Tax question....

Discussion in 'Community Discussion' started by yg17, Jan 27, 2006.

  1. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #1
    I'm trying to do my taxes here on TurboTax. I made $3588 in 2005 (part time college student who only worked winter, summer and spring break). 272 was withheld in federal income tax, 222 in SS, and 52 in medicare. I'm a dependant. Turbotax says I owe $6. Shouldn't I be getting something back since I made under a certain amount? Thanks
     
  2. iGary Guest

    iGary

    Joined:
    May 26, 2004
    Location:
    Randy's House
    #2
    There's your problem. Your parents are getting your money back. ;)
     
  3. yg17 thread starter macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #3
    In the past several years I worked, I always got a refund
     
  4. clayj macrumors 604

    clayj

    Joined:
    Jan 14, 2005
    Location:
    visiting from downstream
    #4
    If you OWE, and only owe $6, you should consider yourself very fortunate: Getting a big refund means that you overpaid through the year, and having to pay a lot means you didn't have enough taxes withheld. Ideally, you would fill out your return, mail it in, and not have to pay OR get a refund. (REALLY ideally, you would not have to file a return at all.)
     
  5. CanadaRAM macrumors G5

    CanadaRAM

    Joined:
    Oct 11, 2004
    Location:
    On the Left Coast - Victoria BC Canada
    #5
    Go and see a tax professional. We can't give any accurate advice to you here.
    It all depends if your parents are claiming your expenses as a dependent, (and your income), or not.
     
  6. yg17 thread starter macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #6
    OK now...HR Block online says I get 272 back. This is weird.
     
  7. iGary Guest

    iGary

    Joined:
    May 26, 2004
    Location:
    Randy's House
    #7
    But we like acting like we know what we're talking about.

    Spoil sport. :rolleyes:
     
  8. ibook30 macrumors 6502a

    ibook30

    Joined:
    Jun 4, 2005
    Location:
    2,000 light years from home
    #8
    Yes and with that said-
    I'd itemize all your deductions.
    Then complete your EIC worksheet (quickly adopt some kids)
    Plus you can write off the adoption charges,
    and you'll be raking in the cash. ;)
     
  9. stubeeef macrumors 68030

    stubeeef

    Joined:
    Aug 10, 2004
    #9
    my favorite thing to do is to take my wages and multiply by 1.0765 to get the real cost to my employer (not including benefits) then I subtract my actual take home pay so that I can see how hard I worked for the government. It is usually as high as 45% to the Feds and State, and SS and Medicare/aid.
     
  10. rdowns Suspended

    rdowns

    Joined:
    Jul 11, 2003
    #10
    I used to do that but since I got hit with the ATM the past 2 years, I just raise the white flag.
     
  11. GoCubsGo macrumors Nehalem

    GoCubsGo

    Joined:
    Feb 19, 2005
    #11
    According to my state you didn't make enough to have to file.
     
  12. stubeeef macrumors 68030

    stubeeef

    Joined:
    Aug 10, 2004
    #12
    I have been escaping it, narrowly, by throwing as much as possible into 401k's at mine and the wifes work, that hides 30k this year. 28k last year.
     
  13. rdowns Suspended

    rdowns

    Joined:
    Jul 11, 2003
    #13
    I max out my 401K but have high business expenses and mortgage deductions. Apparently I'm rich according to the feds. I do OK but hardly rich.
     
  14. Chip NoVaMac macrumors G3

    Chip NoVaMac

    Joined:
    Dec 25, 2003
    Location:
    Northern Virginia
    #14

    Sad state of affairs with the AMT, a law that was to make sure the wealthy paid their fair share of taxes is now hitting the middle income brackets.

    I am dreading doing my taxes this year.
     
  15. Deepdale macrumors 68000

    Deepdale

    Joined:
    May 4, 2005
    Location:
    New York
    #15
    This is how it works in your situation:

    Assuming total income = $3,588.00 and your single filing status. If you are capable of being claimed as a dependent on the tax return of your parents (whether they choose to do so or not), you are not entitled to any personal exemption deduction amount, but you are allowed to reduce your total income by a standard deduction of $3,838.00 (in your case the sum of your total income plus another $250.00). Therefore, your taxable income is reduced to zero … you will then be entitled to a refund of the entire federal withholding of $272.00.

    I filed my tax returns on Thursday and I can hardly wait until that fat federal refund electronically appears in my checking account around the first week of March.
     
  16. Roger1 macrumors 65816

    Roger1

    Joined:
    Jun 3, 2002
    Location:
    Michigan

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