When can you expect to get your tax returns back and how can i expect to get?

Question

If i send my taxes out as soon as i can whens the soonest to get them back. I am 16 years old and will be 17 next month i work for 8.25 an hour and have had over 1,000 dollars of taxes taking out is there anyway to kind of estimate how much to get back?

Answer 1

You can file your 2007 return only after you get your W2 from your employer. They will generally send it in the last week of January 2008. After that you can file, whenever you want.
If you file electronic return and opt for direct deposit to your bank account you should get refund within 10 days. If you want paper check, then in 2 weeks to 3 weeks. If you send return by mail, then expect in 3 weeks.

Here is some information that should help you:
First you must know your filing status. It may be Single Dependent, even you say you are independent.
Rule: If someone can claim you dependent, you can't claim your personal exemption even if the person that can claim you as dependent does not claim you on his/her return.

If you are Single Dependent your federal deduction is $5,350.
If you are Single Non-dependent, your federal deduction is $8,750.
Your taxable income is your total income less $5,350 (or $8,750). For taxable income up to $7,825, the tax rate is 10%.

The allowance you claim on W4 (that you give to your employer) has nothing to do with your taxes. It is that you tell your employer how much taxes they should hold from your paycheck.

In January 2008 your employer will send you form W2 that will show your total income and taxes withheld.

You will need to file your federal and state income tax returns in 2008 by April 15, 2008. The returns will show your total income (from W2) and your total federal and state taxes on that income (these tax figures has nothing to do with what you put of your W4).

Now if on W2 you paid more federal taxes than your federal tax liability as per your return, then you will get a refund. If on W2 you paid less federal taxes than your federal tax liability as per your return, then you must pay it

Answer 2

Do you live with your parents? If so they're probably taking an exemption for you since they provide for you. If that's the case you can't take the personal exemption when filing your taxes since they're already taking it. Which means you most likely won't get anything back.

Here's how to calculate what you're getting back if that isn't the case:

You can figure out what you're going to get back as soon as you get your last paycheck. If you worked more than one job then you'll have to look at the last pay stubs for each and add them up.

Take your gross wages (pay before taxes) less $8,750.00 (2007's personal exemption). This will give you your "Taxable Income".

Look at the tax tables starting on page 63 of this document - http://www.irs.gov/pub/irs-pdf/i1040gi.pdf Take the "Taxable Income" you calculated above and see what the amount is under "Single" for "Your Tax Is". Let's say your gross was $5,000. Per the 2007 tax tables you should have paid $498 in Federal Income tax.

Now look at your final paycheck under "Federal Income" (or FWT) and see what that amount is. Let's say it's $1,000.00. Take the $498 from the tax table and subtract it from this amount. You'd get a refund of $502.00.

There's also a way to estimate what you're getting back using the Federal Withholding calculator on the IRS's website - http://www.irs.gov/individuals/article/0,,id=96196,00.html

Answer 3

If you'll post how much you expect to make total for the year (gross, which is before any deductions), and how much of the deduction was for what (social security and medicare, federal withholding, state withholding) someone can give you an idea of the amount you might get back.

If you make under $5350 total for the year, you'd probably get all of your federal withholding back, and maybe some or all of the state withholding. You won't get the social security and medicare back - this might show on your pay stub as FICA.

If you make over $5350, they'll keep some of the withholding. The amount they'll keep depends on how much you earn total.

If you file online, your refund will probably take up to 2 weeks if you have it direct deposited to a bank account a week longer if you don't. If you mail it in, will take around 4-6 weeks.

Answer 4

you may desire to be eligible for around $70 for EIC, and $800 for the Making paintings Pay credit. yet previous that, no thank you to tell without understanding what you had withheld, and in the experience that your income became from a activity the place they took out taxes, and if no longer what it became from..

Answer 5

I got all of my state tax back last year.. if you keep your stubs -- add it up! I got mine back mid-May