I am 20 years old i made $16000 in 2006 and i just got back $89 bucks its that right? i have no kids no married just me.
2007-03-30 03:49:39 · 6 answers · asked by pollo 2 in Business & Finance ➔ Taxes ➔ United States
No possible way to tell from the information provided. Any refund that you get (or tax bill that you owe) is a matter of your tax liability vs the amount of tax paid (withheld) during the year. If you overpaid, you get a refund and if you underpaid you have a debt to settle.
Getting back $89.00 means that your withholdings are just about perfect. You're getting the largest paycheck possible during the year and don't have a debt to the IRS at tax time.
If you want a larger refund next year you can have more $$$ withheld from your pay. You'll get less on payday, though, for the "privilege" of loaning money to the government interest-free. That's your decision. Personally, I'd rather pay a bit at tax time than give my money to the government interest-free.
2007-03-30 04:38:11 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Sounds like you have your W-4 withholding rate set just about perfect. The ideal return has no refund and you owe nothing. If you are unable to save money and want to use your refund as an enforced savings plan then reduce your withholding to zero and more will be withheld so that you will receive a larger refund when you file your taxes.
2007-03-30 03:54:46 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
The 89.00 that you got as a refund, is the amount that you over paid during the tax year, Your goal should be that you do not owe the IRS and the IRS does not owe you a large amount, because you are then lending them money interest free. You just about broke even which is a good thing
2007-03-30 03:53:57 · answer #3 · answered by Rob 7 · 3⤊ 0⤋
That sounds about right to me...but its also based off of what you have been claiming and the amount of deductions that have been withdrawn from your check over the year....shoot just be happy you didnt have to pay-in!
2007-03-30 03:53:59 · answer #4 · answered by Brittany 2 · 0⤊ 0⤋
Your refund is just whatever you overpaid. So it depends on how much you owed, and how much you had withheld for federal income taxes. It's probably right.
2007-03-30 04:23:59 · answer #5 · answered by Judy 7 · 2⤊ 0⤋
i not sure but look you got small amount why dont you try to go thru proccess again
2007-03-30 03:54:08 · answer #6 · answered by franco vita 2 · 0⤊ 1⤋