Tax Question

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So, I made about $51,000 and I got taxed $11,000. I have two jobs and I am listed as Single-1. I am also a grad student so I was able to get the tax credit. I did my taxes today, but I am not getting one cent back. Does that sound legit to you guys? I live in NY and I am not head of household.
 
Wikipedia said:
So, I made about $51,000 and I got taxed $11,000. I have two jobs and I am listed as Single-1. I am also a grad student so I was able to get the tax credit. I did my taxes today, but I am not getting one cent back. Does that sound legit to you guys? I live in NY and I am not head of household.
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YAY, tax season is here!

Let's examine what you said for a little more detail. "i got taxed $11,000" What do you mean by this? As a resident of NY, you will be subject to Federal taxes and NY State taxes. So where does the $11,000 figure come from? Have you received your W-2 yet? if so, what are the breakdowns for state and federal withholding?

Barring any other details which you likely would have mentioned already, can you tell us whether you itemize your deductions or just take the standard deduction?

Single with no dependents and standard deduction earning $51,000 would owe APPROXIMATELY $6631 of Federal Income taxes, NY State income tax of $2587, and NY city income tax of $1527 (If you're a resident of NYC proper).

That's a total of $10745.

Let me know if you have further questions.
 
Income
$51,176.66

$5,342.45-Federal

$2,149.42- SS

$742.06 -Medicare

$1,814.28 NYS Income tax

$1,150.99- NYC Income tax
 
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Okay. well, you're a young happening dude, so you probably don't receive any SS or medicare benefits at this point in your life. just realize that the government taxes you for those things for your expected use of them later.So you can ignore the SS/medicare amounts (yes, i know they were taken out of your check, but that's essentially the price we pay for those programs. i suppose you can check with the ss or medicare organization to make sure that your employer was taking the correct percentages out of your paycheck, but other than that, it looks correct.)

so, when you say you're not getting anything "back"... does that mean you owe money? or does it miraculously end up that you owe exactly all of those exact amounts for federal, NYS and NYC taxes?

Or do you owe a small amount?
 
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I owe 950 to the state, but the federal is giving me 950. So, 0. Now, this year I will make more, hopefully I don't end up owing at the end of 2013.
 
villansfinest said:
Okay. well, you're a young happening dude, so you probably don't receive any SS or medicare benefits at this point in your life. just realize that the government taxes you for those things for your expected use of them later.So you can ignore the SS/medicare amounts (yes, i know they were taken out of your check, but that's essentially the price we pay for those programs. i suppose you can check with the ss or medicare organization to make sure that your employer was taking the correct percentages out of your paycheck, but other than that, it looks correct.)

so, when you say you're not getting anything "back"... does that mean you owe money? or does it miraculously end up that you owe exactly all of those exact amounts for federal, NYS and NYC taxes?

Or do you owe a small amount?
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I like ur posts good info sprinkled with a bit of humor keep it going my dude. Btw I stay in Cali with 2 dependents and I'm head of household mind doing my taxes. I'm srs btw
 
Use H and r block tax calculator, and Don't put in the cents or any commas or decimals when entering numbers fool.
 
Wikipedia said:
I owe 950 to the state, but the federal is giving me 950. So, 0. Now, this year I will make more, hopefully I don't end up owing at the end of 2013.
Click to expand...

Well, in my opinion it is a bit odd that all of your numbers work out in exactly that manner... that you would owe one group $950, but coincidentally you'll be getting exactly $950 from elsewhere to cover that.


BASED ON THE INFORMATION YOU PROVIDED, all of your numbers look correct.

When you start work for your employer, you usually fill out something called a W-4... on this document, you tell your employer some information about yourself. The codes usually sound like this: Single and 1, or Married and 4, or Head of Household and 3.

Those are instructions for your employer to follow when payday rolls around. Your employer will look at the amount of money they owe you for wages, then they go to a big book/table and look up how much FED tax and STATE tax (and NYC tax) to take out for somebody with your info. So if you really are single with no kids, your employer should be taking out the correct amount of money for somebody that is single with no kids. That means that when you do your taxes, if you put on your tax forms that you are single with no kids, and your employer has been withholding money from your paycheck as if you are single with no kids, then you will have the proper amount of taxes withheld for being single with no kids for the amount of money that you make.

That's the way the system is designed to work. It gets confusing/broken when you tell your employer Married and 4, but you're really single with one kid. That information doesn't really add up. Or if you have other weird tax issues like student loan interest, huge itemized deductions (health/mortgage expenses) or multiple employers.


If you are displeased with the amount of money taken out for taxes, it's kind of silly, but my best advice is to contact your local elected representative and share your views with them. They are the ones that created this system and changed the numbers to be what they are. Don't let them hide behind the mask of a "massive" government... make it personal by holding them personally accountable.

And as always, I strongly urge all of you to utilize electronic filing methods, and Direct Deposit options for your refunds, and electronic payments if you owe. It's environmentally friendly, less susceptible to fraud, and costs the government LESS to process because it's so much more efficient.
 
