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 Post subject: Tax returns
PostPosted: Mon 01-05-2009 11:54AM 
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I had no idea where to put this thread...

I was wondering if anyone who has gone on coop and made some money knows how their tax returns ended up? I was on coop last spring and summer and made probably 30k or so I guess, I don't know if I will be getting a sizable return as a student or if I will be jumped up tax brackets and get next to nothing.

My senior yr of high school i was working 35-40 hour weeks at the grocery store after school and on weekends and apparently bumped myself up some tax brackets so that at the end of the year I owed 90 dollars to the federal government... this was claiming absolutely 0 dependents. I was pissed.


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 Post subject: Re: Tax returns
PostPosted: Mon 01-05-2009 12:30PM 
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last year i didn't make much since I only worked 20 hours or so a week and took classes over the summer. I think if you make less than $6000 you get all of your federal and state taxes back. I'm sure you can probably find somewhere online that might show different tax brackets.

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 Post subject: Re: Tax returns
PostPosted: Mon 01-05-2009 3:15PM 
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Kingkoopa wrote:
last year i didn't make much since I only worked 20 hours or so a week and took classes over the summer. I think if you make less than $6000 you get all of your federal and state taxes back. I'm sure you can probably find somewhere online that might show different tax brackets.


You get back taxes paid on income that you did not owe taxes on. Standard deduction for filing single is $5,350 (http://articles.moneycentral.msn.com/Co ... anges.aspx)

Link to tax brackets http://www.irs.gov/pub/irs-pdf/i1040tt.pdf That sucks that your grocery store doesn't know how to calculate your taxes very well. But think of it this way, you were making more money than you were suppose to during the year, so you could invest that instead of just giving a free loan to the government.

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 Post subject: Re: Tax returns
PostPosted: Tue 01-06-2009 8:44AM 
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First, I recommend doing your taxes indoors. Less chance of important documents blowing away in the wind, getting rained on, etc.

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 Post subject: Re: Tax returns
PostPosted: Tue 01-06-2009 10:55AM 
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Have you had a bad experience in the past, prophet? :P

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 Post subject: Re: Tax returns
PostPosted: Tue 01-06-2009 12:55PM 
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i think he is making a joke based on the fact this was posted in the great outdoors

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 Post subject: Re: Tax returns
PostPosted: Tue 01-06-2009 1:44PM 
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Wow, I don't think I ever look at where posts actually are.

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 Post subject: Re: Tax returns
PostPosted: Tue 01-06-2009 3:07PM 
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cmptrnrd16 wrote:
Wow, I don't think I ever look at where posts actually are.


Hence your recent "let's get together" thread in the "coming out of the closet" forum.






:P

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 Post subject: Re: Tax returns
PostPosted: Tue 01-06-2009 4:33PM 
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I thought berto deleted that thread because he wanted me to be a one man...man.

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 Post subject: Re: Tax returns
PostPosted: Wed 01-07-2009 11:04PM 
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Check and see if your parents are claiming you as a dependent. They may have to, especially if you're on their health insurance plan, but if they don't have to, ask them not to. Dependents don't get to claim the personal exemption (IIRC it's $3,500) and you'll get screwed out of some of your refund.


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 Post subject: Re: Tax returns
PostPosted: Wed 01-07-2009 11:31PM 
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Better yet, ask your parents for part of their refund if you are a dependent. I am not sure of the numbers, but they get a pretty big deduction for claiming a student as a dependent. Much larger than you would filling as a non-dependent.

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 Post subject: Re: Tax returns
PostPosted: Thu 01-08-2009 10:47AM 
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cmptrnrd16 wrote:
Better yet, ask your parents for part of their refund if you are a dependent. I am not sure of the numbers, but they get a pretty big deduction for claiming a student as a dependent. Much larger than you would filling as a non-dependent.

I guess your parents aren't the type to ask you to pay for part of your health insurance in return. Since a portion of their tax return for dependants is less than the cost of health care, I just say thanks for paying for it another year.

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 Post subject: Re: Tax returns
PostPosted: Thu 01-08-2009 11:34AM 
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amd2800barton wrote:
cmptrnrd16 wrote:
Better yet, ask your parents for part of their refund if you are a dependent. I am not sure of the numbers, but they get a pretty big deduction for claiming a student as a dependent. Much larger than you would filling as a non-dependent.

I guess your parents aren't the type to ask you to pay for part of your health insurance in return. Since a portion of their tax return for dependants is less than the cost of health care, I just say thanks for paying for it another year.


My dad's company pays for my health insurance. Also for the record my parents don't give me any of their refund directly, but I know people who do get money from their parent's refunds. I was just suggesting the OP bring up the subject.

Off topic: Do you honestly say "Thanks for paying for my health care, Mom and Dad." ???

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 Post subject: Re: Tax returns
PostPosted: Thu 01-08-2009 12:41PM 
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Jeff wrote:
Off topic: Do you honestly say "Thanks for paying for my health care, Mom and Dad." ???

LOL No. I just fix the computers and clean out the gutters while I'm at home. It was a half joke - point being that I wasn't getting the short end of the stick.

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 Post subject: Re: Tax returns
PostPosted: Thu 01-08-2009 6:52PM 
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Another thing to keep in mind, is if you were not eligible for the economic stimulus check (based off your 2007 return) but are now eligible based off your 2008 return, you get that, in addition to your refund. So because I was a dependent in 2007 but not 2008 (and met all of the other requirements), I get an extra $600 in addition to my refund. If you're a dependent for good reason, like insurance, you're shit outta luck, but if you're a dependent and don't have to be, put up a fight with your parents, at least for this year :D


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