How much are you getting back in taxes this year

[Ripper 0]

Or just borrow it from a torrent site....yes...borrow....

[Timmy8271 0]

About $20 i'm guessing. This is my first time ever paying taxes. I only made about $1,000 in 6 weeks of working.

 

 

Isn't there a law or rule that if you make under a certain amount you dont have to file? It seems pretty stupid for someone who made less than 1000 to pay taxes.

 

You don't, but if you want your refund you have to file. And someone who made $1,000 wouldn't be paying income taxes, but would still be paying social security and all those fun taxes.

 

Yeah plus I took some money out of a trust fund and have to file taxes for that. I also just wanted to do it for the hell of it.

[MarvinisaLunatic 0]

$900 Federal and about $330 state. To all those that still are going to file, just buy or find someone that has a program like TurboTax; my father gets it every year and all his friends pay him to do theirs.

you can do federal online for free as long as you dont make more than 50,000 or so

 

 

[Kristianna 0]

Texas doesn't have a state income tax, so that's cool in the long run.

 

My federal return should be exactly 1,083.45. I'll probably just buy bonds with it, since the stock market is so shitty right now. Well, with the 1,000 anyway. I'll be taking the 83.45 and most likely blow it on shoes.

 

 

[Craig Th 0]

I haven't gotten my W2's yet.

 

You're legally supposed to have them by the end of January. Do yours get mailed? They have to be postmarked by 1/31, so watch your mail today.

I've been watching it everyday.

 

I meant to call today but we were really busy. I'll try tomorrow but I think payroll will be closed.

[Black Lushus 0]

There's no excuse for not having them yet...I'm no tax expert, but tehre's gotta be some legal recourse there somewhere.

[Hoff 0]

So, I was unemployed for a bit this year, and then worked a few odd jobs before finding something more permanent. As a result, I had 5 W-2s coming. And seeing as a couple of the places I worked at were...less than upstanding, I was worried about receiving them all. As the month of January rolled on, they started coming in. 1...2...3...4.......

 

A few days after the first of February, and I'm still down a W-2. It's from a pizza place I worked at for a couple of months. So I call, no answer. Nice. I call again, nothing. Hmm. I let it go, being a person who's Type B to a fault, figuring it'll work out, I'll try again later. A couple hours pass, and my buddy calls me. This particular friend is someone who I got a job for at this same pizza place. He's also a complete flake, even if he is a really nice guy. So he calls me, and we get to talking, and guess what? The manager of the pizza place gave him my W-2 to pass along to me.

 

Now, I'm curious here. I'm no fan of the nuisance lawsuit, but how illegal is this, and can I make any money off of it? I can't in good conscience claim emotional damages, because I'm not losing sleep over the issue, but I'm pretty sure that employers are required by law to mail it to you by 1/31, and I'm also guessing it's something of a legal "faux pas" to pass someone's sensitive financial info to a third party with no legal right to it.

 

So if we got any lawyers in the house, drop me a line.

[Craig Th 0]

Just got mine and it was postmarked Jan 23rd. Interesting.

[Dandy 0]

Slightly off topic as Kristianna touched on something about the market. Yes, the market is down at the moment, but that shouldn't really scare people wanting to put money in. If you put money into the market when it is down, you make money when it goes back up. Bonds will make you a very small amount of money over the period of time you select for the bond. After that period of time, it is making absolutely nothing so you might as well take it out. To further clarify, there is no 20 year slice of history that the market did not average around 9% per year. It's not "timing the market," it's "time in the market." If you put money into the market and leave it, it's pretty safe over a longer period of time. The best thing to do, though, is not try to pick a specific stock, but to put your money into mutual funds, or something that mimicks the specific market itself (S&P 500 or the DJIA). This is much safer. Most mutual funds have a blend of stocks and bonds that will try to "hedge your bets," and allow for at least some gain when the market is not doing so well. Historically, you can pretty much count on 1 out of every 5 years being a down year in the market, but those other 4 years more than avergae out that 1 year.

 

Things that usually cost people a lot of money and give the market a bad name:

 

1. They try to pick specific stocks, and that is sometimes a coin flip on whether or not that stock will perform over time.

2. They don't put money into the market when it is down, and rather wait until the market has almost peaked. If you think about it, what sense does that make? After a peak, the market will be going down. As soon as they put it in and the market goes down the next year or so, they panic and pull out their money, and after taxes and fees, they lost a ton of money.

3. They tend to forget about how much money they have made in the market so far and focus on the bad year they are having. They couldn't have possibly been where they were if they had put their money in CD's or bonds until that point, but because they lost one year, they think the market sucks.

4. They try to use the market as a short term investment that will make them rich. Everyone has the dream that they can put a few thousand in the market and retire a millionaire in 5 years or so. Instead, they should put the same amount of money in each year, and treat it as a long term investment, like retirement.

 

 

Like I said, off topic, but it's not the most horrible thing in the world to do with your tax refund if you want to make your future standard of living better.

[Slayer 0]

So does Dandy work for Smith Barney?

[Dandy 0]

No, I work for MetLife. I focus more on insurance and protection products, but have experienced a few of these situations with clients when we were doing market related stuff. When considering wealth management, I am also a believer in rounding out your portfolio with bonds, CD's, savings, and money market accounts. I didn't really intend to give off the perception that I was 100% behind the market and nothing else, as that isn't true. I just hear people thinking backward about when it is a good time to put money in the market, and hope to educate them a little.

[Slayer 0]

I didn't really intend to give off the perception that I was 100% behind the market and nothing else, as that isn't true

[skullman80 0]

Just under 2500 back in federal taxes.

[Timmy8271 0]

I just finished my taxes and I'm getting back not $20 but only $12.

[Edwin MacPhisto 0]

I like when I open a thread here and find something like a relatively detailed basic investment primer. It's like finding someone alive in the rubble of an office building bombing.

[tekcop 0]

$699. The least I've gotten back since starting college.

[kkktookmybabyaway 0]

The feds got a $2500 interest-free loan from our household this past year.

[swan 0]

I owe Federal $10.00 and my state is $76.00...which I don't understand.

 

Nothing changed on my W-2 last year, The unemployment really didn't have a impact on anything as it was for a very SHORT stint in 2007, and I donated a car where I was suppose to get $500.00 for. So I don't understand why I'm not really getting anything back.

 

When I asked the person who did my taxes, I was told "it's because you made more money in 2007 than 2006. Which put you in a differant tax bracket." but I don't get how I would owe money because of that.

 

I'd rather owe a little then get a lot back, I have better things to do with money then loan it to the government. The government likes those interest free loans alot of us give them.

 

[garfieldsnose 0]

getting back $930 from my tax refund and $17 from the state of NJ, which people tell me is $17 more than I should have gotten. I'm not complaining, though.

[Darthtiki 0]

I'm only getting back 126 from the Feds and nothing from the state. Compared to last year's return this really is a pittance.

[Youth N Asia 0]

Mine are coming tomorrow and goddamn I need them