2007-01-10 04:53:45 · 11 answers · asked by Devin B 1 in Business & Finance ➔ Taxes ➔ United States
Nope.
You can use this online calculator to estimate how much you will get back. http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top
Best wishes.
2007-01-10 05:08:19 · answer #1 · answered by JQT 6 · 0⤊ 0⤋
Generally, the amount of tax withheld on your W-2 is the estimated amount that you will owe the government for that year. If you are a student or receive an Earned Income Tax Credit, then you may be eligible to have that money (or a portion) refunded. You can also opt to have more taken out of your earnings through the year which can also result in a refund.
2007-01-10 13:00:43 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Short answer is "No". Taxes withheld has nothing to do with your refund - it is withheld to pay your taxes. But it depends on your situation - you may get back all of it (withheld) as refund, some of it, none of it, or you might even have to pay taxes out of your pocket.
Tax laws are very complicated. You should talk to your parents or an older sibling who has done taxes before and have received a refund. If your income is significant (10,000/year or more), you should probably talk to a tax advisor or go to H&R Block and ask some questions, with your W-2 in hand.
2007-01-10 13:06:38 · answer #3 · answered by Think Richly™ 5 · 0⤊ 0⤋
If that was true, don't you think that the government would raise no money whatsoever on the income tax?
The amount on your W-2 is what you've paid in the last year. Your refund (or the amount you owe) is the difference between your true tax, as calculated on your 1040-whatever, and the number on the W-2.
2007-01-10 13:00:38 · answer #4 · answered by Quixotic 3 · 0⤊ 0⤋
Not always. However, for me it is. I'm an independent student with low income (thats what happens when you are in college). I qualify for financial aid and other grants. I've been getting the same amount as my tax withheld on my w-2 for the past 4 years.
2007-01-10 13:03:26 · answer #5 · answered by Jennifer Z 2 · 1⤊ 0⤋
No! You need to fill out the tax form to see what your liability is. You may owe additional monies, you may get a partial refund of the amount withheld, or you may get it all back.
2007-01-10 12:58:29 · answer #6 · answered by connor g 7 · 2⤊ 0⤋
No...it's the amount of tax you owed based on your income for the year.
Refunds are generated by any other deductions you might have over and above your basic personal exemptions.
2007-01-10 12:59:27 · answer #7 · answered by Jack 6 · 0⤊ 0⤋
Unfortuneately not. There are things as a U.S. citizan that we pay for each year. Once those obligations are met, the rest is yours.
2007-01-10 13:08:05 · answer #8 · answered by Anna Hennings 5 · 0⤊ 0⤋
Not a chance, you will rarely get much back> Bush must pay for his war somehow.
2007-01-10 12:58:57 · answer #9 · answered by Kdude 4 · 1⤊ 0⤋
Only if your tax liability is zero or less.
2007-01-10 13:01:46 · answer #10 · answered by loon_mallet_wielder 5 · 0⤊ 0⤋