I just did my sons taxes and thought his refund was a bit low and wondered how other students were faring. He made about $8200 paid $630 in fed and is getting back about 300. I claim him as a dependent so he gets no tuition deduction. I figured he would get more but perhaps he made more than I did when I went to school and he went over the income threshold. I used a program to do it so i doubt its wrong but it just didnt feel right.
Student Income Tax Question
- Thread starter CYKID
- Start date
That's about right. Since you claim him as a dependent (which you should) he doesn't get the standard deduction others get.
Make sure YOU take the tuition credit - and in many cases it's doubled this year since most of Iowa is in a disaster relief area.
Make sure YOU take the tuition credit - and in many cases it's doubled this year since most of Iowa is in a disaster relief area.
This is why we need a flat tax, no deductions. A calculator is all you need at the end of the year.
Income x .whatever = how much you owe.
Keep the withholding though. A lot of people aren't smart enough to set money aside for paying their taxes a year later.
Yeah, but people would pay a lot more attention to spending if they had to write a check for $20k in April. Suddenly those earthparks are not such a great idea.
You'd think that but a lot of people don't pay attention to having to pay bills each month. Have to keep the withholding.
Unless there is some magical way to do something to the people who don't pay up and still collect their money.
yes i checked with an accountant friend and he said its probably right. 0 tax on first $5500(standard deduct) and about ten percent on the rest so he actually made 8700 and owes 328 in tax . I must have always made under the standard deduct when i was a student. Tx for your help.
A calculator is all you need if you are taking the standard deduction and dealing with W2 Forms. It isn't rocket science.
If you think there will be no deductions when implementing a flat tax and applying it to business you are certainly naive and have never ever owned a business.
And if he goes to a college that is located in the disaster area you will be able to deduct his housing costs up to the amount that the school charges for its housing costs.
