Tax Question

[Partial]

I am a dependent who is an idiot and didn't realize until now that I didn't have any federal taxes taken out of my check. According to the IRS rates for 2007, I owe about 1500 in taxes that I did not have budgeted for.

Are there any loopholes or tax breaks that I am entitled to so I can bring this number down signfnicantly as I did not account for this when budgeting my money?

Something seems funky though, because I have always gotten a tax return on what I have put into federal taxes. I've never done my own so I am not sure if I get it all back, or a %, or what exactly.

I got my tax bracket here:

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

[Partial]

anybody? RG? Bretsky?

[LL2]

There will probably not be much you can do and their are no loop holes to get out of paying taxes. Unless you have a home (mortgage interest and property tax deductions), charitable deductions, and whatever other deductions and credits you can use to wipe out that $1500 your stuck having to pay it. Your standard deduction as a single will not help you much. Do you have any kids you don't know about you can claim? Maybe Scott Cambell has a few he can spare. I would file an extension and look at how many exemptions you are claiming on your W-2.

[Partial]

Well, in a typical situation, I get back certainly some of what I put in. I don't remember the exact figures, but I always figured it was most of it.

By virtue of years past, I would hope I will still get some sort of tax credit and get all but a few hundred bucks back.

Does anyone know if that is the case? RG appears to be the go-to-guy here.

[SkinBasket]

How fucking old are you? And you're a dependent? at some point you got to ask mom to cut the cord.

How about paying your fucking taxes you mooch.

[Partial]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

[SkinBasket]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

Right, so pay your fucking taxes since they don't. Either they get the break or you do. You like to have your cake and eat it too and then complain about how it tastes.

[Partial]

dumbass, as I said that in previous years I typically get back a hearty chunk of what I put in. Despite not putting anything in this year, will I get my amount owed reduced? Obviously some tax break occurs for me in years past, I am just not sure what that is exactly.

[MadtownPacker]

This is gonna seriously delay the 5 kids.

[Partial]

Evidently so! It's my own damn fault for never examining my pay stubs and realizing I filled the paperwork out incorrectly. Damnit, I did not have 1400 bucks budgeted for this! I just cleared out a large chunk of the savings on tuition.

[MJZiggy]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

Four hundred freaking dollars a MONTH? That's a month, right? not a week?

[Partial]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

Four hundred freaking dollars a MONTH? That's a month, right? not a week?

Yeah. Living in a shitty college house with 4 other guys comes out to about 400 a month. I am not confident my buddies' house would pass half of the codes and standards, but that is about what a cheap college house costs per person to rent typically.

[GrnBay007]

Shut up. My mom claims me because I live at home. It saves me money to the tune of 400 + utilities a month in rent. I can certainly give her back 2500 or so in exchange for the 5000+ annually I save in rent money. Plus, they help with my tuition as long as I am dependent.

Four hundred freaking dollars a MONTH? That's a month, right? not a week?

For a college student in the midwest....that's reasonable when sharing the rent. Why would that seem unreasonable?

[GrnBay007]

Re: Tax Question

I am a dependent who is an idiot and didn't realize until now that I didn't have any federal taxes taken out of my check.

Would seem to me you have to bite the big one and pay for the mistake of not paying the Feds.

[MJZiggy]

Because around here they couldn't touch a place for that. Besides, he didn't mention sharing it with 4 people before I typed that.