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How much is YOUR tax refund going to be?

dukebound85 said:
Are you saying I get a refund of $8,231 whereabouts?
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No, that's how much taxes you owe based off your income.

That's where what you owe/refund is calculated. If, in 2009, more than $8,231 was withheld for federal taxes, you get a refund for the difference. If less than $8,231 was held, you owe the difference.

The number on your paycheck you're concerned with is Fed Withholding. Ideally, that's as close to $8,231 as possible.

Same thing for state taxes, you'll either owe or be due a refund.
 
dukebound85 said:
Ok let me see if I have this right

For my values:

Fed Withholding: ~8100
Fed MED/EE: ~850
Fed OASDI/EE: ~3600

So I will owe about 131 (looking soley at the Fed Withholding)? or do I get a refund of ~4k (incorporating the other 2 values)?

I appreciate your explanation:)
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MED is Medicare and I think OSADI is social security. You'll get those back when you're in your 60s ;)
 
dukebound85 said:
Ok let me see if I have this right

For my values:

Fed Withholding: ~8100
Fed MED/EE: ~850
Fed OASDI/EE: ~3600

So I will owe about 131 (looking soley at the Fed Withholding)? or do I get a refund of ~4k (incorporating the other 2 values)?

I appreciate your explanation:)
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You'll owe about 131. The other two are Medicare and Social Security and have nothing (as far as it matters) to do with federal income tax.
 
dukebound85 said:
Gotcha

But with student loan interest and what not, I could owe less correct?
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Yes.

Also, since you moved last year, did you live in 2 different states? If so, you'll have to file as a part-year resident in each state which is a PITA. This doesn't affect your Federal tax filing though.
 
dukebound85 said:
Gotcha

But with student loan interest and what not, I could owe less correct?
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Yeah. I'm not sure how much the $900 deduction will get you, but it will be less than $131.

You may also owe New York state taxes too if enough weren't withheld. I know nothing about NY taxes though (hell, I barely know anything about Fed taxes).
 
swiftaw said:
Yes.

Also, since you moved last year, did you live in 2 different states? If so, you'll have to file as a part-year resident in each state which is a PITA. This doesn't affect your Federal tax filing though.
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I did, but only had income in one

Now my work gave me a lump sum (3k) that they will "gross up" to pay for taxes for certain expenses. That amt was included when I gave my YTD wages

Will that help out much?

yg17 said:
Yeah. I'm not sure how much the $900 deduction will get you, but it will be less than $131.

You may also owe New York state taxes too if enough weren't withheld. I know nothing about NY taxes though (hell, I barely know anything about Fed taxes).
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Dang, forgot about that one
 
$7584 this year. Got married, filing jointly, and we both claim 0. Add to that tuition and fees deductions and a new car purchase.

I prefer to have more taken out each check, even if it equates to a 0% interest loan, because it is much much easier for me to get something back from the government than to owe.
 
Haven't gotten all my forms in the mail yet, but looks like $2150ish at this point. Single guy, no kids, wife, or other potential dependents. Going to pay off the credit card, and put some towards a cruise I'm taking in June :D
 
Geting about 1k Saving most of it and gonna buy a Season Pass of MLB.Tv Perhaps get Roku Since you can now watch MLB.tv through Roku as well.
 
dankybear said:
don't really pay any taxes now i work for the state... maybe like $10
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How's that?!! You only owe about $10 or what? You still have taxes taken from your check. Someone said that's better than being unemployed. But, they tax unemployment checks too! Now that makes no sense.

abijnk said:
... it is much much easier for me to get something back from the government than to owe.
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Easier? What do you mean, easier?
 
Gregg2 said:
Easier? What do you mean, easier?
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Simple. If you opt not to have enough withheld, you have to keep close track of your paycheck and put enough away to pay what you owe in April. Having more withheld basically guarantees you'll get a refund and won't have to come up with a few thousand dollars.
 
If I don't have to pay or if my tax bill < 1,000 I'll be estatic. Personally I'm really hoping not needing to pay.

I had made some decision this year that affected my tax liability, and my wife was on unemployment the whole year. They don't take taxes out by default but you need to count the money as income. I'm waiting for that 1099-G to see if and how much I'm going to get hammered.
 
$773 from Teh Fed and $120 from Teh Not So Fed.

Not bad. Not too bad at all. I try to adjust my deductions every year so I have more to work with, but oh well.

:) :) :)
 
2-3k!!!!! what what!! cant wait for that shizzz!!! i paid for my last year of education!!! soo i get a nice fatty check.. and i work in NY live in NJ so i am also getting a lot of overpaid taxes back!
 
I got married this year so my wife and I are filing jointly after we paid in previously all year as single at a higher tax rate, so we're getting back $2700 federal, $3 state (wtf?). Using it to pay off a credit card and some extraneous student loans.
 
yg17 said:
Simple. If you opt not to have enough withheld, you have to keep close track of your paycheck and put enough away to pay what you owe in April. Having more withheld basically guarantees you'll get a refund and won't have to come up with a few thousand dollars.
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Well, I guess - if you're living paycheck to paycheck and have no liquid savings. You don't want to end up owing a few thousand, because you'll probably have to pay extra for that. They penalize you. But, owing 100 or even a few hundred isn't bad.

In Wisconsin, the state wants a interest free loan from every citizen. The withholding rate is in outer space somewhere! Married filing jointly, and we claim 0 exemptions for Federal, and 10 for State. We usually end up owing Uncle Sam, and pay him from the State refund. Yes, we still get some back from those Cheeseheads in Madison, and we usually have a little left over.
 
Gregg2 said:
Well, I guess - if you're living paycheck to paycheck and have no liquid savings.
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I think you just described a large percentage of Americans, including me.

I do not make enough money to put a lot into savings. It's pretty difficult for me to put aside even $200 a month.

I would rather give more to the feds every year and get a nice return rather than face potential financial ruin if I end up owing anything.

This year I'll be getting a little over $2,000 back, but most of that is thanks to an education credit. It will all be used to move later this year.
 
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