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    dashman81's Avatar
    dashman81 Posts: 1, Reputation: 1
    New Member
     
    #1

    Dec 28, 2007, 07:12 AM
    How much will I get back in taxes if I am
    A single male who made 46,000, lives in New York, pays 1,150 a month in rent and has about 300 dollars in deductions from interest on a student loan and graduate school tuition?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Dec 28, 2007, 09:08 PM
    You can reduce your taxable income by up to $4,000 by deducting your School Tuition fees. It is shown as adjustment to income on Form 1040, line 34 or 1040A, line 19.
    Assuming that you will take this adjustment, then on wages of $46,000 the taxes are:
    Social security withheld $2852
    Medicare withheld $667
    Your Federal Income tax $4,736
    Then you will have NY Income Tax and other taxes (if any).
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Dec 29, 2007, 09:29 AM
    He may benefit from the Lifetime Learning Credit rather than the tuitiopn deduction, but I have NOT run the calculations.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #4

    Dec 29, 2007, 10:14 PM
    Yes, dashman81 will save $600 on tax by claiming tuition deduction. So it may be better not to claim tuition deduction and go for Education credit.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #5

    Dec 30, 2007, 12:18 AM
    Looking at the original posting, it is NOT clear how much was spent on tuition.

    But it's a good bet it's MORE than $4,000.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #6

    Dec 30, 2007, 12:32 AM
    Maximum tuition fee adjustment allowed is $4,000.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #7

    Dec 30, 2007, 01:31 AM
    That is true, but I believe the $300 citation is for interest paid.
    BEBZ's Avatar
    BEBZ Posts: 1, Reputation: 1
    New Member
     
    #8

    Jan 17, 2009, 01:24 PM
    Quote Originally Posted by dashman81 View Post
    how much will a single female with 2 children who made about
    9000 dollars in seven months lives in waterbury connecticut pays 325 for rent a month
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    Maaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaakkkkkkkk kkkkkkkkkkkkkkkkkkkkkkeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee

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