V.2015 ITS BALLING SEASON AGAIN.....TAXES!!! Where you doing yours?

Suberzat1 said:
If the military pays for my tuition but it shows up under the scholarships and grants on my 1098 T. Is it double dipping if I claim?
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Yep I believe so. Have to come out your pocket or a loan to qualify. Students loans does count
 
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I won 5gs at the casino and 1g on a scratcher last year... Actually working I paid I think a little less then 5 bills on federal taxes. I didn't work much last year. If don't file am I straight ...
 
Can my mom claim me?

I have a job, made enough to where I still have to file myself, but she took care of transportation, food, all sorts of insurances and stuff like that. I basically just have a job, and pay a few school related fees.
 
tay1 said:
Can my mom claim me?

I have a job, made enough to where I still have to file myself, but she took care of transportation, food, all sorts of insurances and stuff like that. I basically just have a job, and pay a few school related fees.
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either you meet the requirements for your mom to be able to claim you, or you meet the requirements to be able to claim yourself. (if you can claim yourself, your mom can't claim you, and if your mom can't claim you, you can claim yourself.)

here's a link for you to use for yourself, or to fill out as your mom to find out if she can claim you. (http://www.irs.gov/uac/Who-Can-I-Claim-as-a-Dependent?)

like the poster above me said, you would want to clarify with your mom what she intends to do so that you both are "on the same page".
my advice: there's only one right answer! 99% of the time, there is a right and a wrong answer (based on laws!); you likely don't have a "choice" to make about who gets to claim who, (maybe certain informal custody situations/arrangements) so do your best to learn how laws affect you and your situation. if you "claim" someone or something that you shouldn't, you may be audited and owe penalties and interest based on the legally determined specifics.




let's clear something up for everybody...

what you "claim" on your withholding forms at work is YOUR BEST GUESS. it's based on information you provide, so your employer has no idea whether or not it is "right" or "wrong". when you "claim" those numbers on the withholding form you've filed at work, it is really just a secret code between your employer and the irs that tells your employer how much YOU want withheld from your check. that means that you can change what you "claim" with your employer at any time throughout the year, what you're really doing is just telling them to withhold a different (bigger or smaller) amount from your check. they don't really care, but they are required to follow the rules based on what you put and what they pay you (unless... you're claiming 99 or exempt... in some situations like that, your employer may be legally obligated to report that you are doing so, and the irs may contact you to determine if you really have "99" exemptions, or meet the criteria to be "exempt". check here for more info: http://www.irs.gov/pub/irs-prior/p919--2011.pdf - sorry, only able to find 2011 version of pub 919)

what you "claim" on your tax return documents usually refers to personal exemptions or dependent exemptions. (irs info here: http://www.irs.gov/publications/p17/ch03.html )
personal and dependent exemptions have rules associated with them, so you legally might not be allowed to "claim" yourself, or you might not actually meet the legal qualifications to "claim" your cousin, little sister, friend's daughter, made up child, or other weird situation. refer to the pages linked in my post above to find out.

you run into problems when you have differences between what you told your employer compared to what you tell the irs. if you tell your employer that you will "claim" 4 exemptions but then you actually only have 2 exemptions when you file your tax forms with the IRS, then you will likely end up owing money because your employer withheld money from your paycheck as if you were going to have more exemptions (i.e. owe less tax).

my personal example: i claim "2" with work, and actually only claim "1" on my taxes (simplified explanation). this results in me owing money. it's an intentional choice that i made, as i would prefer to owe (a little) money at tax time than get back too much. this allows me to "earn" interest on the money being paid to me in my paycheck instead of leaving it with the irs all year.

personal encouragement to everyone in this thread: thank you for taking an interest in your financial future! knowledge is power. the better you understand this and other financial situations in this world, the better off you will be. give yourself the best chance to succeed by putting yourself in the best situations possible!

i encourage you to ask questions and learn more!
www.irs.gov for starters, or if your west coast is the best coast, www.ftb.ca.gov! happy taxes!
 
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nawghtyhare said:
Repped
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thanks buddy. keep grinding! btw, regarding your potential spouse's debts... as you are in california, you should know that there is a difference between california and federal law when it comes to the "innocent/injured" spouse treatment that you were referred to earlier. California does not have an "injured" spouse provision, so there may be a difference between what will work with the feds and what will work with california. as california is a community property state, there may be a few other factors at play for your situation... one factor is that there is a "reciprocity" or agreement between california (state) and irs (federal) taxation levels that may involve either california collecting on behalf of the feds, or the feds collecting on behalf of california... if you'd like to know how your future spouse and you will be affected, call either irs or ftb and ask them hypothetical scenarios based on what the phone agents can view about your "accounts" and her "accounts/outstanding debts reported to irs or ftb for collection".

i am biting my tongue to avoid romantic/life advice based on the other info you have shared. best of luck to you, sir!
 
Normally I go to a place that "stretches" my refund but I'm thinking of going legit this year and doing it myself. Would yall recommend turbo tax? I'm a 9-5 gov employee. Claimed 1 all year, no school, medical expenses, etc. should be simple right?
 
703 Hwy said:
Normally I go to a place that "stretches" my refund but I'm thinking of going legit this year and doing it myself. Would yall recommend turbo tax? I'm a 9-5 gov employee. Claimed 1 all year, no school, medical expenses, etc. should be simple right?
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for sure, just hit TurboTax. Incredibly straightforward.
 
2015 IRS refund schedule

refundcycle.png
 
okay guys i want to get all my money on my paychecks rather then wait a year and get a cash return. how do i do that?
 
Planning on doing my taxes this weekend...But I really don't think I'd get too much.
 
omariwestafari said:
also i have thousands in medical expenses that i haven't paid how can i utilize that in my taxes
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well, most itemized deductions or tax benefits involve things that you have paid, like mortgage interest paid, student loan interest paid, tax preparation fees paid. i'm not familiar with any tax implications involving not paying your medical bills.

you should pay your bills. once you do, you may want to look into "medical expenses paid". Here is an IRS link with more info (http://www.irs.gov/taxtopics/tc502.html) and just to point out; if you end up "paying" those expenses in 2015, you would have to wait until you are filling out your 2015 tax forms which wouldn't be until next year in 2016.

regarding your other question,
omariwestafari said:
okay guys i want to get all my money on my paychecks rather then wait a year and get a cash return. how do i do that?
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despite what user superb indicates, you would be filling out a w-4 to change your federal withholding. you can make adjustments to the number of "exemptions" or ask you employer to take an extra amount that you specify from each paycheck. You can take the amount of your federal refund for 2014, divide it by the number of times you get paid in a year, and ask your employer on a new w-4 form to use your same number of exemptions and filing status, but to withhold an extra amount based on that math. Superb's advice on seeking out your human resource department is good, i would also recommend speaking with someone in payroll, or whoever you turned your original w-4 in to when you started. also, if you live in a state with state level taxation, consider updating your state withholding also.

let us know if you have further questions. good luck!
 
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