TAX RETURN APPRECIATION Vol: Lets get this $$$

I got a tax paper for my interest from my bank for my savings account the day after I did it on turbotax. What should I do?
 
I remember when I filed taxes last year that making work pay tax credit was great.
I'm 21 and in my 3rd year of school and I'm an Independent student, any chance I'll
get money back? I doubt it however I'll still file a little like 500 would be nice to save.
 
Originally Posted by mdwst9

can anyone answer my question......i owe like $1000 or watever and all of my jobs are legit how do I owe this much money? this may be the wrong place to ask lol but im tryna figure out some info before I speak with a professional and have to pay them.
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you're claiming too many exemptions. the more you claim, the less taken out of your check per pay period. i'm guessing youre claiming 2 or maybe even more. contact your HR dept. if you have one and have it changed to 1 or 0. (1 would be best if you provide for yourself/dont have kids. 0 would be safest, and youll probably end up with a good refund, but thats money you could be getting during the year.)


Originally Posted by Mark Antony

Huh? It means you gotta be a student over the age of 24.
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under.
 
Originally Posted by mdwst9

can anyone answer my question......i owe like $1000 or watever and all of my jobs are legit how do I owe this much money? this may be the wrong place to ask lol but im tryna figure out some info before I speak with a professional and have to pay them.
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Originally Posted by villansfinest

actually, if you have two jobs you are likely to get less back.

here's an example:

employer 1 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.

employer 2 pays you $100, but takes out $5 for tax because that's how much you're supposed to take out for somebody who makes $100.

but when it's time to fill out your paperwork, you've actually made $200. (employer 1 +employer 2)  and people that earn $200 owe $12. combined, your employers only took out $10 ($5 each, because they only thought you were making $100)
that means that both of your employers should have been taking money out more money (but they usually don't because employer 1 ususally has no idea how much you're eanring from employer 2 (unless you tell them/fill out the paperwork).

bottom line: the more money you earn, the more you owe in taxes.
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Only time I would say this...but being single FTL.

Don't get *@$# back this year
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Originally Posted by JayHood23

The gov't takes mine, student loan in default ftl
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thats not a good look for you

defaultin on loans is terrible man
 
Originally Posted by PharelFor3

Looking like $800 for me. Guess I got money to celebrate on my bday
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maybe you should use some of that money for the secret santa you DEADBEAT!!!!!
 
Originally Posted by nightruans

Originally Posted by its murder 187

Originally Posted by PharelFor3

Looking like $800 for me. Guess I got money to celebrate on my bday
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maybe you should use some of that money for the secret santa you DEADBEAT!!!!!
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Me and the wife filed seperately this year so she's getting a return of $1600 and I owe $1500 so it's a wash.
 
Originally Posted by LazyJ10

Ah, I see that it's now time for my annual public announcement.

My first disclaimer - I know it's some of your preferences to have the US Gov't be your personal savings account (but paying you no interest) so you get a big check at 1 point in time....

But - the goal should be to get $1 or owe $1 (even better would be zero, obviously) and have more money per pay check, thus not giving interest free loans to our gov't.

Again, I understand some of you have no will power or discipline to not save more money per paycheck if you were to adjust your withholdings...just giving my annual speech.
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Exactly.  From my W-2, I owed around $900, but after the money back from my mortgage and charitable donations, I ended up getting a Federal Return of $1864.  For PA State, I owed $9.
 
Originally Posted by its murder 187

Originally Posted by PharelFor3

Looking like $800 for me. Guess I got money to celebrate on my bday
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maybe you should use some of that money for the secret santa you DEADBEAT!!!!!
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There's nothing lower than an Deadbeat NT Secret Santa.  C'mon man.  That's scumbag level 
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lil over 4000 federal, 1200 state... always use it to pay bills off for the year (cell phone, house phone, internet, trash, cable). Hvae a lil bit left over this year. Prob spend that on dumb %%%#.
 
how do I maximize my claims of charitable donations (over $1k this year) and business write offs (I am a teacher so I buy tons of work stuff)... I use turbotax by the way
 
Work- $3,500
Son-    $1,500

Total-  $5,000 

Gave BM $2,000 for my son. Than finished paying off my car which is $1,500 and bought a MacBook Pro. 
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Just filed mines....HELLO $250!!!!!!
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oh well lolol  Last year i got $130.  Rather have bigger pay checks anyway (says the jealous responsible american)
 
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How is it an appreciation? 

Unless you're caking off refundable credits like the Earned Income Credit or Child tax credit... this is the time of the year where we reconcile what we PAY TO THE GOVT.  

I am sorry but after I file my return and I look at line 61 on form 1040 where it says, Total Tax, I feel sick to my stomach at how much I paid the govt in 2011.  
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3.7hunna...

not sure what i want to do w/ it... not enough to invest... but not enough to ball...
 
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