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| Posted by | Message | realtalk .gif)
Miami (FL) Fan
Baton Rouge, LA
Member since Feb 2011
2061 posts
| Can I expect to get a tax refund for the 1st time? (Posted on 12/3/12 at 10:28 pm)
Ill be 21 living at home with my folks, claiming myself (single), in college with a full scholarship, and I earn 10k a year. I get full amount of state and fed taxes taken out of my checks. I didn't get the full amount taken out befotr until this year amd I have never received a tax refund. I usually owed. Can I expect to get a refund this year? If so could anyone guesstimate how much I could expect to get? Thanks
| | Back to top | Share on  | foshizzle 
LSU Fan
Member since Mar 2008
25129 posts
 Online
| re: Can I expect to get a tax refund for the 1st time? (Posted on 12/3/12 at 10:40 pm to realtalk)
We'd need to know more detail, but if your gross is 10k you will probably get a refund.
That's unfortunate, it is better to have to pay extra b/c it means you had use of the money during the year. But you're just getting started, it's all good.
| | Back to top | | GoCrazyAuburn 
Auburn Fan
Member since Feb 2010
9088 posts
| re: Can I expect to get a tax refund for the 1st time? (Posted on 12/3/12 at 11:32 pm to realtalk)
Yea, I would much rather owe taxes at the end of the year the get a refund.
Why would you want to loan the government money throughout the year, at basically no interest?
| | Back to top | | BFIV
Member since Apr 2012
1017 posts
Online
| re: Can I expect to get a tax refund for the 1st time? (Posted on 12/4/12 at 3:49 pm to realtalk)
Why not have your tax preparer run the tax return scenario both ways? That is, claim your own exemption on your potential return and then have your parents claim you as a dependent on their potential return. Then compare the bottom line. Their refund might be much larger with you as a dependent on their return. Maybe even large enough that you and they could split the difference your exemption makes, enabling you to have an even bigger refund than if you claim your own exemption. I've seen this happen a lot of times.
| | Back to top | | dewster 
Maryland Fan
TN
Member since Aug 2006
4439 posts
| re: Can I expect to get a tax refund for the 1st time? (Posted on 12/4/12 at 3:55 pm to GoCrazyAuburn)
quote:
Why would you want to loan the government money throughout the year, at basically no interest?
My thoughts exactly.
I also think that people would freak if they had to write a check every year.
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