Wednesday, February 28, 2001
The University Daily Kansan
Section A · Page 7
Tax Guide
7
Students explore tax return options
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By Cynthia Malakasis
wmter@kansan.com
Kansan Staff Writer
"I get a little bit back," she said. "Like $12."
Cory Silverman, Atlanta senior, said she would cash her modest tax return and use it to go to the bars.
An $800 gas bill would make most students shudder, but Cody Johnson isn't worried.
Mirroring Silverman's objective, but
The Riley senior is planning to pay his portion of the sizable bill with tax return money.
"I've gotten a lot of money in the past years, so I'm assuming this year's return will be big, too," he said.
Depending on lifestyles and individual needs—not to mention the amount of the return — University of Kansas students have come up with different plans on how to spend their tax return money.
having more tax return money at his disposal, Frank Auten, Paola graduate student, said he would use it to throw a big keg party, estimating that he would receive more than $1,000.
For other students, tax returns will be a means of covering basic needs.
Andreana Jackson, Leavenworth senior, said her tax return money was going to buy her a Louis Vuitton bag.
"I'm going to buy lunch for the next few weeks," said Preston Fulton, Lyndon junior.
Tax returns will also feed savings accounts.
Josh Vincent, Olaht freshman, said he was going to keep his tax money and invest it for next semester's tuition.
"I don't get very much back," he said.
"It get a cup of hundred dollars."
Shopping is another item on the lists of tax return recipients.
"I'm going to save it," said Kristen Wheeler, Emporia sophomore. "I don't
Other students are budgeting their tax returns for wider causes.
"I'm going to donate my money to my church's special missions," said Christina Harms, Wichita senior and member of the International Churches of Christ.
McCollom, Oklahoma
City junior, said she hadn't thought about the money from her return.
Neither had Ryan Currier.
Finally, there are those who are unde- cided.
have anything
have anything in particular to spend it on."
Alny McCollom, Oklahoma
Δmv
my parents pay for school, so they get to keep my tax return," said the Sedgwick senior.
- Edited by Brandy Straw
Free Cheese and crackers everyday at 5 pm
Dependent status costs students money
By Rachel Moluf
Special to the Kansan
Alexa Redford misses her tax refund.
Redford, Prairie Village sophomore, took a year off of school to work. During that time, her parents didn't claim her as an exemption on their income tax return.
After coming to the University of Kansas, Redford is a dependent again, which affects her own income tax refund.
"With my parents claiming me as a dependent, I get about $200 less from my tax refund," she said. "But my parents get $500 more."
However, Redford said her parents always compensated her somehow.
"My mom gives me a certain amount of money to go shopping, usually close to the
would have given life, she said. "She understands that $150 is a lot of money for someone in college."
Rachel Fuller, Augusta fifthyear senior, would rather see her refund directly.
"This is the first year my parents have not claimed me on their taxes," she said. "I should get about $700 in federal [tax
refund] and $100 from the state by being independent."
Fuller said her parents didn't offer enough financial support for them to claim her.
"Last year, my parents didn't help me pay for any of my hard expenses — tuition, books, housing, car, insurance, gas," she said. "They told me they'd pay for any major medical expenses, but I didn't have any."
Fuller doesn't know how much her parents could deduct with her as a dependent, but she knows it's enough to make a difference.
"My dad keeps asking me if I'll be a dependent next year," she said.
Michele Kessler, associate director of Legal Services for Students, said when students' parents were in a higher tax bracket, they could save almost
twice as much as students.
"If you assume that your parents are in a 28 percent tax bracket, they can subtract $784 from their taxes for each exemption," she said. "Most students are in a 15 percent bracket and can only subtract $420 for each exemption."
Students who want to be independent have to prove that they can support themselves.
Kessler said that students could be dependents of their parents if they were under 24 years old.
For students 24 and older, it's more difficult to be a dependent, she said.
"Once you hit 24, you can't meet the dependent requirements if you're earning more than $2,800 a year." Kessler said.
— Edited by Joshua Richards
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