In the money
Tax refunds and the students who spend them
Stephanie Rogers Collegio Reporter
This year, students are receiving anywhere from $60 to $2,000 from their tax refund.
“I’m saving my refund for my first few weeks of summer because I’m going to L.A. to work for Toyota,” said Dan Rundquist, senior in psychology. “I’ll use it there to pay for stuff before I get my first paycheck.”
For other students, the refund will go to more mundane costs. “I got back $382 from federal and $74 from the state,” said Aaron Rexwinkle, junior in mechanical engineering. “I didn’t qualify for the education credits because of my scholarships and grants. That money will be going to bills because being a college student means I’m perpetually broke.” Jeff King, an auto technology major who has received over $300 back, says he has been using his refund for a little bit of everything. “I’ve been saving some but recently spent some out at the bars.”
Other students, such as Megan Rennie, senior in commercial graphics, who works full-time at Dress Barn in Joplin, Mo., says she has spent hers on entertainment and shopping. “I was excited to know that I got around $2,000 for my tax refund,” Rennie said. “I used some to go to my brother’s wedding in Manhattan, and of course, went shopping in Tulsa, Oklahoma for the weekend.” Brian Woods, junior in communication, and Franky Summers, freshman in exercise sciences, both received $60 from their refund.
Woods says he was depressed when he found out how much he was receiving back from taxes.
“I know friends that got like upwards of $200.” Woods said. “But I plan on trying to save a little and spend the rest on shopping, or maybe on gas. It’s pretty expensive so I might just fill up my gas tank.”
Summers called his $60 “big bucks,” and says he already spent his on shopping for new Pittsburg Pirates flat bill hat and a light-up watch from American Eagle. “I guess you could say it was a special kind of purchase,” Summers said. Gail Yarick, professor of accounting and computer information systems, says some students may be able to apply for a tax credit.“Depending on whether the student is an independent or dependent, some may be able to apply for a tax education credit,” Yarick said. “But if your parents claim you on their taxes, then they get to take advantage of that credit.”