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Any finance majors? Tax return question...

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user098123
Posts: 6072 - Karma: 18
Just wondering, does this sound right to you guys?  I made $22,000 this year, mostly working during the summer.  About $4750 of that was taken in taxes.

Now, I turned 21 halfway through the year, I pay my own tuition through student loans.  My dad does all of our tax stuff (takes it to some guy near where they live).  I file as a dependent of theirs so that I can get health insurance.

My return was $400.  They took almost $5k from me and I'm a student paying my way through college, does that seem right?
Feb 18 2010 3:49PM
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TechnoPotamus
Posts: 11626 - Karma: 3,522
Yeah it does sound about right. You're probably thinking that them taking 5k from you is a shitload and to be fair - it is.

The reasoning that factors is though, is that you filed as a dependent. Even though you're paying your way through college, the fact that you have parents you depend on means they can take more from you. If you filed as an independent they would take less I would imagine.


Any accounting guys wanna verify that reasoning for me? (i'm a finance guy)
Feb 18 2010 3:59PM
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Gorilla.Steeze
Posts: 2215 - Karma: 43
yea the govt steals from everyone, get used to it
Feb 18 2010 4:08PM
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An10a_Eng
Posts: 2505 - Karma: 26
sounds about right. but for the record, i go to real college
Feb 18 2010 4:13PM
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easy_cam_steezy
Posts: 1203 - Karma: 126
I filed about 7 G's along with being a dependent of my parents.
And I got about 900 total in returns (700 fed - 200 state).

Go to TurboTax, cause if you made less than 39,000 (I think) then you can do it for free.
I just used it for the first time this year, and it took me a total of about 15 minutes, if even that long.

But OP, go back and see if you can get more, cause $400 seems wayyyyy to low for the amount you made.
Feb 18 2010 4:14PM
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Brenone
Posts: 4944 - Karma: 296
accountant here.

yes you should of filed on your own. with the amount of money you made you should of gotten most of it back being a full time student. im just answering quickly, i can give more details later but in the next year you should file dependent. and check with your parents insurance company. a lot of them will extend benefits to children over 21 so long as you are still a full time student regardless of dependent status.
Feb 18 2010 4:22PM
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user098123
Posts: 6072 - Karma: 18
I realize that being a dependent will fuck me.  However, the tax bracket for $22k is a total of $3k in taxes, so they took $2000 over and I should get more than $400 back when I am filing no tax deductions or whatever those are called.
Feb 18 2010 4:22PM
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Brenone
Posts: 4944 - Karma: 296
that tax bracket is for individual people filing "single"
Feb 18 2010 4:23PM
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user098123
Posts: 6072 - Karma: 18
No that is for a dependent, that is every a little higher than what most say it should be for a dependent.
Feb 18 2010 4:24PM
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Brenone
Posts: 4944 - Karma: 296
here is the tax table if you filed single. http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

obviously i dont know what your parents income is but that is going to have a huge difference on how your refund is handled.
Feb 18 2010 4:42PM
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