what does it mean? will it benefit me? more money or less?.....im 20 and its the first year out on my own and my mom doesnt claim me.....
2007-01-30 09:26:46 · 5 answers · asked by Calli S 2 in Business & Finance ➔ Taxes ➔ United States
You should get more money back.
2007-01-30 09:30:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A first time independent filer will (on average) receive more money back than the previous year. However, as a reminder, this is a tax refund and not a tax cut, so you're only receiving a portion of what you paid in taxes back. So, in order to receive any money, taxes would have been withdrawn from your pay by your employer throughout the year. Most 20 year olds will take the standard deduction and receive back whatever percentage of that is attributed with their tax bracket.
2007-01-30 17:38:47 · answer #2 · answered by CoolFin69 2 · 0⤊ 0⤋
Depending on a variety of factors - How you filled out the W-2 Form when you got hired; Whether or not you have enrolled in an 401(k) plan; Whether or not you have an Individual Retirement Account (IRA) [which I would recommend that you open, the contributions -up to $4000 - are tax deductible]; Number of dependents, etc.
Who does your mom's taxes? If it's her, sit and learn; otherwise use the same preparer as she does.
2007-01-30 17:37:18 · answer #3 · answered by PALADIN 4 · 0⤊ 0⤋
It will benefit you, but there is no way of knowing whether you will get or pay more or less than last year, since it is a whole new ballgame.
Welcome to the real world!
2007-01-30 17:35:33 · answer #4 · answered by r_kav 4 · 0⤊ 0⤋
If you would owe taxes if your mom still claimed you, then you'll get more back, or owe less, since she doesn't claim you any more.
2007-01-30 20:48:18 · answer #5 · answered by Judy 7 · 0⤊ 0⤋