can someone give me a rough estimate of a tax refund? | TigerDroppings.com

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Batdawg
Georgia Fan
Member since Dec 2012
360 posts

can someone give me a rough estimate of a tax refund?



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







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drewnbrla
LSU Fan
The Dark Side of the Moon
Member since Mar 2011
4074 posts
 Online 

re: can someone give me a rough estimate of a tax refund?


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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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
14697 posts
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re: can someone give me a rough estimate of a tax refund?


we can, but not twice. You double postin sumbitch





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drewnbrla
LSU Fan
The Dark Side of the Moon
Member since Mar 2011
4074 posts
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re: can someone give me a rough estimate of a tax refund?


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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Batdawg
Georgia Fan
Member since Dec 2012
360 posts

re: can someone give me a rough estimate of a tax refund?


Sorry didn't mean to. I didnt have 401k or insurance at work also. Thanks





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iwasthere
UNO Fan
New Orleans
Member since Jul 2010
1182 posts

re: can someone give me a rough estimate of a tax refund?


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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drewnbrla
LSU Fan
The Dark Side of the Moon
Member since Mar 2011
4074 posts
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re: can someone give me a rough estimate of a tax refund?


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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iwasthere
UNO Fan
New Orleans
Member since Jul 2010
1182 posts

re: can someone give me a rough estimate of a tax refund?


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





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Batdawg
Georgia Fan
Member since Dec 2012
360 posts

re: can someone give me a rough estimate of a tax refund?


I'm confused???





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drewnbrla
LSU Fan
The Dark Side of the Moon
Member since Mar 2011
4074 posts
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re: can someone give me a rough estimate of a tax refund?


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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Batdawg
Georgia Fan
Member since Dec 2012
360 posts

re: can someone give me a rough estimate of a tax refund?








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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30032 posts
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re: can someone give me a rough estimate of a tax refund?


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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Batdawg
Georgia Fan
Member since Dec 2012
360 posts

re: can someone give me a rough estimate of a tax refund?


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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OldTigahFot
LSU Fan
Drinkin' with the rocket scientists
Member since Jan 2012
5622 posts

re: can someone give me a rough estimate of a tax refund?


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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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
11211 posts
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re: can someone give me a rough estimate of a tax refund?


I'm pretty sure you can go into TurboTax yourself now. Your return is very simple to do.





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LSUAJB
LSU Fan
in da boot..
Member since Mar 2007
421 posts

re: can someone give me a rough estimate of a tax refund?


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





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drewnbrla
LSU Fan
The Dark Side of the Moon
Member since Mar 2011
4074 posts
 Online 

re: can someone give me a rough estimate of a tax refund?


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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MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
9258 posts

re: can someone give me a rough estimate of a tax refund?


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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Batdawg
Georgia Fan
Member since Dec 2012
360 posts

re: can someone give me a rough estimate of a tax refund?


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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Dead Mike
LSU Fan
Cell Block 4
Member since Mar 2010
1776 posts

re: can someone give me a rough estimate of a tax refund?


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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