Do 18-year-olds get all of their tax money back?
I make roughly $10,560.00 a year ($11/hr, 30 hrs/wk, about 32 wks/yr) and about $100.00 (usually more) is removed from each of my paychecks for taxes biweekly. I'm pretty sure that's about $1600.00 towards taxes. I pay rent for college housing, but I don't pay tuition (full scholarship),and I just started this job in January, so I've never had to file my taxes. So I'm really not sure how ANYTHING works. All I know is that I'm exempt from taxes for my second job (yay!), but am I going to get all $1600.00 of this money back? Or at least a majority? The ironic part of it all is that I work at a tax firm.... Here are some random facts about me if it helps: -turned 18 in July (AFTER starting at the firm) -college sophomore-junior (my school is weird) -divorced parents (live with my mom outside of school year) -I have no children -I have a second job as Class President (but its only $100/month and tax exempt) Thanks for the help!
I've been abroad for 10 years working for cash and haven't paid the irs. should i just fill out 10 2455 forms
The IRS only requires that you file the last three years in most cases (very high earners are asked for six years). Read the following from the London US Embassy's IRS FAQ: "I am a U.S. citizen who moved to the U.K. several (or many) years ago and thought I did not have to file U.S. tax returns any longer. Now I have learned that information was incorrect. What do I do? "This is a common misunderstanding among Americans abroad, and should not create anxiety for those who find themselves in this situation. Generally, you should file returns for the past three years, taking the foreign earned income exclusion, the foreign tax credit, or both. It would be extremely unlikely that there would be any late penalties assessed, since penalties are computed as a percentage of tax owed, and only the rare taxpayer would actually owe tax in this situation. "You may contact us for prior year tax forms, or download them from the IRS web site. To find older forms, enter the year required in the Search for... box on the top-left of the page. The search typically returns Forms and Publications for the year on which you will have searched." The forms you need to start with are 1040 & 2555. You can download these for free from the IRS website or buy older versions of Turbotax online. If you earned more than $90,000 annually, you will also need 1116, 6251, 8801, and a real tax accountant to do the work for you (s/he has all the forms already). If you have a foreign bank account with balances >$10,0000, you'll need Form TD F 90-22.1. If you own >10% of a corporation or partnership, you'll need Forms 5471 and/or 8865. If you, your spouse, or your beneficiaries are the settlors, grantors or beneficiaries of any trusts, even if you get no income from the trusts, you'll need Forms 3520 and/or 3520A. If you gave more than $10,000 to any foreigner, or received more than $10,000 as a gift from a foreigner, there's more paperwork. There are tax specialists who handle cases like yours. If any of the extra bits I mentioned apply, you should see one of them.
Oops I forgot to do last years tax return!?
If you don't owe anything, then you don't have to file the return. However, if they withheld anything from your check for federal taxes, filling a return is the only way you're going to get that money back again. Why not just download a 2009 1040EZ and fill it out and send it in? You don't need to pay anyone to do your taxes, you know. Unless you have an exceptionally complicated situation, doing your own at any of the free online tax prep sites is simple and easy.
If I didn't file my tax return last year or the year before....?
It may take the IRS several years to come after you, but they eventually will get around to it. If you wait until then, you'll not only have to pay a fine, but you'll be stuck paying what THEY think you owe for that year (always higher than what YOU think you owe). And they'll garnish your wages, if necessary, to get your back taxes. You need to do your best to reconstruct the missing tax info. Contact your employer(s) for that year to request duplicate W2s. Also contact any other income sources for that year (banks, mutual funds, tax refunds from the previous year, etc.). If this is impossible, the IRS itself can provide you with the information that was reported to them. Hire an accountant if you're dealing with multiple years of back taxes, multi-state back taxes or a complex filing (lots of attached schedules). The task may seem daunting, but the payoff is not having the whole issue hanging over your head any longer. And you might even end up with a refund. (Refunds on taxes past due by three years or more don't have to be paid to you, so there's another reason to do it now.)
I just got married, will I get more money back in taxes?
I will have only been married for the last 2 months of 2011 and my current w4 says single with 0 for total allowances that I am claiming. I have yet to legally change my last name and I wasn't sure if there were time frame stipulations as far as filing single/married. I was just told that it is more beneficial to people who file married as far as getting better tax benefits. I have just never been very good with all that tax jazz...no need to make me feel like an idiot for trying to educate myself...
Can I cash and IRS issued income tax refund check for someone else?
No. Most banks now don't accept 3rd party checks. It is too risky for them for fraud. In my branch, I will not take a 3rd party Federal check. IRS or not. There are very specific rules the banks must follow for these. If your brother wants to do something tricky, the IRS can come back to your bank after 6 years to get the money back. Not worth the hassle. Lots of banks have different rules. To be safe, have him go with you (without signing it) so when they turn you away, he will not have a check signed over to you that he, now cant cash himself. Have him open a savings account somewhere Also, the ATM fraud that (__)iiiD told you to do, doesnt work. The IRS can demand that you pay it back to them. Even if you gave the money away.
Could I file income tax return after 4 years?
Unfortunately, you can only pay your income tax return for two previous financial years in India. For instance, you want to file your taxes for the period of April 2016 till 31st March 2016 you can only file income tax returns for the financial year 2014-2015 and 2015-2016. The due tax can be paid through Challan 280 for the relevant year. You can file the taxes online from the government website of the Indian tax department or through private tax filing companies such as H&R Block. For the remaining years, you can contact your local income tax office, and the assessing officer will provide you with other options to pay the pending taxes. However, you will be liable to a penalty for the no payment of tax before the due date.If you are a beginner when it comes to doing taxes, I would suggest filing through portals such as H&R block. The live chat and support feature comes in handy if you are stuck at any step during the tax filing process. The best part about filing through H& R block is that, it’s completely free. The website also has a free tax calculation engine that makes accurate tax calculations, so you need not worry about any penalty or forms being returned. I personally, have been using H&R Block for filing my taxes and have found it really useful. Generally the entire tax filing process might take several weeks, but with H&R block, I can do it within in a day.