Student Loans Taxable Income
October 11th, 2009Question: Why am I getting so much less this year Part 2?
ok, so I dont know how to reply to these after an answer.
last years return (2006) my gross income was $28,850, and $0 on Standard Deductions, Exemptions, and Taxable Income. I claimed $1500 or so in student loan interest paid.This year (2007 return) I have 2 jobs instead of one, with a total gross income of $42,452. The fed tax withheld is $4,506.01, SS withheld $2,632, and Med withheld is $615. These are all totals from both W2s together.
I paid 1420.22 in student loan interest this year.2007 Standard Deduction $5,350
07 Exemptions $3,400
07 Taxable Income $32,281why were the above all $0s for '06, but not now? heh, Did I go into some other bracket that screws up my ability to get money back? My refund over the past 4 years has been between 700-800$, but this year inputting the same info I seemingly get a grand total of $13.
what else should I post numbers-wise? Is there anyone who has a possible answer as to why I'm getting so much less bak?
Answer: If those are actually your numbers from your '06 return, it sounds like there was a serious mistake made.
Just think about it for a minute. You earned $28,850. You then claimed zero in deductions (when you really should have claimed the standard deduction, but that's beside the point right now) and zero in exemptions (when, again, you should have claimed at least yourself, so that would have been even more to deduct from your income before you calculated your tax)
Anyway -- if you deducted NO deductions from your income, then your taxable income should still have been $28,850! The fact that you reported NO taxable income, in my opinion, means your taxes were not done properly.
I'll be interested to see if anyone else has another possible explanation. I hope for your sake that it turns out I'm wrong.
Harvard Borrowing $400M for Smaller Expansion
Harvard University, which has almost doubled its debt burden in three years, begins selling about $400 million of tax-exempt bonds today as it finances part of a scaled-back campus expansion plan.
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