Income Taxes
 

Wife and I both got our W-2's today. Getting $5001 back, not too shabby. Can finally pay the old lady's Trailblazer off. Anyone else got their's done yet?

I don't get my W-2 until the end of the month....and then I have to wait for some other statements for my student loans.

EDIT: I did use a tax calculator and I should be getting back around $2800.

Do student loans help or hurt you? I mean i know when you pay them back they probably help, but when you take them out are you supposed to state that anywhere?

If you use them to get a degree they help. If you use them to buy food, booze, drugs, lap dances, etc, thats another story

You get a tax credit for the interest that you've paid on them throughout the year.

Plus I get a $2000 school tax credit because I"m in school.

My target is always to owe...I hate loaning the government money, they might not pay it back(which is actually a real concern this year in CA).

Taxes done already?

Nerd alert.......

despite claiming Married 0 dependents and hubby getting an extra deduction because he is legally blind, we always have to pay the state around 1 grand...

we usually get back around that amount from feds....

sooooooooooo we get NOTHING usually

sigh


but at least we have good jobs

Not too shabby, but not quite enough $ to buy you and the wife a virgin.

I took 13 hrs last semester and I have 17 hrs this semester. I have taken out a total of like 10k in school loans this year. Should i be reporting that on my taxes somewhere to help me get back more money?

Edit I know dick about taxes, my wife does them and I'm not sure she always does them right. She does them on taxact.com

It would make more since to try and break even.

Who are your school loans through?

stafford

While getting a refund is nice, getting one that large usually means you paid way, way too much over the year, basically giving the government an interest free loan.

As far as student loans go, the interest you actually paid on them are deductible, not what you accrued. So if you haven't started paying them back yet, no deduction for you.

And you don't need to report the "income" they provide -- just like you wouldn't on a personal loan you got.

Of course, I only play a tax professional in the Internet, so you may want to double check all that.

MM
~~:D