Income Tax Returns!

[fatboy1185]

So finally got around to doing taxes. I only worked part time last year (student), and was only taxed $780 for the full year. Now for some reason, I'm getting back more than $780 in a tax return? How is that possible?

[ChIoVnIdCa]

So finally got around to doing taxes. I only worked part time last year (student), and was only taxed $780 for the full year. Now for some reason, I'm getting back more than $780 in a tax return? How is that possible?

No offense but.... Student= part time, part time= poor.. Poor people do not pay taxes. So yes it makes sense

[fatboy1185]

None taking, but that doesn't answer my question. The government only took $780 from me. But now they are giving me back all that $780, PLUS more. Why am I getting a positive balance on my tax return, instead of just evening back out, how I usually do.

[ChIoVnIdCa]

None taking, but that doesn't answer my question. The government only took $780 from me. But now they are giving me back all that $780, PLUS more. Why am I getting a positive balance on my tax return, instead of just evening back out, how I usually do.

It makes sense if you had tax credits.

[fatboy1185]

So school expenses?

[Law Grandeur]

lulz if i get enough...new tires and a catback

[19dabeast85]

To all of you getting a large return (1500+) you should adjust the allowances on your w4 statement (just ask your employer) so you don't pay so much all year. This way you'll get to use that money throughout the year instead of loaning it to the IRS for the year interest free. If you're getting back 1500 then you overpaid your taxes by 1500. By making the simple allowance adjustment you'll get that extra 100+ every month for general use.

If you have even just a little knowledge of tax issues use taxact.com. (cheaper than turbotax)

If you know absolutely nothing about taxes use turbotax.

[19dabeast85]

None taking, but that doesn't answer my question. The government only took $780 from me. But now they are giving me back all that $780, PLUS more. Why am I getting a positive balance on my tax return, instead of just evening back out, how I usually do.

You make so little that you're considered poverty level and you get all sorts of credits. Are you in college? That'll get you tons of credits also. My wife and I overpaid about $600 taxes in 2009 but we're getting back over $1,300 because of some education credits we qualify for. It's the only good part of having a low income.

[fatboy1185]

Yes college. I got about $1250 back, which is about $450 more than was taken from my checks.

[turbo90accord]

i only made 7K last year not paying any federal or state taxes only SS and medicare and being a full time student i got 1800 back.

[foamypirate]

Haven't filed yet, but I'm estimating I'll get around $1,700 or so back. I already bought my fun stuff though ($340 or so to get the last parts needed for my HTPC).

[fatboy1185]

i only made 7K last year not paying any federal or state taxes only SS and medicare and being a full time student i got 1800 back.

did you get student grants and loans too?

[19dabeast85]

Any of you in school remember to claim any grants/scholarships as income so you don't get in trouble. "Free money" isn't free....you have to pay taxes on it.

[The G-Man]

So finally got around to doing taxes. I only worked part time last year (student), and was only taxed $780 for the full year. Now for some reason, I'm getting back more than $780 in a tax return? How is that possible?

Are you being claimed by your parents as a dependent? Because I am and as such I only get back like $250 this year when I paid in like $646 in federal income tax.

[fatboy1185]

Are you being claimed by your parents as a dependent? Because I am and as such I only get back like $250 this year when I paid in like $646 in federal income tax.

No I'm an independent.