how much you get back on taxes?

Question

I'll make around 30, 000, I'm single and no kids. Am I pretty much srewed when it comes to getting money back on taxes?

Answer 1

I don't get anything back, because I do the math at the start of the year, and have the correct amount withheld.

You should do the same. Otherwise you are giving the government an interest free loan. I'm sure you have better uses for your money.

I think this must be the first year you are on your own and paying taxes. You need to read up on how paying taxes works. Do a practice run now. Pretend it is tax time, and fill out all of the forms. See how everything adds up. You need to do this to make sure you won't OWE extra taxes. You do not want to be surprised by this information in April. You need to make sure you will have the money to pay in April if you owe. Otherwise you will be hit with HUGE penalties, and tons of interest.

Answer 2

Whatever you will get back is dependent on your withholding. If your withholding is higher than your tax obligation, then you will get some money back. Otherwise you will need to pay more.

Your income puts you in the 15% tax bracket for federal income tax.

You can take advantage of a tax credit by putting money into a retirement account to reduce your taxes.

Best wishes.

Answer 3

Setting up your withholding to get money back makes sense only if you want to use withholding as a means of savings.

Right now, with no deductions or dependents, you are going to pay about $2800 in federal income taxes. You can reduce that tax by $600 by contributing $4,000 to a traditional IRA, for example.