I am a single female living on my own since August of this past year. I thought that since I paid in almost 3500.00 in taxes I would get almost all of it back. But I am only getting back about a third of it. Can anyone help me understand why I wouldn't get more back than that?
2007-02-12 08:25:43 · 7 answers · asked by s_keeter83 1 in Business & Finance ➔ Taxes ➔ United States
It depends on your income. Anything you make over the combined amount of your standard deduction and personal exemption is taxed. The more you make, the more tax you pay
.
What you "get back" is anything withheld from your paycheck that is MORE than the tax due on your income.
If you want more back, have more withheld.
2007-02-12 08:31:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your taxes are calculated on your income, less deductions and credits that you are eligible for. If you had more withheld than the taxes you owe, then you get it back as a refund.
If you made around $27,000 for the year, your taxes would be around $2400 so if you had $3500 withheld, you'd get around a third of it back.
Getting money back just means that you paid in too much.
2007-02-13 00:13:44 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Getting one third is pretty good so be happy. A lot depends upon how many exemptions you claim at work for withholding. You can claim more or less than one person. The choice depends upon whether you want a bigger paycheck or a bigger refund - you can't get both. A big refund comes without earning interest on the money so think about that too.
2007-02-12 17:02:28 · answer #3 · answered by spicertax 5 · 1⤊ 2⤋
When you do your taxes you compare income and deductions. You then come up with a final figure of what you owe, then compare it to what you paid in. If you filled out your tax form correctly, you are getting the correct refund.
Only you know how you came up with the expectation of getting everything back.
2007-02-12 16:33:19 · answer #4 · answered by regerugged 7 · 0⤊ 2⤋
if that is what it says in the forms so be it.
now understand when you ge tmoney back - you loan the government money at no interest for a year.
suggest you get you W2 adjusted so you get more now and pay a little later. that 's what wealthy people have learned to do.
2007-02-12 16:31:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
That would depend on what your total income is and what your taxable income was. What you are getting back is your overpayment of taxes for the year.
2007-02-12 16:32:28 · answer #6 · answered by Rob 7 · 1⤊ 0⤋
it depends up on your income
once check details in your tax form
http://redtagdeals.com/turbo_tax-coupons
2007-02-13 23:33:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