F*ckin, love taxes!!!

V4oLDbOY

V4oLDbOY

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So, as most of you know Taxes are due, well unless you want to spend a weekend with the pain monster.
The_Pain_Monster.jpg
"See you April 15th, folks!"


So after completing my taxes I realized that I didn't quite make a high net total this year. Seeing tat I'm a college student and only picked up around $4,500, and most went to school costs... And if you don't make at least X amount of dollars, you're partially exempt from taxes, except social security... So I am getting a rather large tax return. Ok, so fine, its not free money, considering I already made it. I'd just be getting back the money I paid them. but considering that I didn't plan on getting it, its all good in da hood...

So if you haven't completed you taxes, I know someone hasn't...I just did mine today. Fill out the 1040ez form, you can get it from irs.gov
Also, the 540 2EZ form if you live in California as I do...

I'm sure there are a few college, and/or High School students or slackers, that did not make a huge total... I already have one friend that hasn't started his taxes, who is also getting a large return. everyone will get a return no matter how small, unless your employer, didn't pay taxes and just handed you the check...

Probably noone will even read this before taxes are officially due and over, but maybe it'll help someone...
 
Didn't make enough for the 300$ myself.

Got my 94$ rebate already though. I don't understand why people put that off till the very end. I'll do anything to get money asap.
 
I did my taxes a while ago. As a former horrible procrastinator in school, I stopped doing it once I realized how much damage it truly did to myself. It only took 21 years, but I figured it out. :whistle2:#
 
Yeah, I procrastinate a lot. I put it off until now, because well I'm lazy and I honestly had other things on my mind being in college.

By the way how long did it take to get your rebate, I filed for direct deposit, with my checking account number and tracking numbers...
 
I started my taxes early filed for my federal right away. The state taxes were another story. I'm in the military so I pay taxes to my home state (mass.) and my wife pays to R.I. So I have to file 2 state taxes. When I did my mass taxes there was no way of subtracting my wifes R.I wages from my wages which made me owe. Frustrating as hell.. Ended up just filing mass w/ another site and not entering my wifes income. Now i'm just looking forward to that rebate next month!
 
[quote name='V4oLDbOY']Yeah, I procrastinate a lot. I put it off until now, because well I'm lazy and I honestly had other things on my mind being in college.

By the way how long did it take to get your rebate, I filed for direct deposit, with my checking account number and tracking numbers...[/quote]

It depends on the date on which you filed, but I got my direct deposit at the end of the next week.
 
[quote name='chasemurata']It depends on the date on which you filed, but I got my direct deposit at the end of the next week.[/quote]


nice, but since I filed so late, I am expecting a bit longer with the influx on april 15... I don't care when it comes, as long as it does. I already got my tuition paid for this quarter so all i got to worry about is food... and games of course.

p.s. what happened to the pain monster?
 
[quote name='mr ryles']I don't understand why people don't do their taxes sooner, I do them as soon as I can. Free money in the bank.[/QUOTE]

You won't feel that way if you have to pay :censored:
 
I actually got some money back this year...I was surprised I usually have to pay. If I did know I would be getting money back I would have done it sooner. Granted I usually have to pay about $30 but the fact that I have to pay the government doesn't ever sit well with me so I tend to wait until the end.
 
My husband and I got $6210 because between us we had three jobs to account for. Plus apparently you get money back for kids. LOL And we got two. It all went to bills and trying to move though.
 
I'm getting back close to $1k between Fed and State, but I'm not getting back the rebate because I'm a dependent (for the last time).
 
Getting good money back from the state and fed, plus $3 from the City of Cleveland! And paying some $200 to fucking Regional Income Tax Agency. Prepaying estimated taxes is lame.

I actually got things filed a couple weeks ago, hopefully the money will show up soon - usually I'm dropping returns in the mail the week they're due. The tax rebate is also coming at a good time as we get moved into our first house next month. Needs us some appliances.
 
[quote name='crystalklear64']Didn't make enough for the 300$ myself.

Got my 94$ rebate already though. I don't understand why people put that off till the very end. I'll do anything to get money asap.[/quote]


People put it off until the end for 3 reasons:

1) They owe money
2) They THINK they will owe money
3) They work so many hours during the point of the year that they can't even remember to pay their bills much less sit down long enough to figure out their taxes! (*cough*thisismeeventhoughI'maCPA*cough*)
 
I got a $950 return, but my dog swallowed an earring the exact day it hit my bank account, and his vet bill was $1000....on a related note, I just got health insurance for my dog!
 
[quote name='InuFaye']I had to pay 30, bullshit.[/QUOTE]

IMO that's a good thing, you came pretty close to breaking even. I never could understand why people are so happy to give the government a $3000 interest-free loan. I always try to get as close to $0 refund as I can.
 
[quote name='redline']IMO that's a good thing, you came pretty close to breaking even. I never could understand why people are so happy to give the government a $3000 interest-free loan. I always try to get as close to $0 refund as I can.[/quote]Whenever I've gotten a big refund, it's generally not wage-related. Tuition primarily, but other deductions as well. If I decreased my withholding, then odds are I'd end up owing money to everyone who is not the federal government.

