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Er...did I do my taxes wrong?

S

SLCentral

Diamond Member
I made $9,946 last year (I'm a freshman in college now). Here's a breakdown:

Federal income tax withheld: $962.64
Social Security withheld: $616.66
Medicare withheld: $144.22
NJ SDI: $49.73
UI/HC/WD: $42.28
State income tax: $149.59

I did my federal return online on Turbotax.com, and it calculated a $1164 tax refund...does this correct? It seems awfully high...did I screw something up? I don't have any dependents (although I am one), and no real deductions.


----------------------------------
Please use the tax thread for tax related questions

Senior Anandtech Moderator
Common Courtesy
 
Originally posted by: bonkers325
you are the lowest tax bracket and most of your taxes paid will be refunded
Click to expand...

seriously. poor people get a lot of taxes back.

< student, with 2 kids (claiming 1), 1/3 w2's so far, but i know i made under 12k.
 
Originally posted by: SLCentral
I made $9,946 last year (I'm a freshman in college now). Here's a breakdown:

Federal income tax withheld: $962.64
Social Security withheld: $616.66
Medicare withheld: $144.22
NJ SDI: $49.73
UI/HC/WD: $42.28
State income tax: $149.59

I did my federal return online on Turbotax.com, and it calculated a $1164 tax refund...does this correct? It seems awfully high...did I screw something up? I don't have any dependents (although I am one), and no real deductions.
Click to expand...

I'm not sure, but it wouldn't make sense to be able to get a refund if you someone else is claiming you as a dependent. It seems like it would be double dipping since that other person is also getting a refund for you.
 
Wrong thread, but you are still required to file your taxes, even if you can be used as a deduction on someone elses return...you just don't get to claim yourself as a deduction. ($3500?)

http://www.irs.gov/faqs/faq/0,,id=199716,00.html

"Dependents & Exemptions

Question: If I claim my daughter as a dependent because she is a full-time college student, can she claim herself as a dependent when she files her return?



Answer: If you claim your daughter as a dependent on your income tax return, she cannot claim herself on her income tax return.

If an individual is filing his or her own tax return, and the individual can be claimed as a dependent on someone else's return, the individual cannot claim his or her own personal exemption.
In this case, your daughter should check the box on her return indicating that someone else can claim her as a dependent. "



 
If someone else can claim you - you cannot take the "personal" exemption. The Standard Deduction still applies. Perhaps the OP qualifies for earned income credit? See tax thread.
 
Originally posted by: BoomerD
Wrong thread, but you are still required to file your taxes, even if you can be used as a deduction on someone elses return...you just don't get to claim yourself as a deduction. ($3500?)

http://www.irs.gov/faqs/faq/0,,id=199716,00.html

"Dependents & Exemptions

Question: If I claim my daughter as a dependent because she is a full-time college student, can she claim herself as a dependent when she files her return?



Answer: If you claim your daughter as a dependent on your income tax return, she cannot claim herself on her income tax return.

If an individual is filing his or her own tax return, and the individual can be claimed as a dependent on someone else's return, the individual cannot claim his or her own personal exemption.
In this case, your daughter should check the box on her return indicating that someone else can claim her as a dependent. "
Click to expand...

Aw shit. I told TurboTax my parents count me as a dependent, but I still got the $3500 deduction. On my 1040 under exemptions, the "yourself" box is mistakenly checked off...what do I do now?
 
Sorry for the threadjack:

Full time student here..should my parents put me down as a dependent or should I declare myself as a dependent? 😕

Not sure if it matters, but when I started at my job, I put down "0" for the number of dependents.
 
I'm waiting for my W2s to arrive still before I can do mine. Lucky you if you got yours already. Lucky you that you get to use the EZ form too, I can't anymore.
 
Originally posted by: Terabyte
Sorry for the threadjack:

Full time student here..should my parents put me down as a dependent or should I declare myself as a dependent? 😕

Not sure if it matters, but when I started at my job, I put down "0" for the number of dependents.
Click to expand...

