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Will I get all/most of my taxes back this year
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Slp     Reply with quote
l am 17 and live in Iowa with my parents, they are still claiming me on their taxes.By the time April rolls around next year my income for the year will be around 5000 or so l think.How much of the taxes that have been taken out throughout the year should l expect to get back?All or most of it?Or not much at all?So far l think l have had around 500 or 600 taken out this year.Is there anything special l need to put down on my taxes to make sure l get as much as l can back?Thanks for the help!
Dont     Reply with quote
If your parents are still claiming you, do not look to get anything back.
Emilio     Reply with quote
You cannot claim an exemption for yourself, but you can claim a standard deduction which will mean part of your income will escape tax.
l would have to calculate your tax to tell you if you would owe or get a refund.
Strong     Reply with quote
You wo not get back the 7.65% that was taken out for social security and medicare - that is close to $400. You should get all of what was taken out for federal income tax, and maybe some of what was taken for Iowa state income tax.

Just fill out the forms. It will calculate what if anything they will keep, and you will show on the form what you should get back.
Coach     Reply with quote
You will not get back any social security or medicare taxes.

If all (or almost all) your income is from working, you should get back most of the income taxes.

If you have more than a few hundred dollars of investment income and/or interest, then you may owe money.
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