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Question: Tax return for students in illinois?

(Posted by: Lydia S on 2012-02-04 19:35:02)

On average what would a student with a pell grant that was 2700 get back if they do their taxes? should my parents do it on their taxes or should i do it with my work taxes? i heard if your a student you get a lot back can my parents have me as a dependant and i do my own taxes as well?? im so confused with this tax stuff its my first year doing this so i dont even know if i have to if my parents claim me as a depaendant i make over 8000 a year on my own plus im a student so do i do my oen taxes and do they get my form thing for my grant or do i do that with my work taxes thing???

Posted by: Judy on 2012-02-04, 19:43:20

You heard wrong. You don't necessarily get anything back. If your eligible expenses are covered by your grant or scholarships, there's no tax break for them. If the grant only covered some of your expenses, the rest are eligible if they were paid out of pocket. If you're a dependent, your parents get any education credit for you, you don't. An education credit can be up to $2500 per student, but that doesn't mean everyone gets that much, or even anything at all.