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How much do you think I will get back in taxes?
Sex & Intimacy / 9:17 PM - Wednesday December 30, 2009

How much do you think I will get back in taxes?

I just want a guess. The last 2 years I haven't even gotten $100 bucks back but had well over a thousand taken out. So this year now that I have graduated and can claim myself I am hoping for more money. I also made a little more money then I usually do because I got a job this fall. Between the 6 jobs I had over the year (work study, ACmoore, YMCA summer camp, dicks sporting goods and 2 school departments) I made I think about 17k. Nothing amazing but a good 5k more then I usually made in the past.

So I am a single who made about 17k in 2009. I also graduated and am now paying off 35k in student loans (I think those can get written off in some way). I filled as zero on all my forms for my jobs. So if you can just give me an estimate that would be great. I am really hoping for more this year then I have gotten in the past, cause $100 is bullshit! >:o

Update: December 30, 2009.
Sorry everyone, I asked my step dad which one took the most out and he told me zero, but if it's really one then thats which one I claimed. I did this since in the past when I claimed one I only got $100 back. I thought if I claimed zero I would risk having to pay in.

- Asked by misfit2oo9, A Creative, Female, 29-35, Teaching

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I'm an accountant...and you've gotten some wrong information in another reply. When you claim "zero" deductions, then you are getting THE MOST tax with held from your paycheck every time you get paid. Which means that, depending on your total tax liability, you'll get a BIGGER refund, than if you'd claimed "one."

It almost sounds like you do not understand how taxes work. It is like this: You owe X amount of tax, depending on your taxable income. During the year, your employer withholds money from your check to MEET that tax obligation. The money that is withheld, is paid to the government by your employer *on your behalf.* And if you UNDER withhold (have less taken out than you owe) then you must pay the difference when you file your tax return on April 15. If you OVER withhold (had more taken out than you owe) then you will get a refund when you file your tax return on April 15. The number of deductions you claim affects the amount of money that your employer withholds from your check. For instance, if you claim "one" deduction, you get LESS withheld from every pay, than if you claim "zero" deductions.

The problem with over withholding on your tax is, WHY do you want a big refund? You DO realize that by getting a big refund, you have been floating the government an interest-free loan for an entire year??? You're better off claiming MORE deductions, so they take LESS out during the year. Your refund might be smaller, BUT you will be able to USE that extra money during the year. And if you put it in an IRA, you'll lower your total tax liability even more.

- Response by justpassingthru, A Thinker, Female, 56-65, Financial / Banking

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If you go on TaxAct. com you can "pretend" to do your taxes online for free and they will give you the info. Just don't press the button at the end to finalize unless you are ready to officially do ur taxes.

- Response by audbal82, A Career Woman, Female, 29-35, Tampa, Science / Engineering

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Since you claimed '0' exemptions, your employers took out the least deductions allowable. You'll probably get more back, since you made more money last year...but I don't think the sum will be huge.

But this isn't a bad thing, either. By having them deduct the least amount possible, the IRS doesn't get to use YOUR money all year...for FREE.
The best possible scenario is for you to owe them nothing...and them to owe you nothing as well....zeroing out. That way, your money can be earning interest for YOU...instead of your old Uncle Sam.

- Response by drumboi2, A Guy Critical, Male, 56-65

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Just a note on the school loans, those probably wont help you I think. I know that last year I learned that I could claim school as either expenses or claim it as hope credit or lifetime learning credit depending on the circumstances and you get some money for that while in school, but I'm not sure what exactly happens when you are no longer claiming school expenses or credits... use the taxact thing and see if you can estimate what you would get... but I was always under the impression that if you claim 0 they take less out so you wont get much back.

- Response by iamurbaby14, A Thinker, Female, 29-35, Administrative

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