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Tax Refund questions

Discussion in 'Members' Lounge' started by Dustin_m, Mar 15, 2008.

  1. Dustin_m

    Dustin_m Active Member

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    First off, I don't even know if I actually qualify for the refund. I read through the IRS site, but couldn't find an answer. I'm 23, so my mom still claims me on her return, but I put on mine that I do live on my own, so I'm not sure where that puts me with the refund.

    The maing thing is, if i do get a return, it's supposed to be direct deposited, since i e-filed mine and had it put into my bank account. Now, I recently had a problem with Wells fargo and withdrew all of my $$ and want to close the account. Is there a form i meed to fill out w/ the IRS to update my info with them so they don't try to deposit money into that account?
     
  2. reckedracing

    reckedracing TTIWWOP VIP

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    Irs.gov

    or 1-800-829-1040 Mon-Fri

    the payments start in may so you might want to leave that account open till then
    even if they could update the info there's probably a 50% chance you won't see that rebate

    REBATE/= Refund
     
  3. Dustin_m

    Dustin_m Active Member

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    yea I've considered it, thinking that i might just not get the refund if i dont have the account open
     
  4. reckedracing

    reckedracing TTIWWOP VIP

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    its not a refund damn it :)
     
  5. Dustin_m

    Dustin_m Active Member

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    yea, rebate, whatever:p
     
  6. Briansol

    Briansol Admins Admin VIP

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    if mom claims you, then you don't get shit. your parents will get the bump as a 'child'.

    if you're 23 and live on your own, your parents shouldn't be claiming you in the first place
     
  7. Dustin_m

    Dustin_m Active Member

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    Yea no shit. We've gotten in a fight about it a few times. I think I would actually get a little bit more money if I wasn't claimed. This is the last year she could claim me anyway, because i'll be 24 this year and she won't be able to anymore.
     
  8. reckedracing

    reckedracing TTIWWOP VIP

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    why does she claim you? you still in school?
    just file your taxes first
    prob not worth the extra $$$ to get your family all pissed off but it sure would be funny
     
  9. Dustin_m

    Dustin_m Active Member

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    Yea i'm in school. One year I did put down that no one else could claim me, and it fucked things all up, turned into an argument.

    So am i correct that I would actually get more back if i am considered independent, or would I owe more.
     
  10. reckedracing

    reckedracing TTIWWOP VIP

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    who pays for your school?

    claiming 1 vs 0 "deductions" or exemptions would definately change your tax refund/liability

    but it also has a bigger effect on someone with more money, ie: your parents would benefit MORE from it than you would

    if they're paying for your school then you just have to eat it
    if they're not you should tell them to give you some $$$ to make up the difference in your tax refund, and then they can claim you and receive more of a benefit than they gave you

    or just forget it since its the last year anyway
    lol
     
  11. Briansol

    Briansol Admins Admin VIP

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    yeah.

    you on your own you might get 200 bucks
    then claiming you, they get like 4k

    (example numbers)
     
  12. Dustin_m

    Dustin_m Active Member

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    My mom needs the cash more than i do, so I've always just let it go. She's always hooked me up with money when I need it anyway. This next year I should get a decent refund though, since I am making more, working full time, and claiming 0.
     
  13. Briansol

    Briansol Admins Admin VIP

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    'getting a refund' is exactly what you don't want to do. you want to get as close to nothing back as possible.
    otherwise, you're giving the irs a free loan for a year.
     
  14. Dustin_m

    Dustin_m Active Member

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    Yea, but I'm afraid that if i do claim 1 then I might owe, which will be a pain in the ass. Up until now, I haven't had a job where I had a steady paycheck that allowed me to get on a budget and start putting money away. Since I'm just getting settled into the new full time job, I've got a rough budget set out, and in the next month or so, should be able to start putting cash away in savings. Then I guess I could change my w4 to 1 and know that I have cash stuck away in the bank in the event that I do owe on taxes.

    That's just an idea though, I honestly don't know enough about taxes to make a educated decision, so that's part of the problem.
     
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