Huge Tax problem?

Question

Hello Everyone,

I need your help with a tax issue. I'm 23 years old and I've never filed taxes before, and up until 2005 I didn't need to. I made about $15,000 last year, but I didn't file taxes. I returned to school this fall and I need financial aid from the government. So I am currently doing my 2005 taxes. There is one huge problem though:

$4235 of the $15000 I made was untaxed. Apparently, a company I worked for earlier in the year made a mistake with the number of exemptions I put down, and I didn't catch it.

How much do you think I will owe in taxes when I do my tax return?

Answer 1

depends on what you put on your return at the end of the year. the more exemptions you claim the less you will owe. Get your hand on a Circular E, it is published by the IRS in January of every year and acts as a guide for employers as far as calculated income tax. Just guessing, but if your annual pay totalled 15,000 and you claimed 2 on your fed return at the end of the year, you probably wouldn't owe much at all if any. If you have been claiming single 0 on your w-4, claim single 1 at the end of the year on your 1040, that should help level it off.

Answer 2

You need more information for a complete answer. I will make a few assumptions:
1. You are single.
2. Your parents can't claim you as a dependent.
3. All of your income was wages.
4. Your itemized deductions would not exceed the standard deduction.

Your AGI is $15,000.
Your standard deduction is $5000.
Your personal exemption is $3200.
Your taxable income is $6800.
Your Federal Income Tax is $683.

You did not say how much was withheld, so I can't determine the size of your payment/refund. With $15,000 in income, you were required to file in 2005. If you owe, there will be penalties and interest charged for filing late.

Answer 3

Hey you can go to tax act.com or any other site and download a copy of 2005 tax prep program and input all you information into the computer it will tell you exactly what you owe or refund. Since you are a student you might i say might get a refund but not a big as the one you would have gotten if you job didn't mess up.

Answer 4

First, what state does she stay in? If it quite is not an area sources state, she probable has not something to rigidity approximately if she had little or no earnings of her own. If she is in an area sources state, then a million/2 of his earnings is legally hers and he or she has a huge concern. yet first issues first: Does she stay in an area sources state?? in spite of the above, she needs to do away along with her call from any mutually held sources because of the fact the IRS can and could grab those as quickly as the considerable different is caught. This includes genuine sources, automobiles, financial organization money owed, etc.

Answer 5

Google FREE TAX PREPARATION and complete the return on a free site. Then you'll know for sure.

Answer 6

Easiest way to find out is to just do the return.