Vedant Vasanji doesn’t see April 15 as the dreaded tax day many Americans wish would never come — it’s something he looks forward to.Vasanji, a business senior, said he expects his largest refund to date this year. He intends to use the money for a trip abroad this summer after taking care of a few bills.”I plan on paying my health insurance and car insurance [bills] and having about $1,000 left,” Vasanji said. “I’ll go out to Rio de Janeiro, Brazil, this summer.”Having the extra cash is nice, but Vasanji said his annual tax refund is never something he relies on for expenses.”It’s not something I count on at all,” Vasanji said. “It’s definitely a surprise how much I get.”The average refund taxpayers receive from the Internal Revenue Service is increasing. The average payback for taxes eligible for a refund was $2,683 last fiscal year, up slightly from the $2,371 average return in the 2007 fiscal year, according to the IRS Web site.But some students are counting on their returns to help with necessary expenses. Steven Brouillette, agriculture senior, said he plans on putting most of his tax refund toward loan payments.”I’m going to pay back the loans my brother gave me to help survive,” Brouillette said. “I wish it went to something I splurge on.”Andrew Tykol, bioengineering freshman, said he doesn’t expect a large refund this year.”I think I got back $67 this year,” Tykol said. “It’s just a little extra to spend on whatever you have to pay for.”Students’ refunds may not be among the largest in the country, but there are several tax credits they can take advantage of this year.The American Opportunity Credit is typically filed by the parents of a student and can be worth up to $2,500 for the first four years of college, according to the IRS Web site. Either single filers making below $80,000 per year in total income and joint filers making below $160,000 per year in total income are eligible for the credit.Rochelle Wooden, digital art sophomore, said she plans to save all of her tax refund.”I have to save that money,” Wooden said. “With the way things are going right now, you can’t really count on anything.”Ryan Edwards, biology senior, said he owed taxes to the federal government last year because he worked two jobs and had too high of a total income.”Thankfully, the amount I owe to the federal government is just a little more than what I’m getting back from the state,” Edwards said. “It isn’t bad, but it definitely isn’t a nice little check to spend on whatever.”—–Contact Ben Bourgeois at [email protected]
Students use refund for bills, loans, leisure
April 14, 2010