Comprehensive tax insights, personalized for you
Sarah - College Student
Missed student loan interest deduction
+$380 in potential savings
Carlos - Rideshare Driver
Underreported mileage & expenses
+$840 in potential savings
Jamie - Freelance Designer
Home office & software deductions unclaimed
+$520 in potential savings
Explore more scenarios
Tap a card to view its analysis ↓
NYC Grad Student with Side Hustles
Graduate assistant juggling stipend, freelancing, and gig work in expensive NYC
2023 analysis
tax_return_2023_nyc_grad.pdf
Key insights
- • Tax rate of 16.5% - optimization opportunities available
- • Refund of $700 received
- • 41.9% of income from self-employment
Total Income (AGI)
$21,500
$12,500 wages + $9,000 business
Total Taxes Paid
$3,540
Effective rate: 16.5%
Refund Received
$700
~$58/month equivalent
Income composition
The Problem
Based on your income ($21,500), you may qualify for the Earned Income Tax Credit. EITC ranges from $600 (no children) to $7,430 (3+ children). The credit is much higher if you have qualifying children.
The Solution
Check your EITC eligibility using the IRS EITC Assistant. If you have qualifying children, the credit can be significantly higher.
Action Steps
Use the IRS EITC Assistant to determine your eligibility
Gather required documents: W-2s, 1099s, Social Security numbers for all family members
Claim the credit on your tax return (Schedule EIC if you have qualifying children)
If you missed claiming it in a previous year, consider filing an amended return (Form 1040-X)
Important Warnings
- • EITC eligibility depends on income, filing status, and number of qualifying children
- • You must have earned income (wages, self-employment) - investment income doesn't count
- • If you claim EITC incorrectly, you may be barred from claiming it for 10 years
The Problem
You're giving the IRS an interest-free loan of $700. This money could be in your pocket each month instead.
The Solution
Adjust your W-4 to increase your take-home pay by $58 per month. You'll receive this money throughout the year instead of as a refund.
Action Steps
Get a W-4 form from your employer or download from IRS.gov
Use the IRS Tax Withholding Estimator to calculate the right number of allowances
Submit the updated W-4 to your employer's HR or payroll department
Verify the change takes effect in your next paycheck (usually 1-2 pay periods)
Important Warnings
- • Don't adjust too aggressively - you still need to pay enough to avoid underpayment penalties
- • If you have multiple jobs or self-employment income, you may need to make estimated payments instead
The Problem
If you have children under 17 who live with you, you may qualify for the Child Tax Credit. Verify your eligibility.
The Solution
Verify if you have qualifying children. The credit requires children under 17 who live with you for more than half the year and have valid Social Security numbers.
Action Steps
Verify your child meets the requirements: under 17, related to you, lives with you, and has a Social Security number
Check income limits - the credit phases out at higher income levels
Claim the credit on your tax return (line 19 of Form 1040)
If you missed claiming it in a previous year, file an amended return
Important Warnings
- • The child must be under 17 at the end of the tax year
- • Income limits apply - the credit phases out for higher earners
- • You need a valid Social Security number for the child
The Problem
With an AGI of $21,500, you may qualify for SNAP (food assistance), Lifeline (phone/internet). Eligibility varies by state. Medicaid often requires dependents or disability. Estimated annual value: $240.
The Solution
Check your eligibility and apply for programs you qualify for. Income limits and requirements vary by state and program.
Action Steps
Check SNAP (food assistance) eligibility - AGI limit: $35,000 for individuals, $50,000 for families
Check Lifeline program eligibility for discounted phone/internet service (AGI limit: $40,000, varies by state)
Contact your local social services office or 211 for information about additional programs in Unknown
Important Warnings
- • Eligibility varies by state and depends on income, household size, and other factors
- • You may need to provide documentation of income and expenses
- • Some programs have asset limits in addition to income limits
Key financial metrics
Taxable Income
$7,650
35.6% of AGI
Withholding
$1,200
Refunded
Standard Deduction
$13,850
Used (not itemized)
Disclaimer: This analysis is for educational purposes only and does not constitute tax, legal, or financial advice. Tax laws are complex and your individual circumstances may differ. We recommend consulting with a licensed tax professional before taking any action based on this information. This tool is not responsible for any decisions made based on this analysis.
Ready to get your personalized analysis?
Upload your tax return PDFs and receive comprehensive insights tailored to your specific tax situation. All data is processed securely and anonymized for research purposes.