I have not gotten my W-2 form yet, but I need to do my taxes so I can get the refund. Can I use my latest check stub or do I just have to wait?
Posted by BannaOj (Member # 3206) on :
I think you need to use the last check you got in the year 2004. And while I know you can use it for calculations, I think you still may need the actual W-2 for submission, but maybe not if you e-file.
AJ
Posted by PSI Teleport (Member # 5545) on :
You don't need the w-2 if you efile, like Banna said, but you do need to know your employer number and all that jazz.
Posted by Synesthesia (Member # 4774) on :
EXCELLENT. As I am E-filing and telefiling... Tax refunds are one of the best things about having a job.
Posted by TomDavidson (Member # 124) on :
If you do your taxes correctly, you get no refund at all. And that's even better, if you're responsible with money. Our refund this year should be about $30, if I've estimated correctly. (Note: I'm not sure, since there are so many variables here -- including Christy's time off work and the birth of our beautiful little deduction. But I tried to take all that into account as best I could.)
[ January 20, 2005, 04:19 PM: Message edited by: TomDavidson ]
Posted by TomDavidson (Member # 124) on :
Very true. That's why you should impregnate someone and get married immediately. I highly recommend it.
Posted by Bokonon (Member # 480) on :
Actually, as a single guy with no kids, I had no problem limiting my return to a couple hundred dollars (or the occassional tax debt of a hundred bucks)... You can put down however many deductions that you want, it's not binding until you file your tax return each year.
-Bok
Posted by rivka (Member # 4859) on :
*shadchan radar lights up*
Oh, really? Email me. I might know someone . . .
Posted by msquared (Member # 4484) on :
You know for as much as Tom and I disagree on politics, we agree on so many other things.
I hate hearing people talk about their huge refund. That is your money the Gov. has been using interest free for the whole year. The perfect return is where you owe $1. People who make $25,000 a year and get $1,000 refunds are just plain stupid. You should know with in $100 what your taxes are going to be, baring major changes, such as a bouncing baby deduction or a house.
msquared
Posted by zgator (Member # 3833) on :
It's actually better to end up owing money. If you plan that way and put money into the bank with that in mind, you've been making some interest.
Posted by Synesthesia (Member # 4774) on :
I think I might get a good amount this year, bigger than last year, with EIC too... so that is good...
Posted by TomDavidson (Member # 124) on :
Synth, seriously, if you'd like, I can answer any financial questions you might have. I'm not a professional financial advisor, of course, so I'll step aside if anyone more qualified makes an offer, but I think you could probably be using your money more efficiently than you currently are, especially at your age.
Posted by Synesthesia (Member # 4774) on :
I think I could The problem is I don't really get that much money in the first place, so I just try to get the most out of every check I get. Also to make matters worse... I want to have fun. I want to go to a movie sometimes, go to a concert every once in a while but these paychecks are microscopic. At least I have cheap rent. I want a better job DESPARATELY.
Posted by TomDavidson (Member # 124) on :
I'm not talking about spending less frivolously. I'm talking about using the money you don't spend.
Posted by Synesthesia (Member # 4774) on :
Money I don't spend? *Tries to figure out what social security tips are* This would be easier with my w-2 >.<
Ok, nearly done with this... Maybe I'll get my W-2 tomorrow so I can make sure this is right.
[ January 21, 2005, 12:47 AM: Message edited by: Synesthesia ]
Posted by Dagonee (Member # 5818) on :
Synth, please wait for your W-2 before filing. At most it will be a week or so. Big companies rarely miss this deadline, although of course oversights happen.
If you have to file an amended return, it will be a pain, especially if you have to return some money.
Posted by Boon (Member # 4646) on :
Dang it. At least I didn't submit yet, but I wish they had sent it a week or so ago... It's so annoying to have to wait and I need that refund by March.
Posted by Boon (Member # 4646) on :
If you efile and have it direct deposited, it should take less than 2 weeks.
[ January 21, 2005, 11:01 AM: Message edited by: Boon ]
Posted by msquared (Member # 4484) on :
Synth
What Tom is trying to say, I think, is that if you are gettting a big refund, as compared to your income, then you should probably be adjusting your witholding so that you would have more in your weekly check. If you get A $200 refund that would mean $4 a week more in your check.
msquared
Posted by Synesthesia (Member # 4774) on :
Oh. How do I do that? *ignorant*
Posted by Farmgirl (Member # 5567) on :
Yeah! I got my W-2 today, so now I can hurry and e-file and direct deposit.