Had a question about the American Opportunity Tax Credit. In 2011 I was 23 years old so when I tried to use it while filling my taxes I was denied, because it stated I need to be 24 to qualify. Was wondering if I could use the stuff I was going to claim in 2011 for the 2012 year. One of the tax people said I could, but I think its iffy. You're very knowledgeable about this stuff so I thought you would know. Thanks

BTW I qualify for the Tax credit....

I live in Texas also..
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Hey villiansfinest you seem really knowledgable dude. Loved reading your posts. I have a qiestion

My moms been doing my taxes for years now. But i worked aloooottt this past year (prob made 20k after taxes)

I was wondering if i should go to H&R block this year

Cause my friend had his taxes done by my mom last year n got a lil back, then went to h&r block last year n said they got him a tonnn more money n even said they got him money from the year before that he was due. Does this seem legit?

Is it possible my mom is missing some things? She does like 20 dif ppls taxes so i always assumed she knew what she was doing. But she is very by the book and wouldnt ever dare cheat.

Thanks!
 
Quell said:
Hey villiansfinest you seem really knowledgable dude. Loved reading your posts. I have a qiestion

My moms been doing my taxes for years now. But i worked aloooottt this past year (prob made 20k after taxes)

I was wondering if i should go to H&R block this year

Cause my friend had his taxes done by my mom last year n got a lil back, then went to h&r block last year n said they got him a tonnn more money n even said they got him money from the year before that he was due. Does this seem legit?

Is it possible my mom is missing some things? She does like 20 dif ppls taxes so i always assumed she knew what she was doing. But she is very by the book and wouldnt ever dare cheat.

Thanks!
Click to expand...



PM sent :nerd:
 
Melo0115 said:
Had a question about the American Opportunity Tax Credit. In 2011 I was 23 years old so when I tried to use it while filling my taxes I was denied, because it stated I need to be 24 to qualify. Was wondering if I could use the stuff I was going to claim in 2011 for the 2012 year. One of the tax people said I could, but I think its iffy. You're very knowledgeable about this stuff so I thought you would know. Thanks

BTW I qualify for the Tax credit....
I live in Texas also..
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okay, here's some American Opportunity Tax Credit info straight from the source: http://www.irs.gov/uac/American-Opportunity-Tax-Credit
"The American Opportunity Tax Credit modifies the existing Hope Credit for tax years 2009 and 2010 under ARRA. The credit was extended to apply for tax years 2011 and 2012 by the Tax Relief and Job Creation Act of 2010. The new credit makes the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student."

and more from: http://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers
Q4. How much is the American opportunity tax credit worth?
A. It is a tax credit of up to $2,500 of the cost of tuition, fees and course materials paid during the taxable year. Also, 40% of the credit (up to $1,000) is refundable. This means you can get it even if you owe no tax.

Q8. How is the American opportunity tax credit calculated?
A. Taxpayers will receive a tax credit based on 100 percent of the first $2,000, plus 25 percent of the next $2,000, paid during the taxable year for tuition, fees and course materials.

Q10. Who can claim the American opportunity tax credit?
A. Generally, a taxpayer whose modified adjusted gross income is $80,000 or less ($160,000 or less for joint filers) can claim the credit for the qualified expenses of an eligible student. The credit is reduced if a taxpayer’s modified adjusted gross income exceeds those amounts. A taxpayer whose modified adjusted gross income is greater than $90,000 ($180,000 for joint filers) cannot claim the credit.

actually, there's a lot of great info on that page. if it helps, i was not able to find anything about the 24 year old age requirement that somebody mentioned to you... the best way to deal with that is to go back to the person you heard the information from and ask them for their source references. as you'll notice with the information that i attempt to share, it all comes from government websites.

the other part of your question was could you use expenses from 2011 to claim the credit in 2012. I'm going to lean towards a big NO on that one, other than this one bit that i was able to find:
To be creditable, the expenses paid during a taxable year must relate to: (1) an academic period that begins in the same taxable year; or (2) an academic period that begins in the first three months of the following taxable year. See Publication 970, Tax Benefits for Education.
from: http://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers

Best of luck to you! Let us know how everything works out. The more we all know, the better we'll all be able to do!
 
Menacin Methods said:
I've been going to H&R block ever since I got married. Any other way I can do my tax?
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Absolutely! Keep copies of your tax return forms from previous years and if your situation doesn't change much from year to year then just see what HR Block did previously. You can get blank forms from the IRS website www.irs.gov or use some free software programs depending on your income level. Following the instructions that are readily available and looking at examples from previous years is really all anybody needs.

If you have drastic changes in circumstances like going back to school, having a child, marrying or divorcing, then it may be in your interest to seek specialized advice. But if your life is pretty much the same from year to year, then it can be quite easy to do the work yourself!
 
villansfinest said:
Absolutely! Keep copies of your tax return forms from previous years and if your situation doesn't change much from year to year then just see what HR Block did previously. You can get blank forms from the IRS website www.irs.gov or use some free software programs depending on your income level. Following the instructions that are readily available and looking at examples from previous years is really all anybody needs.

If you have drastic changes in circumstances like going back to school, having a child, marrying or divorcing, then it may be in your interest to seek specialized advice. But if your life is pretty much the same from year to year, then it can be quite easy to do the work yourself!
Click to expand...

do you work for the IRS ??
 
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