How many dependents you claim only affects the amount of tax deducted from your paycheck. You can claim 9 if you want to...you just won't get as large of a refund (if at all) at the end of the year.

As for "should your parents take you as a deduction?"

There are several things that affect the correct answer to that.

Your age
Their income
YOUR income

 
Originally posted by: SLCentral
Originally posted by: BoomerD
Wrong thread, but you are still required to file your taxes, even if you can be used as a deduction on someone elses return...you just don't get to claim yourself as a deduction. ($3500?)

http://www.irs.gov/faqs/faq/0,,id=199716,00.html

"Dependents & Exemptions

Question: If I claim my daughter as a dependent because she is a full-time college student, can she claim herself as a dependent when she files her return?



Answer: If you claim your daughter as a dependent on your income tax return, she cannot claim herself on her income tax return.

If an individual is filing his or her own tax return, and the individual can be claimed as a dependent on someone else's return, the individual cannot claim his or her own personal exemption.
In this case, your daughter should check the box on her return indicating that someone else can claim her as a dependent. "
Click to expand...

Aw shit. I told TurboTax my parents count me as a dependent, but I still got the $3500 deduction. On my 1040 under exemptions, the "yourself" box is mistakenly checked off...what do I do now?
Click to expand...

if you fucked it up you need to go into the tax thread and get it sorted, then file an amendment to your taxes.


Originally posted by: Terabyte
Sorry for the threadjack:

Full time student here..should my parents put me down as a dependent or should I declare myself as a dependent? 😕

Not sure if it matters, but when I started at my job, I put down "0" for the number of dependents.
Click to expand...

tax thread, people!
 
Originally posted by: bobdole369
If someone else can claim you - you cannot take the "personal" exemption. The Standard Deduction still applies. Perhaps the OP qualifies for earned income credit? See tax thread.
Click to expand...


http://www.irs.gov/publication...en_US_publink100041978
"Standard Deduction Amount
The standard deduction amount depends on your filing status, whether you are 65 or older or blind, whether an exemption can be claimed for you by another taxpayer, whether you pay state or local real estate taxes, and whether you have a net disaster loss from a federally declared disaster. Generally, the standard deduction amounts are adjusted each year for inflation. Use Worksheet 3 to figure your standard deduction amount.

Standard Deduction for Dependents
The standard deduction for an individual for whom an exemption can be claimed on another person's tax return is generally limited to the greater of:

$900, or

The individual's earned income for the year plus $300 (but not more than the regular standard deduction amount, generally $5,450).

However, if the individual is 65 or older or blind, paid state or local real estate taxes, or had a net disaster loss from a federally declared disaster, the standard deduction may be higher.

If an exemption for you (or your spouse if you are married filing jointly) can be claimed on someone else's return, use Worksheet 3 to determine your standard deduction. "

(worksheet 3 on that page)



 
Originally posted by: xSauronx

Originally posted by: Terabyte
Sorry for the threadjack:

Full time student here..should my parents put me down as a dependent or should I declare myself as a dependent? 😕

Not sure if it matters, but when I started at my job, I put down "0" for the number of dependents.
Click to expand...

tax thread, people!
Click to expand...

Just looked at the thread -

You are a dependent of your parents if you are under 18 (24 if in school) unless:
You have stood on your own for more than 6 months. Just because you paid for your tuition costs does not mean that you are not a dependent.
Your parents have the option of not declaring you and letting you stand on your own.

I'm only 21...so I guess that answers my question.

Thanks 🙂

 
Sorry, I didn't even realize that there was a tax thread. Looks like I butchered my taxes, so I'm filing a 1040Z right now to amend it. Anyone know how long it takes? Also, how will the IRS know not to send me money next Friday as originally planned?
 
Originally posted by: SLCentral
Sorry, I didn't even realize that there was a tax thread. Looks like I butchered my taxes, so I'm filing a 1040Z right now to amend it. Anyone know how long it takes? Also, how will the IRS know not to send me money next Friday as originally planned?
Click to expand...

If they do send it, just don't touch it.
 
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