So I'm running some preliminary numbers on my 1040EZ, and I keep on coming
up with some weird numbers.
Any and all help, I would be grateful for.
First of all: the statistics:
Taxable Income = 1085.66
Federal income tax withheld = 1252.80
Earned income credit (from EIC table) = 199
Total Payments = 1451.80
Tax (from tax table) = 109
Refund = 1341.80
So apparently, my refund is bigger than my federal income tax. I keep on re-running the numbers, but this is all I keep on getting. Any idea where I'm going wrong? I'm positive the EIC and TAX are correct.
Depending upon your financial situation, it is very possible and even
common to pay less in federal taxes than you are eligible to be refunded.
Based on the fact that you apparently qualify for EIC, you may be one of
those lucky ones. It's a socialist practice known as involuntary wealth
I hope you enjoy some of the tens of thousands I pay in each year. :wink2:
P.S. The only way to be absolutely sure would be to have a professional look at ALL the numbers or use a program such as Turbo Tax. You would be foolish to share anymore than you already have with anyone on this or other forums.
Okay, that's cool.
Just a little weird to know that last year I got back as much as I put in, and now this year I'm getting more back than I put in.
Sounds good. Thanks for your help. TurboTax it is.
Is this the first year you are claiming the EIC? Are your parents claiming you as a dependant?
I'm just glad we have HM revenue & Customs here in the UK (unless you're
self employed, in which case they're like vultures!), and I never thought
I'd be saying that, believe me! :laughing:
They make mistakes sometimes, and always sting us in the pocket when they do, but it's far easier than (God forbid!) sorting our own taxes out! Forgive my ignorance here, but in the US do you have sole responsibility for your taxes?
Use Turbo Tax next time:screwy:
Why would I spend un-necessary money?