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JamesKim
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Tax Returns  Reply with quote  

Hey I'm very very new to tax policy and a amateur. I get taxes taken off of my check every week. I know there's a form where I can get part of the taxes back, not sure what it's called, something like W10. My question is

1. How do I acquire the form. I think from the IRS or some tax firms.

2. Is it tedious to fill the form out, because they would have to know how much money I have made. I do keep alllll my records of payments from the beginning to end.

3. When the form is filled out, how long does it usually take to get reimbursed?

Thanks.
Post Sat Dec 15, 2007 5:19 am
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coaster
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You can get your withholding reduced by filing a new W-4 form. Your employer should have those. Basically, you increase the number of exemptions you claim so you don't have as much tax withheld. Why not just reduce it to zero? Because you don't want to OWE too much taxes either when you file your tax return. Your employer's human resources department should be able to help you figure out how much you need to have withheld so that you don't owe any taxes and you don't get any refund when you file your tax return. (That's the best use of your money.) And then they can advise you on how many exemptions to claim so that you have just the right amount withheld.

Since it sounds like you've been having too much withheld this year, then when you file your income tax return in April you should have a refund coming due.

~Tim~
Post Sat Dec 15, 2007 6:24 am
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pf101
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You'll get your over payment back when you file your tax return next year. AFAIK there's no way to get a refund mid-year. What you can do is, as coaster suggested, reduce your withholdings (though it won't do much for this year since there are only a couple weeks left.

And yes, if you haven't done it before, filing taxes can be a pain. They definitely want detailed information but you'll get all that starting in mid-January and it's just a matter of filling in the blanks. You may be able to file EZ depending on your financial situation and there are almost always free help offers at libraries and other places where you can get help.

Good luck

Personal Finance 101
Post Sat Dec 15, 2007 4:53 pm
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efflandt
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If you have never filed taxes before, you may not know what your refund would be when you file by April 15 next year (with IRS and your state if not one of the few states without income tax).

If you are single with only "one" job, not claimed as a dependent by someone else, and not any or much other income, you may be allowed to fill out out a W-4 form for 2 exemptions (default is 1) and submit it to your employer to withhold slightly less tax. For the form and instructions, search for W-4 at http://www.irs.gov/

Since we are near the end of the year, you would have to wait until you file 2007 form 1040 (or 1040EZ or 1040A) early next year to get back most of any 2007 overpayment. But filing the W-4 anytime soon could slightly reduce the amount of tax withheld from each pay period next year.

The number of exemptions for W-4 may differ from actual exemptions on form 1040 (probably just one). Just make sure you do not claim too many W-4 exemptions, because if you owe more than $1000 at tax filing time after the end of 2008, there may be a penalty.
Post Sat Dec 15, 2007 9:17 pm
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JamesKim
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would i still get a refund if I don't file the W-4 ? I'm guessing no. Sorry if this is a stupid question but what exactly is withholding? is it like advance tax payment? for an example, i get my paycheck every week and tax is taken out of.
Post Sun Dec 16, 2007 6:07 am
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JamesKim
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Since the year 2007 is almost over, what does that imply when it comes to W-4 Form or receiving tax returns?

Thank you.
Post Sun Dec 16, 2007 6:09 am
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pf101
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The W-4 is just the document that tells your company how much to withhold in taxes each pay check. At the start of next year you'll get a W2 in the mail for each job you worked in the last calendar year. You will take that (those) W2 and file a 1040 (of some type, depending on your whole situation). Until you file that 1040 you will not get any overpayment back.

Withholding is pretty much what you said, an advance tax payment. It lets you pay a little bit of your taxes every paycheck instead of having to pay it all at once when you file (which isn't really even an option). It's the government's way of forcing you to budget for your taxes each year.

Since 2007 is almost over, any changes you make to your W4 won't impact 2007 very much but will change how much you're having taken out in 2008.

Why do you think you're overpaying? Can you break down your paycheck for us and we can run the numbers to see if you're ontrack or offbase. I'm assuming you're young since you've never dealt with this before so odds are good that you are (or should be) claiming 1 exemption. If you're claiming more than that you might owe. If you're claiming 0 you'll probably get a big return. If you're still living with your parents you need to find out if your parents are claiming you as a dependent as that will impact how much you have to pay.

Taxes suck and can get confusing but once you sit down and do them it makes a little bit of sense (assuming your return is not complicated). You'll get used to it. I've been doing my taxes on my own since I was 12 and now it usually just takes about 15 minutes and it's done.

Personal Finance 101
Post Sun Dec 16, 2007 7:05 am
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JamesKim
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thanks for the info, I remember writing down 1 dependent during the hiring process. Infact, I wrote down 0's and 1's. Not binary codes (haha), but in terms of dependent. I'll read up more on it, thanks for the info!
Post Tue Dec 18, 2007 4:49 am
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socrates
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Great Website  Reply with quote  

Hi guys,

Great website offerring tons of advise!
Post Fri Jan 11, 2008 3:17 am
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coaster
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We have good members. Wink

~Tim~
Post Fri Jan 11, 2008 3:50 am
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jack2009
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Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid). A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government […] a payment exacted by legislative authority."[1] A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government […] whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."[1]

In modern taxation systems, taxes are levied in money, but in-kind and corvée taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The method of taxation and the government expenditure of taxes raised is often highly debated in politics and economics. Tax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, or Her Majesty's Revenue and Customs (HMRC) in the UK. When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (such as incarceration)[2] may be imposed on the non-paying entity or individual.
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Post Sat May 02, 2009 6:13 am
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Scrutnizer
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Each state with an income tax has forms equivalent to the IRS Form 1040-ES that you have been using. Check your state's web site and I am sure you can download it. They almost always have the same four due dates as the federal due dates.

[edit]
Post Thu Dec 31, 2009 10:21 am
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littleroc02us
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Go to your local library, usually all the forms will be there and someone during certain hours can ask some general questions.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Thu Dec 31, 2009 2:26 pm
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