default 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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Old 02-20-2010, 08:30 PM   #2
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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.
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Old 02-20-2010, 11:20 PM   #3
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Just get a 1040EZ or 1040A and sit down and read. It takes you step by step through most everything. You can do it!
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Old 02-21-2010, 10:32 AM   #4
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taxact.com simple free and easy.
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Old 02-21-2010, 11:01 AM   #5
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turbotax
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Old 02-21-2010, 11:40 AM   #6
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dude you made 8k you wont owe **** anything under 10k you get whatever you put in back most of the time just folow the links and do that **** it is not hard.
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Old 02-21-2010, 11:52 AM   #7
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Interested in more info. I took 20 units a quarter the past 3 quarters and made about 10K.
It'd be nice to get money for going to school.
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Old 02-21-2010, 11:56 AM   #8
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Quote:
Originally Posted by jacob300zx View Post
turbotax
This^^ I've used TurboTax for the past couple of years (or rather my GF has). Easy to use.
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Old 02-21-2010, 11:59 AM   #9
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Dont bother paying your taxes, just get an airplane and fly it into the IRS building.
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