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
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Tax question....
- Thread starter yg17
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iGary said:There's your problem. Your parents are getting your money back.
In the past several years I worked, I always got a refund
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.)yg17 said:
Go and see a tax professional. We can't give any accurate advice to you here.yg17 said:
It all depends if your parents are claiming your expenses as a dependent, (and your income), or not.
iGary said:But we like acting like we know what we're talking about.
Spoil sport.
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.
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.
rdowns said:
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.
yg17 said:
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.
