Life Income Taxes

Lono · 01-15-2009, 02:13 PM

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?

**The Franchise** · 01-15-2009, 02:14 PM

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.

Lono · 01-15-2009, 02:16 PM

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?

booyaf2 · 01-15-2009, 02:17 PM

Quote:

Originally Posted by Lono

Do student loans help or hurt you?

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

**The Franchise** · 01-15-2009, 02:20 PM

Quote:

Originally Posted by Lono

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?

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.

**CrazyPhuD** · 01-15-2009, 02:22 PM

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).

tomahawk kid · 01-15-2009, 02:22 PM

Taxes done already?

Nerd alert.......

Gracie Dean · 01-15-2009, 02:24 PM

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

**alpha_omega** · 01-15-2009, 02:27 PM

Quote:

Originally Posted by Lono

Wife and I both got our W-2's today. Getting $5001 back, not too shabby.

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

Lono · 01-15-2009, 02:27 PM

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

**penguinz** · 01-15-2009, 02:28 PM

Quote:

Originally Posted by CrazyPhuD

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).

It would make more since to try and break even.

**The Franchise** · 01-15-2009, 02:32 PM

Quote:

Originally Posted by Lono

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

Who are your school loans through?

Lono · 01-15-2009, 02:33 PM

stafford

**The Franchise** · 01-15-2009, 02:37 PM

Quote:

Originally Posted by Lono

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

http://www.collegeboard.com/parents/...aid/21418.html

Mark M · 01-15-2009, 02:38 PM

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
~~

01-15-2009, 02:13 PM
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9933836	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?
Posts: 811

01-15-2009, 02:14 PM	#2
The Franchise Most Valuable Villain Join Date: Dec 2006 Casino cash: $2855047	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.
Posts: 92,294

01-15-2009, 02:16 PM	#3
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9933836	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?
Posts: 811

01-15-2009, 02:22 PM	#6
CrazyPhuD Meow Join Date: Jun 2005 Casino cash: $10005050	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). __________________ "Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t*rd by the clean end"
Posts: 8,523

01-15-2009, 02:22 PM	#7
tomahawk kid Drunk in the Neighborhood Join Date: Nov 2002 Location: Beating the War Drums Casino cash: $10001837	Taxes done already? Nerd alert.......
Posts: 5,974

01-15-2009, 02:24 PM	#8
Gracie Dean MVP Join Date: Aug 2000 Casino cash: $10004900	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
Posts: 12,955

01-15-2009, 02:27 PM	#10
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9933836	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
Posts: 811

01-15-2009, 02:33 PM	#13
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9933836	stafford
Posts: 811

01-15-2009, 02:38 PM	#15
Mark M What time is it? Join Date: Sep 2000 Location: You tell me ... Casino cash: $9884900	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 ~~ __________________ ChiefsPlanet -- n. The place where brilliant minds assemble to willfully pool ignorance with questionable logic in order to reach absurd conclusions.
Posts: 4,687