1. Welcome to Baptist Board, a friendly forum to discuss the Baptist Faith in a friendly surrounding.

    Your voice is missing! You will need to register to get access to all the features that our community has to offer.

    We hope to see you as a part of our community soon and God Bless!

Any tax guys that can help?????

Discussion in 'Money Talk$' started by zrs6v4, Feb 4, 2009.

Top Posters
  1. zrs6v4

    zrs6v4 Member

    Joined:
    Oct 21, 2007
    Messages:
    994
    Likes Received:
    4
    Im am a full time student, 23 yrs old, working part time in MO. I had my taxes done but I am not 100% at peace with the situation..

    -I made $10,800(W2) from work and payed in roughly $700 in taxes
    -Im independant
    -had a $900 UMSL college tax slip (how much i paid)
    -Had a $5,000 MOBAP college tax slip (I paid in cash)
    -Had $900 recorded tithing slip (obviously paid cash)

    I am trying to see the reason my school or church tithing could not have been used as deductions or for extra cash back?

    I ended up getting $490 federal and $150 state.... basically all I payed back..

    Is the $6,800 I payed in cash (schools+ church) useless for deductions or can I get more back?

    I was going to put it all toward my mission trip this summer, I am happy with what I got but I just want to make sure my tax lady didnt make any mistakes.

    Thanks
     
    #1 zrs6v4, Feb 4, 2009
    Last edited by a moderator: Feb 4, 2009
  2. ccrobinson

    ccrobinson Active Member

    Joined:
    Jan 12, 2005
    Messages:
    4,459
    Likes Received:
    1
    Just for fun, I did a run through Turbo Tax using the information you provided. I'm assuming the college tax slip you mentioned shows how much you paid in education expenses. Did you receive Form 1098-T for those expense? If so, you may be able to deduct the full amount of those expenses and you may be able to get more than $490 back from the IRS. You may want to do some more investigation into this.
     
    #2 ccrobinson, Feb 5, 2009
  3. zrs6v4

    zrs6v4 Member

    Joined:
    Oct 21, 2007
    Messages:
    994
    Likes Received:
    4

    Awesome thanks.
    I believe they are 1098T forms and yes they are all expenses paid. I went to 2 seperate schools last year also. How can I learn more into this? Im not sure what to do to be honest...
     
    #3 zrs6v4, Feb 5, 2009
  4. matt wade

    matt wade Well-Known Member

    Joined:
    Jan 6, 2009
    Messages:
    6,156
    Likes Received:
    78
    Go run the info through turbo tax online. You don't have to pay anything until you actually want to file. You'll be able to see how much money it could get you back.
     
    #4 matt wade, Feb 5, 2009
  5. zrs6v4

    zrs6v4 Member

    Joined:
    Oct 21, 2007
    Messages:
    994
    Likes Received:
    4

    What I have been told is that due to only paying in $700 and already getting it all back, I cannot get any additional deductions for more than I payed.
     
    #5 zrs6v4, Feb 5, 2009
  6. SaggyWoman

    SaggyWoman Active Member

    Joined:
    Dec 15, 2000
    Messages:
    17,933
    Likes Received:
    10
    You are too young for the EITC.

    If you had put money in retirement, because you are a FT student, you would'nt get a tax credit for retirement savings.

    Do you have any children or other dependents?

    Do you own your own house?
     
    #6 SaggyWoman, Feb 6, 2009
  7. TomVols

    TomVols New Member

    Joined:
    Oct 30, 2000
    Messages:
    11,170
    Likes Received:
    0
    You can do it at taxact.com, too.

    Typically, you can't get back more than what you paid in. Just doesn't work that way.
     
    #7 TomVols, Feb 7, 2009
(You must log in or sign up to post here.)
Loading...