But really - I mainly need to get it filed so I have the paperwork in hand to fill out my son's FAFSA stupid form.
Farmgirl
Posted by Dagonee (Member # 5818) on :
quote:FAFSA stupid form
That's how I always referred to them, too.
Posted by Farmgirl (Member # 5567) on :
msquared!!!
Go to see you post here! I began to think you fell off the face of the earth -- haven't seen much of you this year.
FG
Posted by BannaOj (Member # 3206) on :
Grin, it's interesting when you live with someone of a slightly conflicting financial philosophy.
Steve likes having larger tax returns and views the small amount of interest the government makes on it as payment for an enforced savings plan. Which is a legitimate, logical way to look at it. The amount of interest made would probably be, at most, like $20. He claims either 0 or 1 personal exemptions.
I claim 2 personal exemptions, because I buy into Tom's philosophopy. At most, I'll owe $100, which I can live with.
I get paid bi-weekly however while Steve get's paid 2x a month. This means I get 2 "free" paychecks a year. Steve doesn't have that, and the tax return is his way of getting a similar deal. And I can understand that.
If you look at us as a household with joined finances, even though we aren't married and file separate, I think it ends up balancing out, and we don't really lose much in interest to the government in the process. If intrest rates took a huge hike I'd probably re-evaluate and try to sway Steve to my personal preferences but they aren't there right now to justify it. (Note: I'd personally never put money that was designated to pay income taxes into stocks.. just too risky for me though I know people do it sucessfully.)
If you are in a low income bracket you should always claim at least 2 personal exemptions and you will likely still get a refund. I never bothered claiming more when I was in that bracket, because I wanted to error on the size of caution.
AJ
Posted by Synesthesia (Member # 4774) on :
I could be on the cover of Sheer Stupidity magazine. I jus did something tax wise that was so abysmally dumb...
Posted by Nato (Member # 1448) on :
Oh dear! What was that?
P.S. (I've got to wait until I can get back to my place of summer and winter break employment sometime soon to pick up my last paycheck of the year and my W-2 form. Unfortunately, they can't mail it to me (40 miles away at school).
Posted by Kayla (Member # 2403) on :
Here's an odd question.
I get SSDI and my son gets SSI. He gets it because I get SSDI, however, the 1099 uses his social security number. He's now 14. How do I report this money. Do I put in on my tax return? Does he have to fill out a tax return? I'm so confused.
(Also, I like getting back a thousand or two. I consider it my own little savings plan. If my husband got $4 extra dollars a week, he'd spend it. This way, we have money to buy a car, or remodel a room or something. Yes, I could be making 1% in interest, but that's only assuming I could actually get my husband to put it in the bank. )
Posted by Synesthesia (Member # 4774) on :
I filed my federal taxes two times two different ways. Who Does things like this? I hope I don't get audited and that I get my much needed money. Posted by TomDavidson (Member # 124) on :
Egad! I failed to take property tax deductions into account on my state withholding, so I'm getting back around $1100 this year. *shudder*
Posted by TomDavidson (Member # 124) on :
"I hope I don't get audited and that I get my much needed money."
You will not be audited. However, the IRS will notice that you filed twice and will attempt to contact you. If you e-filed on one of the returns, and it winds up being the return that's less accurate, the IRS may have to charge you.
Posted by TomDavidson (Member # 124) on :
"He gets it because I get SSDI, however, the 1099 uses his social security number. He's now 14. How do I report this money. Do I put in on my tax return?"
I believe that if any dependent makes between $800 and $8000, you can report their income on your return using a form I can't recall at the moment. If they make more than $8000, I think they have to file their own return. But Boon would know better than I.
Posted by Alucard... (Member # 4924) on :
quote: Egad! I failed to take property tax deductions into account on my state withholding, so I'm getting back around $1100 this year. *shudder*
Tom, this is why my wife and I have actually filed as "single" on our W-2s, because we would usually owe a significant amount, and the only substantial refund we get is from propery tax deductions.
(Which are more than $100)
This is why I will never fall into your criteria!
Posted by Synesthesia (Member # 4774) on :
Charge me? How much! I don't need to be charged! I need more money, not less! arg!
Posted by Belle (Member # 2314) on :
Farmgirl, I'm waiting to get all our paperwork together so I can fill out an FAFSA too.
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