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Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47396958 added 02-02-2012 7:08 PM by Shellac in Archived Deals
Your parents can only claim you as a dependent if they provided more than half your support for the year. So if they spent more to take care of you than you made they can claim you. I know there...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47397084 added 02-02-2012 7:15 PM by discostu58 in Archived Deals
Thats way better than my effective rate of 27%...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47398264 added 02-02-2012 8:10 PM by PiratesSayARRR in Archived Deals
She is 19 years old giving tax advice. She doesn't know what she is talking about. :) Amen.
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47412908 added 02-03-2012 10:06 AM by discostu58 in Archived Deals
Fed only...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47406535 added 02-03-2012 5:57 AM by XReflection in Archived Deals
Being claimed as a dependent ultimately just makes it so that whatever tax benefits you would have received (e.g. deduction of loan interest) is applied to your parents return instead of yours. I'm...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47393850 added 02-02-2012 4:46 PM by akkkmed in Archived Deals
This is my first time filing taxes. I worked last summer - about 50 business days. My parents and other people say I should be getting almost all of it back. But I'm not (apparently.) I live with my...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47410953 added 02-03-2012 8:52 AM by PiratesSayARRR in Archived Deals
Was that just your fed effective rate? Or inclusive of state?
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47439008 added 02-04-2012 10:52 AM by PiratesSayARRR in Archived Deals
You don't get this deduction if you are married only if you are a single parent.
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47395236 added 02-02-2012 5:52 PM by dcrob in Archived Deals
I was talking to someone today about a person being claimed as a dependent. They stated that their parent could not claim them as a dependent because she (the student) made too much $ this past...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47429410 added 02-03-2012 9:23 PM by Tel0004 in Archived Deals
Being claimed by their parents should usually be a better deal overall, since (I hope) their parents are in a higher marginal tax rate. Plus, there might be other advantages. If the OP is an only...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47394194 added 02-02-2012 5:03 PM by PiratesSayARRR in Archived Deals
They are keeping a lot? You should get back around $700 bucks. $8,580 less Standard Deduction ($5800) = $2,780 x 10% = $278 in Income Tax. $278 / $8,580 = 3.2% effective tax rate. For...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47394742 added 02-02-2012 5:28 PM by bta15 in Archived Deals
You paid almost $1100 in taxes and getting about $730 back. Seems legit to me. If you're parents weren't claiming you as a dependent I am guessing you would get it all back and then some after the...
Tax refund question
Expired
Thread created 02-02-2012 by akkkmed
0 Score 12 Replies 1,555 Views
Post #47409341 added 02-03-2012 7:59 AM by akkkmed in Archived Deals
Thanks guys. Reps were given to those who helped. I asked my cousin who's a CPA and he said the same thing - it's because I'm a dependent. Since I'm a dependent, my parents get a bigger cut than I...

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