Tax Returns!

[Kevin 1G Drummer]

I claim 1 as well.

[JET]

2 because of the house.

[tim]

I claim 1.

Everyone keeps telling me that I am going to get fucked over with my taxes this year. I cant stand that I get approximately $650 taken out of my check every week and yet I will still end up having to pay in this year.

What gives? I really should learn more about this stuff.

[Kracka]

Does your mom still claim you as a dependent?

[tim]

Originally Posted by Kracka

Does your mom still claim you as a dependent?

No. Hasn't for a few years now.

[Kracka]

Then if you're claiming 1 there should be no reason that you'd be paying in. Are you claiming more than 1?

[Halon]

I've claimed 1 only once in my life. It was my first job ever when I was 16 working at McDonald's. The first time I ever had to taxes was that year when I was 16 and in highschool, and I had to pay in. That was a real shitty feeling being 16 and having to pay in when everyone else around me was getting refunds of a couple hundred bucks. Even though the amount I had to pay in wasn't all that much, I was expecting a couple hundred back like all my friends got, and so that just sucked. That is a big reason that I claim 0 now. I never want to pay in again.

[Kracka]

Originally Posted by Halon

That is a big reason that I claim 0 now. I never want to pay in again.

You paid in b/c your parents were claiming you as a dependent (hence why you should have been claiming 0 at the time). If you claim 1 now you'll still get money back...just not as much as claiming 0. I'm sure you know all this already, but maybe someone else will find this info useful.

[98gstaherns]

I did mine on taxslayer.com for free because Im in the navy and getting a pretty nice chunk of change back! My money will be going towards my wedding.

[Halon]

Originally Posted by Kracka

You paid in b/c your parents were claiming you as a dependent (hence why you should have been claiming 0 at the time). If you claim 1 now you'll still get money back...just not as much as claiming 0. I'm sure you know all this already, but maybe someone else will find this info useful.

Yes that is a good point. But one other thing that worries me is that I have a base pay that I make. But with all my travel and overtime, I just about double my base pay. So I get worried that with all my overtime and crap, that it may come back to haunt me if they didn't take enough out since they may be basing how much they take out, on how much I'm "supposed to make" in a year, but really I double that amount.

Anywho, I'm happy with claiming 0. I am completely worry free of having to pay in, and I do like the nice little bonus check after the holiday season.

[Halon]

http://money.cnn.com/2008/01/18/news...ion=2008011913

Interesting.

[Halon]

Also found this table showing the different tax brackets. Kinda interesting because I was always curious at what income amount do you get bumped up to the next bracket.

http://www.savewealth.com/taxes/rates/2007/single/

[Kracka]

Originally Posted by Halon

http://money.cnn.com/2008/01/18/news...ion=2008011913

Interesting.

Good article, thanks.

[Kracka]

Tax rebates!

http://www.boston.com/news/nation/wa...stPop_Emailed3

[A//// Guy]

Yep that is awesome. Really awesome actually.

[TalonFiero]

I don't think I qualify.

[JET]

Originally Posted by TalonFiero

I don't think I qualify.

If you make that much, you don't need a damn refund!

[TalonFiero]

Originally Posted by JET

If you make that much, you don't need a damn refund!

Oops! I read it wrong, I thought it said $75,000 combined.

Looks like Bush wanted it to be even more $$$ but the Dems said no way unless those who didn't pay taxes got a rebate too! So the Republicans get some of what they want and so do the Dems, thats kind of the most amazing thing to me. The speed that both sides were able to come to an agreement and get it done.

[Halon]

Does that mean 75k on your W2, or 75k after you've deducted everything?

[Kracka]

I'm guessing it means $75k earned income.