I am a single soon-to-be homeowner (depending on the stupid market). I have done my rough calculations. I was laid off at the beginning of the year, triggering pay out of my vacation which is taxed as a bonus. In my new job, I am claiming 2 allowances because the amount of money withheld from my vacation pay out pretty much covers half my tax responsibility. Between that, my education loan interest allowance and the tax credit, I should get my full credit and then some as a refund. Who thought losing one's job had advantages?