What is a tax return/refund?

Question

I was on my own at a young age and no one ever explained all that to me. I don't want H+R Block or Turbotax or anyone/thing where I have to pay someone to do my taxes for me, I want to fill them out myself; I just have no idea what's going on and want to know what it's all about so I know where to start. There is a federal one, and a state and local one, right? What forms should I get from the public library where they have all those stacks of tax booklets? Thanks!

bold4bs: Not naivete-I distrust tax programs' accuracy. I was trying to talk to a friend who's studying for a C.P.A about all this and asked if the software is any good, and he said he tried it once and there was an error when he did his taxes by hand, so he called and got the refund on the program. An error of $20 or so may not seem like a lot to most people, but as a struggling college student on my own, it makes a difference, and I want to make sure I have everything right. I am an exceptional reader (got several 800's on the SAT verbal), so that's not a problem for me.

Answer 1

If you go online to a site like H & R Block, you can efile a return and they will prompt you what to do every step of the way. It's so easy and a lot of times there service is free if you make under a certain amount of $$. As you input info, they fill in the boxes for you and figure out how much of a refund you will get back. It's worth a try since you are so unfamiliar with it all and you will find it's very user friendly.

Also, depending on which state you live in, you may not have to file State taxes. We live in Texas so there are no State taxes so we don't have to file a return--only a Federal. And, there is no 3rd form for local taxes either!

Basically, you may only need a form 1040EZ if you are single and have no dependents (there are a few more restrictions) and that form is soooooooo easy to fill out! It is so basic and will tell you what to put on each line off of your W2 that you should of received from your employer. If you did not make that much last year, you may end up getting a refund of all the federal taxes that you paid--Good Luck!

Answer 2

The form(s) you need depend on how much and what type of income you have, your personal situation, and where you live.

OK, you say you're on your own, so I can assume that you can't be claimed as a dependent by anyone. You don't mention having a family, so I'll assume it's just you, that you are single and don't have any dependents.

If all of your income is on one or more W-2's, for federal you'd just need a form 1040-EZ. Anybody who got 800 on the verbal SAT should have no trouble filling it out. And by the way, once you got an 800, why the heck would you take it over and over to get "several 800's"??????

State return depends on where you live. A few states don't even have a state income tax, so if you live in one of those, you wouldn't have a state return to file. Take a look at what they have at the library and read through a booklet or two, or check your state's website.

Local returns also depend on where you live. Many places don't have a local income tax, and many do. Those forms might or might not be at your local library, but if you ask, they can probably tell you where to go in your area to get the form you need. If your city or municipality has a website, check that for info.

If your tax situation is fairly simple, and most struggling college students have pretty simple situations, you shouldn't have any trouble filling out the forms yourself.

Good luck.

Answer 3

You are very naive.

Preparing ones own taxes using the forms provided either by your library, post office or local IRS district office is a thing of the past.

Now you can prepare your own taxes using tax software such as Turbo Tax. It is a program that you install on your computer, you download updates, and then youre ready to use the product - your own personal taxes; none of the information you enter
is shared by others, unless you request it; e-file and such.

The menus to prepare your own taxes are so explanatory, that more than likely you will
never ever use any other program again.

As an alternative, go to your library and pick up all the forms you think you're going to need, and then pick up a copy of the Internal Revenue Code, and try to read it from beginning to the end. After successfully reading it, you'll become a tax expert.

Then forget about Turbo Tax.

Wanna save some time and aggravation? Buy Turbo Tax already!

Answer 4

A tax return is the form you file with the IRS or your state or local tax authority where you list your income, exemptions, deductions, taxes paid, withholdings, credits, etc. and calculate your tax liability. If you have had more tax withheld from your pay than your tax liability amount, you get a refund from the taxing authority.

Many states have income taxes. The system works similarly to the Federal system although each state has their own rules, forms, and procedures.

Some cities also levy income taxes -- New York City and Washington, DC are good examples.

To get started on your Federal return, pick up a copy of IRS Pub 17 at your local post office or public library. It will tell your everything you need to know. Your state will have a similar publication as will your city if they levy income taxes.

You probably can e-file your Federal return for free through the IRS website. Click here to get started on that: http://www.irs.gov/efile/article/0,,id=118986,00.html There is usually a small charge for filing your state tax return through the Free E-File program but it's very reasonable, usually around $10.00 or so. It's worth the few $$$ as it is much simpler than wading through all of the piles of tax forms and instructions.

Answer 5

Also, if you had a cell phone in the last few years... you can get a tax refund. (or, else home phone if you had one).
To claim the standard amount — which ranges from $30 to $60 — $30 for you I think - all you have to do is check a box on your tax return.

go to the library, get the federal book to read over, and the papers to go along with it. (1040EZ) I think, and then get the state book, and papers to go with it.
Once you do your own taxes with the books- go to completetax.com, and figure it there, and then just don't press the file button-
(just want to prove that it will be the same amount)
: )

Answer 6

At the library, get Instruction books and a form for 1040EZ, and 1040A.
Read the 1040EZ book first. If you qualify, fill out the 1040EZ form. If not, read and use the 1040A. At some point in your life you might need to use the 1040 form, but probably not yet.
Also, get the instructions and form for the state tax.
Most cities do not have a local income tax, but ask the librarian. They are usually helpful for obtaining the right forms.

Answer 7

==Here===>> http://goo.gl/4uEtmd
.......................