Referring to the W-2 Form how to determine if I'm going to receive or pay money back??? where is it stated on the form? thanks...
2007-01-30 18:42:26 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It's not shown on the W2. You'll have to complete your tax return to see how much (if anything) you will get back. Some of the information that you need to file a tax return is on your W2, but it doesn't tell you directly what any refund might be.
2007-01-30 23:03:55 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The W-2 is simply a statement of earnings and taxes withheld. It does not tell you if you owe more taxes or are due a refund. The only way to determine this is to prepare the tax return.
Two people can have exactly the same earnings and taxes withheld, yet one owe money at the end of the year while another gets a nice refund. Why? The one getting the refund has more deductions from earnings, like children, house mortgage interest, charitable contributions, etc.
2007-01-30 18:51:22 · answer #2 · answered by Brian G 6 · 1⤊ 0⤋
Your refund or taxes owed is no shown on the W-2. You will need to complete the appropriate IRS form(s) to determine this.
2007-01-30 18:50:08 · answer #3 · answered by gabster_65 2 · 2⤊ 0⤋
If you checked "exempt" in previous jobs and they still took out federal income taxes, then they ignored the "exempt" - what "exempt" says is you don't expect to owe any federal income tax, and didn't in the previous year, and the employer shouldn't deduct federal income tax. They will still or course take out social security and medicare, and depending on where you live, might take out state and/or local taxes. If you are not a dependent of your parents, and your total income for the year will be under $8750, then you can probably claim exempt - if you will make more than that, then you can't.
2016-05-23 22:08:37 · answer #4 · answered by Lisa 4 · 0⤊ 0⤋