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Money Talk > Taxes

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HELPY HELP~!  Reply with quote  

Ahoy mateys. Long time no talk. My last computer died and since then I got myself a laptop and lost all of my sites. Great to be back.

Technically speaking (I beleive) its tax season. I'm 18 and no one on their lives has ever sat down and filed their taxes.

So I got myself my W-2s. 3 employers over the course of the year. I also got some deductions because I sponsor a child in El Salvador. 300 buck some tax return.

On my 1040 EZ I got up to 12a. Now I'm frigging stuck. HELP!

Where does my 300 dollar tax break come in?

Last year my dad went to file his taxes with some accountant. Waste of money if you ask me. Anyways, on line 5 of the 1040 EZ he put down 5,000 and not the 8000. Why?


Also I attended a community college. I paid 500 last year and I got something denoting that. Do I use that as well?

In need of help,
Manuelito (Little Manuel)

edit: should I put my sponsored child as a dependent? Is that why last year the man who did my taxes put in 5000 opposed to 8000?
Post Sat Mar 03, 2007 9:27 am
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To take deductions, you would need to itemize deductions following instructions for schedule A which you would need to file with the regular form 1040. That would not make sense unless deductions exceed the standard deduction.

Since $300 is less than the $5150 standard deduction if your dad still claims you as a dependent, or $8450 standard deduction if living on your own, it goes nowhere (you do not get to deduct the $300 contribution).

As far as education credit or deduction, you probably cannot take that if you are a dependent, but your parents might be able to if it qualifies. If you are not claimed as a dependent and it qualifies, you may be able to claim education credit by filing form 1040A. See http://www.irs.gov/publications/p970/index.html
Post Sat Mar 03, 2007 4:22 pm
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