Taxs?

[iceteebone 5,000+ posts]

you get your W2 sent to you by january 31st and they need to be filed by april 15th. how do you know you are getting 2000 back when the year isn't over?

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[revrider1 5,000+ posts]

January

 

[iceteebone 5,000+ posts]

Ive already got 1700 in federal(and because my age I get almost all federal back) and my new job pays more and more hours so I should be able to easily get another 300 in federal

it depends a lot more then just that. if you have paid $1700 that means you have made a lot more then $5000 and when you make over $5000 they start withholding federal and you don't get all the back, plus it depends on how many dependants you claimed. if you claimed yourself you won't be getting as much back vs. if you claimed no one.

 

[iceteebone 5,000+ posts]

I claim noone. Im still under my parents

your not gonna see all that $1700. the government will withhold a chunk of it

 

[azimuth 5,000+ posts]

if they claim you as a dependant, it's even less.

 

[Pitchblack98 10+ year member]

have fun with that. I never got back more than maybe 30% of the taxes I paid when I was in my teens. Now I pay taxes every year.

 

[MikeofTulsa Moderator]

i have yet to have to pay in on taxes. claiming 0 and having an additional $5.00 taken out each week = ftw

 

[Johnny Drama 5,000+ posts]

have fun with that. I never got back more than maybe 30% of the taxes I paid when I was in my teens. Now I pay taxes every year.

I've paid in every year. Never have got anything back //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

 

[MikeofTulsa Moderator]

well jntar have a kid, that'll help your odds. //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif i'll be claming mine this year. i got 1300 back last year with out my kid. should be another 1300+1000 for the kid

 

[azimuth 5,000+ posts]

i claimed 7 exemptions for 2 years and didn't file. that was f'n brilliant. now i pay penalties and interest up the arse. noone ever accused me of being too smart. do not listen to people who claim you can cheat the government. they are much like jailhouse lawyers. it's best to just claim 0 and eat it. you probably have had people tell you to claim 1 for yourself so they take less out. sounds good until you owe the feds 500 at the end of the year.

 

[azimuth 5,000+ posts]

earned income credit is awesome. have 4 kids. lol

 

[MikeofTulsa Moderator]

eic is nice if u dont make enough money

 

[Bolognablake 10+ year member]

your not gonna see all that $1700. the government will withhold a chunk of it

I predict he'll see about $400 of that.

 

[Flipx99 5,000+ posts]

you get your W2 sent to you by january 31st and they need to be filed by april 15th. how do you know you are getting 2000 back when the year isn't over?

I know how much I am getting back and the year isn't over. But those that pretty much already know, don't ask these types of questions.

I still haven't figured out why people get tax refunds. Many on here do but I don't understand why? I prepare my taxes so that I close to break even as possible. You use IRS tax tables to see how much you owe, then have taxes withheld accordingly so that the amount you pay in is zero, amount you recieve is zero. Yes, it is difficult to predict exactly how much you owe (or will make) but the average person should be able to guess within a hundred dollars.

Another scam is rapid refund. I hope no one does that. They charge an irrational amount of interest. Anyone can do their own taxes, come Feb/Mar/Apr if any of you need/want help, I can show you the forms you need so that you won't get robbed by H&R block or some other tax-preparation scammers. I can't answer every tax question, but I assume most people don't itemize (and neither do I, for that matter). MOst are young enough where 10 minutes on the 1040-EZ, you can even do it online and get the real refund in a few weeks.

 

[iceteebone 5,000+ posts]

I know how much I am getting back and the year isn't over. But those that pretty much already know, don't ask these types of questions.
I still haven't figured out why people get tax refunds. Many on here do but I don't understand why? I prepare my taxes so that I close to break even as possible. You use IRS tax tables to see how much you owe, then have taxes withheld accordingly so that the amount you pay in is zero, amount you recieve is zero. Yes, it is difficult to predict exactly how much you owe (or will make) but the average person should be able to guess within a hundred dollars.

Another scam is rapid refund. I hope no one does that. They charge an irrational amount of interest. Anyone can do their own taxes, come Feb/Mar/Apr if any of you need/want help, I can show you the forms you need so that you won't get robbed by H&R block or some other tax-preparation scammers. I can't answer every tax question, but I assume most people don't itemize (and neither do I, for that matter). MOst are young enough where 10 minutes on the 1040-EZ, you can even do it online and get the real refund in a few weeks.

why the hell would we won't your advice then? //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif//content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif