Tax return question.?

Question

This will be my first year doing taxes, (I actually plan on going to H&R Block) but my question is if I file on January 1st, how early would I expect to get my money back? Also, if someone makes 6.60 an hour and started their job April 07 how much (estimate) would they be expected to get back at tax time?

Answer 1

Since the IRS doesn't accept efiled returns until mid-January, you'd have to file by mail on January 1 and your refund would take 6-8 weeks. Wait until you can efile - then if you have a refund direct deposited to your bank account, it will take less than 2 weeks.

You can't file until you have your W-2, and the employer isn't required to have them out until the end of January, so you probably can't file 1/1 anyway.

You only will get something back if you had too much withheld for federal income tax. It's like getting change at a grocery store, not a gift the government gives you. If you worked full time all year from, April 7 to the end of the year at 6.60 an hour, you'd have made around $10,000. If you are single, no dependents, your tax liability would be around $468 if you are a dependent, $129 if you aren't. If you had more than that withheld for federal income tax, you'd get the extra refunded to you. If you were only working part time, you probably wouldn't owe any tax and would get back whatever was withheld for federal income tax.

Answer 2

You really can't file until 1/15. They don't accept returns until then. If you file right on the first day, you usuallly would have your refund back in about five weeks. It is much shorter if you file electronically (less than 2 weeks usually with direct deposit) but you cannot file electronically your first year. I would indicate on your paper return that you wish to have direct deposit. It will speed it up by several days. You will be able to file electronically next year.

Also, be sure not to indicate that no one else claims you if your parents are still using you as a dependent. This will only hold up both of your returns and they will probably get upset about it.

There is no way of knowing what your refund will be because it has a lot to do with what you put on your w-4 when you were hired. That is the form used to calculate your withholdings. I also do not know what state you are in which might have an effect on your refund. How many hours did you work, was there ever overtime, did you request additional funds to be withheld, all of that? Chances are, it won't be much. But take a look at your last paystub, look at your total earnings to date. If it is less than $6,000 you should get back everything you paid in under the year to date federal tax wihholding column - Not the medicare or social security columns though (FICA). Hope that helps. Have a great day.

Answer 3

Why not save yourself some money? I bet you are single, you have no dependents and do not own a home. You can do your own taxes by hand, mail it in, then have your refund direct deposited into your bank account. Get the 1040ez form with instructions and you can complete it 30 minutes or less. Here is a rough estimate of your taxes.
$6.60 x 40 hours = $264 Gross Wages x 50 work weeks (2 weeks off) = $13,200. Now Subtract your standard deduction which is: $5,350 and subtract one personal exemption (yourself) which is $3,400 and you will get your taxable income which is: $4,450. Look up $4,450 on the tax tables and your federal taxes would be $443. Now if your wages are less than $12,590 a single person who is at least 25 years old with no dependents can also get Earned Income Credit. Just follow the instructions on the 1040ez form and use the Instruction book when needed. Your taxes are probably very easy to complete and you will save yourself some money (processing fees).

Answer 4

If you file electronically it should be 3 weeks, www.hrblock.com has calculators to help you estimate how much you should get back.

For persons making less than I think $35,000.00 can go to www.irs.gov and be able to use Tax Cut, turbo tax or other tax programs to figuare their taxes free - you must have your w-2's together to start - it's fairly simple.

Answer 5

Run, don't walk away from any suggestion that you get a refund anticpation loan so you can have your refund immediately. It is about the worst deal you can find and just made for suckers. Save a bunch of money by efiling and having direct deposit of your refund in about two weeks.