can someone give me a rough estimate of a tax refund?
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can someone give me a rough estimate of a tax refund?
Posted by Batdawg on 1/22 at 5:42 pm
40k in earnings
10k paid in taxes
Filed 0
Single



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Posted by drewnbrla on 1/22 at 6:00 pm to Batdawg
quote:

40k in earnings 10k paid in taxes Filed 0 Single



Rough rough (and I mean rough) estimate:
income $40,000
Standard deduction: $5,950
Taxable: $34,050
Taxes due: $4,669
Paid: $10,000
Refund: $5,331

ETA: assuming no capital gains taxes to be paid, credits or additional taxable income deductions of any kind


This post was edited on 1/22 at 6:03 pm

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Posted by Vols&Shaft83 on 1/22 at 6:02 pm to Batdawg
we can, but not twice. You double postin sumbitch


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Posted by drewnbrla on 1/22 at 6:05 pm to Vols&Shaft83
quote:

we can, but not twice. You double postin sumbitch


Damnit, I've been taken advantage of!

ETA: Just saw he double posted.


This post was edited on 1/22 at 6:07 pm

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Posted by Batdawg on 1/22 at 6:24 pm to drewnbrla
Sorry didn't mean to. I didnt have 401k or insurance at work also. Thanks


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Posted by iwasthere on 1/22 at 6:38 pm to Batdawg
Just go to the IRS site and get the 1040 EZ form if all your tax info consists of what you said. \

40,000-9,750=30,250 Taxable Income
10,000-4,109=5,891



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Posted by drewnbrla on 1/22 at 6:54 pm to iwasthere
quote:

Just go to the IRS site and get the 1040 EZ form if all your tax info consists of what you said. \ 40,000-9,750=30,250 Taxable Income 10,000-4,109=5,891


Since He's claiming single with no dependents he wouldn't receive the additional $3800 deduction which leaves him with only the $5950 standard deduction right? Not sure but I think that's right because I file single with no dependents and only receive the $5950 standard deduction.



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Posted by iwasthere on 1/22 at 6:58 pm to drewnbrla
No, you get to take the $3800. You have been filing wrong unless someone claims you as a dependent.


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Posted by Batdawg on 1/22 at 7:50 pm to iwasthere
I'm confused???


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Posted by drewnbrla on 1/22 at 7:53 pm to iwasthere
quote:

No, you get to take the $3800. You have been filing wrong unless someone claims you as a dependent.


Been using turbotax... I think your correct because after looking at my tax refund spreadsheet and I have $9750 factored into my deduction.

ETA: but if his deduction is $9750, his taxes due would be $4099 giving him a refund of $5901 (10000-4099)...


This post was edited on 1/22 at 7:57 pm

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Posted by Batdawg on 1/22 at 7:58 pm to drewnbrla



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Posted by foshizzle on 1/22 at 8:09 pm to drewnbrla
quote:

giving him a refund of $5901


Should have claimed exemptions during the year. A refund that big always means there was a mistake. Ideally you should have a small amount due to the IRS on April 15.



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Posted by Batdawg on 1/22 at 8:15 pm to foshizzle
I filed 0. They take out a lot of tax during the year when you do that. That's why I get more back, I paid more throughout the year than if I would have filed 0.


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Posted by OldTigahFot on 1/22 at 8:50 pm to Batdawg
quote:

That's why I get more back,


Son, do you realize that the government has had this money to use for a whole year without paying you one red cent in interest ?




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Posted by VABuckeye on 1/22 at 9:17 pm to Batdawg
I'm pretty sure you can go into TurboTax yourself now. Your return is very simple to do.


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Posted by LSUAJB on 1/22 at 9:35 pm to foshizzle
how does one claim exemptions if they're single and no dependents?


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Posted by drewnbrla on 1/22 at 9:59 pm to OldTigahFot
quote:

Son, do you realize that the government has had this money to use for a whole year without paying you one red cent in interest ?


Honestly, I'm surprised that the government still gives out "Refunds"



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Posted by MikeBRLA on 1/22 at 10:29 pm to LSUAJB
quote:

how does one claim exemptions if they're single and no dependents?


Fill out a W4 form and give it to your employer. The overpayment is so big bc he filed 0 for whatever reason. As has already been mentioned this results in giving the government an interest free loan.



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Posted by Batdawg on 1/22 at 10:35 pm to MikeBRLA
So what's so wrong with filing zero? I don't care about the government as long as I get my money back.


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Posted by Dead Mike on 1/22 at 11:33 pm to Batdawg
quote:

So what's so wrong with filing zero? I don't care about the government as long as I get my money back.



In that case can I borrow $5000 and pay you back next January?



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