Re: Filing Taxes
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Level 1

Filing Taxes

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

1 Reply
Employee Tax Expert

Filing Taxes

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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