Ill be 21 living at home with my folks, claiming myself (single), in college with a full scholarship, and I earn 10k a year. I get full amount of state and fed taxes taken out of my checks. I didn't get the full amount taken out befotr until this year amd I have never received a tax refund. I usually owed. Can I expect to get a refund this year? If so could anyone guesstimate how much I could expect to get? Thanks
BFIV Virginia Member since Apr 2012 1585 posts Online
re: Can I expect to get a tax refund for the 1st time?(Posted by BFIV on 12/4/12 at 3:49 pm to realtalk)
Why not have your tax preparer run the tax return scenario both ways? That is, claim your own exemption on your potential return and then have your parents claim you as a dependent on their potential return. Then compare the bottom line. Their refund might be much larger with you as a dependent on their return. Maybe even large enough that you and they could split the difference your exemption makes, enabling you to have an even bigger refund than if you claim your own exemption. I've seen this happen a lot of times.