I made 10,900 and only got back 77$ for taxes?
I have no dependents , i made 10,900 for the whole year of 2014 & was told i was only getting back 77$?? Wtf ? I did not make almost 11 grand to not even get 100$ back, is this right ? Or should i refile ?
I have a monthly wage of $1,000, but need to pay tax at $220, so I just have $780 in the end. Is this kind of tax rate common in Illinois?
That seems a little high to me. With no deductions on the Illinois side, that means you're paying federal withholding of 10.6% which is an awfully high tax bracket for $12,000 per year in annual income. I plugged it into my little quick "cheat sheet". It is not connected to any tax tables, but it helps me estimate payroll. The image of the output is below:The 2015 Illinois base rate is 3.75% with no deductions. FICA is 6.2% for SS and 1.45% for MED. The only other variable is the federal withholding which shouldn't be 10.6% on $12,000 annual income. To give you an idea of what the federal withholding should be, you first need to know your deductions. The standard deduction in 2014 was $6,200 for single and if you can claim yourself, you can claim an additional $3,950. These amounts are slated to go up slightly in 2015. But, using the 2014 rates, if you are single and can claim yourself, you would get to knock off $10,150 from your income. Then, subtract $12,000 (annual salary) - $10,150 and plug the amount into the tax table. So, in this specific case, you have $1,850 in taxable income. According to the tax table for 2014, that's $186 in taxes. This amount will be slightly different for 2015 numbers, but you get the idea. You're not going to owe very much federal taxes. $186 = 1.55% of your annual income. This should be your federal withholding in the very specific case you are talking about. So, the image of the result for this case is:Or, $870.50 in net pay. You actual case may vary. Of course, you will get anything you overpaid in federal or state withholding back when you file your income tax return.
How do I file income tax return for last 3 years for getting a home loan? I do have the Form-16 of these years.
As per Income tax Act, 1961 you can only file your return of income till 2 years after the end of the year. So, as of today (28.10.2016), you can only file your return for income for the years FY 2014–15(AY 2015–16) & FY 2015–16(AY 16–17).You can file the return for FY 14–15 upto 31st March 2017 & for FY 15–16 upto 31st March 2018.The process of filing is pretty simple. You can register yourself on Income India E-Filing portal through you PAN. Subsequently, you can file the return in Form ITR-1 if you have only Salary Income. The form may change depending upon the various head of income you have. As someone else answered, it is recommended to have some gap in filing of return for consecutive years if you are applying for a loan.You can also take the help of tax consultants or Chartered Accountants for filing of your returns.
How far back can I file taxes?
as far back as possible.even if you have no filing requirement, it is a good idea ot file your taxes.it protects you from IRS ID theft [someone else filing a fraudulent return using yoru social] and it starts the statute of limitations running.once you file a return, the IRS has only so many years to audit that return [unless there is actual criminal intent. some situations have NO time limit for prosecution]. you want that clock to run out.also, as some of the other answers pointed out, IF you are eligible for a rfund, you only have 3 years from the due date of the return to claim it.
Where do I begin? Bankruptcy/taxes?
First the taxes. Do NOT call the IRS first. First, go see an accountant and see where you stand. If you owe back taxes, get ready for some "fun." If you let this ride, eventually the IRS will get around to you, and federal prison is a real option if you haven't paid applicable taxes. Bankruptcy does not eliminate tax debt. You'll still owe the taxes. On the other hand, you've most likely been throwing money away by not doing your taxes. If you didn't make much, you probably lost out on your refunds, which can often be more than you paid in thanks to tax credits like the EIC. As to the medical bills, it depends on how much you owe. Bankruptcy may be a real option for you now and the best recourse. The problem is, your creditors may eventually sue you, and they'll win, and though you may not have the cash to pay a judgement right now, eventually you might and the last thing you want is them trying to collect 10 years down the road when you've got kids and decent job. For this, you'll need to see a bankruptcy attorney. The catch is, one you get married, while your spouse won't actually "owe" on your debts, your financial problems can most definitely come back to haunt her. Start with a good accountant, because they are generally cheaper per hour than a lawyer and can guide you though a lot of this.
I changed my exemptions from 0 to 2, But I am still single. Why does this reduce federal withholding to $0?
Because apparently you don't make a lot of money, so with 2 you won't owe any tax. Should be OK - if your kids live with you, you likely qualify for EIC.