Freaking out over taxes

[NikolaeVarius]

Well, I suppose I wouldn't call it a freakout, more like just wondering how stupid I could be.

I currently work 2 part time jobs in college. I believed that I was exempt from Federal taxes and state taxes because of the fact that I only made 300 dollars during 2009. However, I happened to look online and saw that while I was exempt from state taxes, my wages were still federally taxable. I haven't filled out any of my tax forms. Should I be worrying a shit ton? I'm already going through my resources and trying to figure it out, but I also want to ask some other people.

 

[SandEagle]

IRS coming for you. run nooga run!

 

[TwiceOver]

How do you work two jobs and only make $300 in a year?

 

[NikolaeVarius]

How do you work two jobs and only make $300 in a year?

I only worked for 2 months, and work slots are pretty competitive

 

[chipy]

i wouldn't worry but definitely take care of it if you owe taxes... better to do it late than never i think. good luck!

 

[Wonderful Pork]

first, if you worked for a company they usually take out your federal and state taxes automatically (contractor/self employed doesn't count). Generally, unless you mess with your withholdings you are due a tax refund at the end of the year.

I am not a lawyer OR tax attorney so my advice is purely anecdotal, but if you don't owe any additional payment the IRS will not penalize you for not filing your tax paperwork as they owe you money.

That said, if you drew a paycheck you're obligated to file a 1040, and its due April 15th every single year. Who are you Wesley Snipes? Get on it, it takes like 10 minutes and usually you get money BACK (since its automatically withdrawn from paychecks). If you don't want the refund PM me and I'll gladly send you my address for your overpayment, you can send me a check.

 

[BoomerD]

Presumably your parents claim you as a dependent, so these rules apply:

http://www.irs.gov/publications/p929/ar02.html

A dependent must file a return if all his or her income is earned income, and the total is more than the amount listed in the following table.

Marital Status Amount
Single
Under 65 and not blind $5,700
Either 65 or older or blind $7,100
65 or older and blind $8,500
Married*
Under 65 and not blind $5,700
Either 65 or older or blind $6,800
65 or older and blind $7,900
*If a dependent's spouse itemizes deductions on a separate return, the dependent must file a return if the dependent has $5 or more of gross income (earned and/or unearned).


If you only made $300, the only reason to file is to get back any taxes you may have paid into the system.

 

[NikolaeVarius]

I'm just going to be a bit more specific..

I have 2 jobs, I work for the school (Not work study or anything like that) and I work for a company that provides services on school grounds.

I got these jobs pretty late last year so I didn't make much money. I made 100 dollars from the school, and another 200 from the company. I remember doing W-2's and 1040's around November which is when I acquired the jobs and we were required to fill them out then and there.

My pay stubs from the company do in fact show federal and state taxes being deducted from my paycheck.

My question is, are those tax forms signed in November applicable to this past tax filing date? Or did I have to file them again.

 

[MJinZ]

Well, I suppose I wouldn't call it a freakout, more like just wondering how stupid I could be.

I currently work 2 part time jobs in college. I believed that I was exempt from Federal taxes and state taxes because of the fact that I only made 300 dollars during 2009. However, I happened to look online and saw that while I was exempt from state taxes, my wages were still federally taxable. I haven't filled out any of my tax forms. Should I be worrying a shit ton? I'm already going through my resources and trying to figure it out, but I also want to ask some other people.

LOL. I made like $5K each year in college at internships and never filed a return. I really don't think they give a shit about the $100 of income tax that would end up being returned to you anyway.

 

[CPA]

I'm just going to be a bit more specific..

I have 2 jobs, I work for the school (Not work study or anything like that) and I work for a company that provides services on school grounds.

I got these jobs pretty late last year so I didn't make much money. I made 100 dollars from the school, and another 200 from the company. I remember doing W-2's and 1040's around November which is when I acquired the jobs and we were required to fill them out then and there.

My pay stubs from the company do in fact show federal and state taxes being deducted from my paycheck.

My question is, are those tax forms signed in November applicable to this past tax filing date? Or did I have to file them again.

If you are not a dependent of someone, then yes you should file. However, since you only had $300 of earnings, I highly doubt you had any federal withholding taken out. It was most likely just FICA tax. Even so, if you had a few bucks taken out for withholding, your taxable income will be offset by your standard deduction. In fact, you may be owed a refund if you are eligible for any credits.

