Taxes: Bad news, good news

[azurelunatic]

Well, the bad news is, I don't get a refund.

The good news? I don't have to file.



So.

Very nice.

Comments

[elance.livejournal.com]

Shit. That reminds me.

Argh. And only four more days.

Damn and blast it.

Maybe I won't have to file either -- there's no way I earned enough to even count on government records as a whole person.

[azurelunatic]

I earned under $7000, what with quitting my bloody job and all.

[kdorian.livejournal.com]

Check if you qualify for Earned Income Credit. If you make little enough money (and 7k is inside the EIC limit), you can end up getting more back in refund than you paid in.

[kdorian.livejournal.com]

Also: If you do qualify? File through something like The Tax Freedom Project. You get to file via TurboTax at no charge. It might be worth plugging your numbers in just to see if you do qualify.

[azurelunatic]

Hmm.

[kdorian.livejournal.com]

*Runs some vague numbers through the program*

Assume you made exactly $7000, with $500, $400, and $100 taken out for Federal, Soc. Security, and medicare, and $200 for state. (Yes, I did make these number up off the top of my head, why did you ask?) Then, assuming you didn't have any other income (like unemployment), or credits (like tuition payments), I work out the taxes...

If you (1) haven't been notified you do not qualify for EIC, and (2) can't be claimed by someone else as a qualifying child for EIC, your taxes work out to... *drumroll*

Federal: EIC of $309, total tax refund of $809
State: State tax refund of $109 for NC (Your state may differ.)
Cost of filing: $0.00
Time to get the money: With electronic deposit, usually between 1 and 4 weeks.

*Smiles* I think you should file.

[azurelunatic]

Sounds interesting. I think I shall, at some point when my head doesn't want to fall off.

[kdorian.livejournal.com]

As long as you punch the numbers in before the 15th, just to be sure. The penalties for not filing can be horrid if you owe. If you don't, no rush to finish.