question about tax

[Pharmacat78]

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I am single, no dependent, full time student,
Tuition of 2007: $22000
student loan: $13000
total taxable income from mutual fund: $13000
No transactions on mutual fund.
Based on my situation, do you think I will get any money back if I file the tax?

 

[Sol Rosenberg]

Did you pay any tax this year?

If not, you will not get anything back. You might actually owe, but you'd have to have:

Taxable Income - Exemption - Standard Deduction - Tuition and Fees Deduction/Lifetime learning Credit > 0 to owe tax.

EDIT: I think you have to file anyway, so just fill out the -EZ (or maybe you have to use -A with that much interest/dividend income -- I forget) form and see.....

 

[Pharmacat78]

Did you pay any tax this year?

If not, you will not get anything back. You might actually owe, but you'd have to have:

Taxable Income - Exemption - Standard Deduction - Tuition and Fees Deduction/Lifetime learning Credit > 0 to owe tax.

EDIT: I think you have to file anyway, so just fill out the -EZ (or maybe you have to use -A with that much interest/dividend income -- I forget) form and see.....

I did not pay any tax on 2007. What is EZ? How much you think I owe the tax?
thank you.

 

[Sol Rosenberg]

Sorry I didn't make that more clear. I was referring to the IRS 1040-EZ and 1040-A forms. Rather than have me guess at your tax liability, it would probably be easier for you to just fill out one of those forms (the 1040-EZ is the easiest, but if your taxable interest is greater than $1500, you cannot use it, which sounds like it might be your situation, so you would have to use form 1040-A.)

Oh, heck, I'll just GUESS at your tax liability:

13000 - 4000 (Tuition and fees deduction) = 9000 AGI
9000 (AGI) - 5350 (Standard Deduction) - 3400 (Exemption) = $250 Taxable Income

Therefore, based upon what you have written, I would estimate your total tax at a whopping $26. But, just fill out the forms and file, don't take my word for it.