Now, since you don't owe any taxes, you have three years from the end of the year to file to claim your refund. The IRS could ask where your return is, but it's doubtful and you won't be charged interest and penalty since you don't owe.

 

[MagnusTheBrewer]

I'm just going to be a bit more specific..

I have 2 jobs, I work for the school (Not work study or anything like that) and I work for a company that provides services on school grounds.

I got these jobs pretty late last year so I didn't make much money. I made 100 dollars from the school, and another 200 from the company. I remember doing W-2's and 1040's around November which is when I acquired the jobs and we were required to fill them out then and there.

My pay stubs from the company do in fact show federal and state taxes being deducted from my paycheck.

My question is, are those tax forms signed in November applicable to this past tax filing date? Or did I have to file them again.

Since taxes were deducted, you did not elect to be exempt from taxes. Therefore you are simply out the money you paid in taxes. Thanks.

 

[Matthiasa]

At only $300 in a year, they may end up owing you.

 

[NikolaeVarius]

However, even if I am exempt from taxes, I still filled out what I believe to be the w-2 and 1040 before I even started working. On my FAFSA, does that still count as having done the 1040 even though I didn't make any money at the time of my signing it?

 

[SaDiZTiKStyLeZ]

This year was the first year I did taxes. So I had to file everything from 2006 till now. I would have owed money if not for it being nullified by other factors. I think it was my school loans and that they went straight to the school instead of my pocket. I already forget most details of when I sat down with someone to get em done though. Since I was fixing they computer while they did my taxes.

 

[BoomerD]

However, even if I am exempt from taxes, I still filled out what I believe to be the w-2 and 1040 before I even started working. On my FAFSA, does that still count as having done the 1040 even though I didn't make any money at the time of my signing it?

First of all, when you start a job, you fill out a W-4. The W-2 is what they send you after the end of the year to report your wages/taxes for the year. You fill out the 1040 to file the tax return.

some companies make you fill out a new W-4 annually, while others allow one to remain in effect unless YOU opt to make changes.

Odds are, with only $300 in total wages, the only things withheld were social security, medicare, and possibly state disability. (depends on the state)

 

[Net]

if you are paying tuiton then you can automatically deduct $2500. if you payed interest on student loans you can deduct that too.

do your taxes, you'll get money back.

read up on the tuition deduction to see if you can roll that over as a tax credit.

 

[Net]

if you are paying tuiton then you can automatically deduct $2500. if you payed interest on student loans you can deduct that too.

do your taxes, you'll get money back.

read up on the tuition deduction to see if you can roll that over as a tax credit.

 

[DaWhim]

i wouldn't freak out about it.

IRS will actually waste money on u if they want to audio you. you make so little that they won't care. beside that, since u make so little, you won't be paying any taxes. any taxes you have paid will be refunded to you (the refundable portion). technically, your return is to get money back, not paying taxes.

why freak out?

 

[Leros]

http://www.youtube.com/watch?v=8ef8tDc66hg

 

[TechAZ]

Don't worry. They will let you know if they catch it, or care about it. Sure, you might do a little time in FPMITAP, but it builds character.

 

[NikolaeVarius]

So after doing alot of reading, I found out that I DO have to file taxes because apparently school scholarships count as part of income, which puts me way over the $5,700.

Now the part that is confusing me, how to do the actual filing. I have a bunch of paperwork which is all organized, but I'm not sure exactly what I need to mail in.

I'm 90% sure I can use the 1040EZ form.

 

[MagnusTheBrewer]

So after doing alot of reading, I found out that I DO have to file taxes because apparently school scholarships count as part of income, which puts me way over the $5,700.

Now the part that is confusing me, how to do the actual filing. I have a bunch of paperwork which is all organized, but I'm not sure exactly what I need to mail in.

Just a wild thought but, have you considered contacting the IRS?

 

[NikolaeVarius]

Just a wild thought but, have you considered contacting the IRS?

I would but they are closed on weekends

 

[MagnusTheBrewer]

If you go to IRS.gov Right smack in the middle of the screen is a link to how to file if you missed the deadline. Are you sure you're old enough to live by yourself?

 

[Blackjack200]

I'm already going through my resources and trying to figure it out, but I also want to ask some other people.

Just a wild thought but, have you considered contacting the IRS?

I would but they are closed on weekends

If you go to IRS.gov Right smack in the middle of the screen is a link to how to file if you missed the deadline. Are you sure you're old enough to live by yourself?

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