Filing Taxes

I am a college student and was never taught how to file taxes. Do you always get money back after filing them?

PaulaM
Employee Tax Expert

Get your taxes done using TurboTax

Unfortunately, you do not always get taxes back (refund) after filing them.  Your tax is figured like this:

 

  • Total of all your income items - some adjustments = adjusted gross income
  • Adjusted gross income - your personal exemption. Note: If you are someone's dependent than your exemption is 0.
  • Then - your standard/itemized deductions (standard for most people including students) = Taxable Income
  • + some credits and - other taxes if applicable = your total tax owed
  • total tax is compared with taxes withheld on your W-2 and other forms
  • If too much taxes were withheld, you get a refund. If too little were withheld your owe more taxes.

 

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