Ok, so I'm filed under my parents for the purpose of being able to submit a FAFSA form to get student loans. However, last year they received a very large tax return at my expense, and this years will be even greater, is it possible for me to file my taxes and receive the return that they got last year? I have things I have on there such as Charitable donations and all of this would be going to them, but is it possible for me to file singly and receive the tax return for the 15k I've spent on student loans this year?
College Student Tax question
- Thread starter nitrofish1
- Start date
Do you provide more than half of your own support? If so, then the answer is yes. If your parents provide more than half of your support, then they can claim you as a dependent and the answer to your question is no.
I was going to say I pay for just about everything, rent, food, tuition loans is all me. They cover my cell phone bill, registration and insurance of my car, but that amount to id say 1600 a year total, whereas I'm paying that in bills every 3 months.
You should be able to file either way, but if you file independent then make sure your parents know so they don't claim you as a dependent as well...that's a big no no. What I did with my parents was figure out how much I would receive if I filed myself, and they calculated it both ways and if what they got for claiming me was bigger than what I would get then I went on their taxes and they paid me out what I would have gotten anyways. Either way I got what I had coming to me and they were able to get a little extra as well.
yeah well my parents kept last years tax return and "fed it to me slowly", but I kept telling them I don't need to be fed little things, I just need cash.
Be sure to pay back you parents for all the money they spent raising you. They fed you slowly and often. LOL!
Well they knew this day was coming eventually. I got my own bills to pay for, but I'm not so sure about paying them back the average balance of raising a child to the age of 18, 250 grand......
Ah yes, time to shed the idealism of growing up and meet the taxman 
Best wishes in your future career!
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Best wishes in your future career!
Sent from my iPhone using MonsterAquariaNetwork app