But now that my wife is done with school and we're married, we'll see how our 2008 taxes look and adjust accordingly.
 
I don't pay any taxes, no FIT or FICA, full time college student. I was scared when i got my first pay check from my school, because nothing was taken out, thats when payroll told me so long as i was a full time student, i didn't have to pay.
 
[quote name='JolietJake']I don't pay any taxes, no FIT or FICA, full time college student. I was scared when i got my first pay check from my school, because nothing was taken out, thats when payroll told me so long as i was a full time student, i didn't have to pay.[/QUOTE]

Is it a federal work study job?
 
[quote name='lordwow']Is it a federal work study job?[/quote]Nope, it's an actual job. Lab assistant. So long as i keep a full time course load, i don't have to pay.
 
[quote name='Wlogan31']People put it off until the end for 3 reasons:

1) They owe money
2) They THINK they will owe money
3) They work so many hours during the point of the year that they can't even remember to pay their bills much less sit down long enough to figure out their taxes! (*cough*thisismeeventhoughI'maCPA*cough*)[/quote]

So true, I filed the day I received my w-2 because I was getting a refund (college tuition plus crap wage = 0% net fed tax rate). My girlfriends return was dropped in the mail last night with a check for $201.

CPA, eh? How's the job market in your area?
 
[quote name='lordwow']*scratches head*[/quote]
I don't quite understand it myself, i can't point to any information because i don't know where to look. Maybe it has something to do with working for the state?:???:

It freaked me out when i got my first check, i was worried they screwed up somehow.
 
I looked it up, if you make under $3,800 you don't have to file if you are a dependant:

One possible result of having an income is that a tax return may be required. If the student is being claimed as a dependent on the parent's tax return, then either earned income of over $3,800 or a combination of unearned income ($1 or more) with earned income for a total of more than $600 determines that a tax return must be filed. Claiming the student as a dependent by the parent is beneficial in most cases as the parent normally has a higher tax rate than the student. One limitation for claiming the student as a dependent is the child must be a full-time student.
Click to expand...

I made way over that though.
 
[quote name='lordwow']I looked it up, if you make under $3,800 you don't have to file if you are a dependant:



I made way over that though.[/quote]

I actually didn't make that much (more like $3000), since the cut off is january. My dad files me as a dependant since he pays for most of college tuition, so I get all da money back....

Damn social security....Get a job you old f*ckers...
 
[quote name='lordwow']I looked it up, if you make under $3,800 you don't have to file if you are a dependant:



I made way over that though.[/quote]That could be it i guess, but they didn't mention anything about me being a dependent or anything.
 
I made about eight grand last year, and I have nothing to show for it. Oh well, at least I'm getting like 300 bucks back. Note to self: save money.
 
Last summer I made so little at my internship in NYC. God it was like I was paying to work there. I filed my taxes yesterday and at least I'm getting back around $200.

This summer will be much better, though in Oregon...
 
Just did mine today, surprised the hell out of me , last year I owed 300 to state, this year i'm getting back 100 from state. If I had known that I would have filed ages ago
 
I did mine back in February because the school kept bitching at me to do my FAFSA NAO! I got a crappy refund, and I feel like just because this is my first year doing them, and I did them by myself, they're going to audit me and I'm just going to sit there and stare at them like a retard because 1) I suck at math, so if something's wrong, I wouldn't know, and 2) even though the website walked me through it and practically plugged the numbers for me, they're just going to tell me something different than the instructions and it'll be my fault.

*rocks back and forth in the corner*
 
I always do federal taxes quickly (as I did this year, waiting on over 1300 back between myself and wife), but state taxes, I have to say hadnt done them yet... just forgot, no biggie, will take me about 15 minutes this evening and two seconds to drop it off... my state refunds are never big anyway
 
[quote name='JolietJake']That could be it i guess, but they didn't mention anything about me being a dependent or anything.[/QUOTE]

Nearly all college students are dependents, unless you pay for your education yourself or specifically file as an independent. Most parents just claim their kids as dependents.

My state refunds are always massive, because my state takes out a shitload.
 
Anyone ever realize that it is actually better to come out close to $0 then getting a refund? Only saying this from the earned interest aspect -vs- one time lump-sum aspect
 
I already cashed my refunds and applied it to my credit card debt. The reason I did it right away is because I wanted to cut down on the interest payments..
 
[quote name='InuFaye']I had to pay 30, bullshit.[/QUOTE]

That's nothing. I was frustrated that I owed so much this year at first, until I realized that I was able to invest the money, instead of giving a free loan to the government.

What sucks is that if you owe this year you get penalized when it comes to the stimulus rebate check. Since you can't file your banking information to pay, it has to be in the form of a check, you can't enroll to automatically deposit the tax rebate in your bank account, which could be the difference between getting $600 on May 14 or not until late August. I, unfortunately, fall into the latter category, but, then again, I won't be getting $600 anyway.
 
[quote name='InuFaye']I had to pay 30, bullshit.[/quote]

That isn't nothing. According to the guy that did our taxes claim we owe $1,200 which blows. I don't think it is right.
 
You love taxes because the government stole money from you and now you are getting it back?

At the very least the government took out a loan with zero interest on it. You try getting a student loan like that and the government will laugh at you.
 
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