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Depends on what the college student makes. I go to school full time and make about $30,000 a year at my job. I always owe at least a couple of hundred. And yes, I can't get financial aid either.
But, if the student is working part time or just in the summer, making only like $3000-$5000 a year, then chances are he or she will get it all back. It just depends on what that student makes.
Simple Common Sense:
The only time you actually do WANT to file is when the IRS says you don't have to!
They don't do that because it's good for you. They do it because it is more likely to be good for them. Certainly if you don't have to file, NOTHING BAD, in fact only good things, can happen by doing so.
Federal Taxes are the same throughout the country. State tax laws are specific to each area.
Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type ofincome. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income."
(Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be).
Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does.
You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%.
If you weren't self-employed (paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2, which with lower incomes will always be refunded to you.
If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov
You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as:
- social security tax and Medicare tax on tips or group life insurance,
- alternative minimum tax,
- tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account,
- tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit.
Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website.
Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks).
Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever!
What else can I help you with?
What are reasons IRS can take your refund?
The main ones are to offset a debt to a gi=overnment for taxes or something else,child support, and student loans not paid.
When is the last day to file taxes for refund of taxes paid?
Call the IRS 800-829-1040.
Is your tax refund of last year taxed?
You do not pay taxes on a federal tax refund from the IRS unless they sent your refund late and paid you interest on the amount due to you. You would have received a 1099 from the IRS which shows the interest paid to you.
Why would a taxpayer file a tax return if not required to do so?
To claim a refund of taxes paid.
Can you still get a federal tax refund if you didn't pay state tax the year prior?
You can file a federal tax return and get a refund regardless of the status of your state taxes. If you owe overdue taxes to the state and they have gotten around to it, the state can intercept your federal refund. So, your refund might go to paying your overdue state taxes instead of being sent to you. But unless you file a federal tax return, no refund will be generated and your state taxes will not be paid.
What are reasons IRS can take your refund?
The main ones are to offset a debt to a gi=overnment for taxes or something else,child support, and student loans not paid.
When is the last day to file taxes for refund of taxes paid?
Call the IRS 800-829-1040.
What happens if I overpay my estimated taxes?
If you overpay your estimated taxes, you will receive a refund for the excess amount you paid. This refund can be applied to future tax payments or returned to you as a check or direct deposit.
What happens if you overpay quarterly taxes?
If you overpay your quarterly taxes, you will receive a refund from the government for the excess amount you paid. This refund can be applied to future tax payments or deposited into your bank account.
Is your tax refund of last year taxed?
You do not pay taxes on a federal tax refund from the IRS unless they sent your refund late and paid you interest on the amount due to you. You would have received a 1099 from the IRS which shows the interest paid to you.
What happens if you overpay estimated taxes?
If you overpay estimated taxes, you will receive a refund from the government for the excess amount you paid. This refund can be applied to future tax payments or returned to you as a check or direct deposit.
What happens if I overpaid my federal taxes?
If you overpaid your federal taxes, you can request a refund from the IRS. They will send you the excess amount you paid back to you.
What should I do if I overpaid taxes?
If you have overpaid taxes, you can file for a tax refund with the tax authorities. This will allow you to get back the excess amount you paid.
Why would a taxpayer file a tax return if not required to do so?
To claim a refund of taxes paid.
Can you get a tax refund if you receive social security benefits?
Yes, if you have paid taxes, or had taxes withheld for that tax year, you may be entitled to a refund. If you have not paid taxes for the year in question, you will not receive a refund.
Why do retired military get a check from your taxes?
They do NOT get a refund from any ones taxes. They only get a refund check from their own taxes if they have over paid their income tax liability for the year.
What percent of your taxes do you typically receive back as a refund?
The percentage of taxes you typically receive back as a refund varies depending on your individual circumstances, such as income, deductions, and credits. Generally, refunds can range from 0 to over 100 of the taxes you paid.
