question about tax rebate (1 Viewer)

[Goats]

Adding to the confusion........If by some chance you dont receive your rebate before the end of the year, you can claim it on your 2008 Tax return and receive the rebate with your refund or a credit to your payment.

 

[CT Saints Fan]

Good points. What I don't understand is how a 19 year old, who presumably is not making a lot of money, and is claiming M-0, can owe so much to the IRS. I wonder if there are not some 1099's involved.

It also just occurred to me, I wonder if there are educational expenses that can be deducted, such as the Hope Credit.

If he and his wife are both working full-time, with no itemized deductions, I would think it's possible. We had to pay 2 years in a row as young newlyweds, and that was claiming single and 0 for withholdings. Then we bought a house and that helped the next year.

 

[saintfan]

If he and his wife are both working full-time, with no itemized deductions, I would think it's possible. We had to pay 2 years in a row as young newlyweds, and that was claiming single and 0 for withholdings. Then we bought a house and that helped the next year.

Trust me, I know how that works. I get 4 separate checks, (3 W-2s, 1 1099), and I have to withhold at S-0, plus between $100 - $200 per check just to break even. My wife claims M-0 on her W-4, and that usually means I have to pay taxes. I can't get her to withhold more, and my house is almost paid off.

 

[jayd265]

ok, thanks for yalls help.

fyi,

im married. my wife is working full time and i work full time. only bad thing is this past year i had 3 W2s and she had one. and we bought a modular home and set it up on property in youngsville.

i did put about $1300 in a 401k last year and we dont have any kids.

and this is just ironic, i might end up having to pay $1200 in taxes by april 15 and april 15 is my b-day. talk about the worst b-day ever hunh?

 

[FWtex]

If you are claiming all the deductions you can then owing is a good thing.

Don't up the money the government takes out of your paycheck just so they have to give some back to you.

You would be much better off putting that money in a plain savings account over the year and making a few dollars interest on it before you give it to Unka Sam.

Ideally, you would plan to owe just under the threshold of penalty.

I work it so I owe 2-3 grand a year because its my money and I want to keep it and use it as long as possible.

Personally, I think everyone should have to write a check for their taxes instead of having it automatically withdrawn from their checks. So many people think their tax returns is a gift from the gov't.

If they had to write that check every month out of their own bank account, I guarantee you the politics in this country would be completely different.

 

[saintfan]

Personally, I think everyone should have to write a check for their taxes instead of having it automatically withdrawn from their checks. So many people think their tax returns is a gift from the gov't

So many people think their tax return is a gift from the government -- like Earned Income Tax Credit.