[salukigirl]

This is my first year claiming myself. I will be starting my MS or PHD in August so first I had to grow some you know what to call and tell my dad he can't claim me this year. Considering my parents are experts of guilt trips I'm a little surprised I'm not crying right now.

Anyways....I have always been claimed by my parents because I have never been old enough to be considered independents through FAFSA. Usually I get a couple hundred back from federal but owe the state and it almost always ends up being even.

Will I definitely get more money back this year? Does anyone know if I have to claim financial aid money? And does anyone know if this will mean that I might get more financial aid this coming fall being independent and claiming myself?

[Junerain]

I found this-

http://www.irs.gov/app/understanding...dent/index.jsp

[(JD)]

Hi. Student loans are not taxable, but some student aid is.
If you're receiving money back after filing your taxes, you aren't claiming enough on your W4 in the first place. Don't loan the government your money, they don't pay interest.
But I'm confused, you said this is the first year of claiming yourself, so how do you usually get money back???

There's someone on site that does tax stuff... check down in the classifieds or ? forum for her free assistance.

I wouldn't be too quick to get out from under your parent's wings on this one. It may cost you dearly to file on your own.
TC

[salukigirl]

I always file my taxes but usually as a dependent so my dad gets the credit, but I still have to file taxes. I get federal back but usually owe state so it ends up even.

thanks for the website junerain