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jlmalano
Returning Member

How to have a good tax return for single person after having work too much in the year

Hi! I’m 23, single, no kids, no dependent, no student loan, no home loan but I already work over 70k this year. So how can I do to have a good return on my tax when my W-2 get her. [email address removed]

2 Replies
DoninGA
Level 15

How to have a good tax return for single person after having work too much in the year

You receive a Tax Refund if your total tax payments are greater than your total tax liabilities when you file your Tax Return.

 

For an estimate on your tax refund or taxes owed use the calculator TaxCaster - https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

xmasbaby0
Level 15

How to have a good tax return for single person after having work too much in the year

You might want to consider that a big tax refund means you gave the government an interest free loan all year.  Why not just save some money throughout the year and/or invest it instead of having too much tax withheld from your paychecks in order to get a tax refund?

 

The more allowances you claim on your W-4 with your employer, the less the employer will withhold for tax; if you only claim 1 allowance for yourself, then then less is withheld.

 

Try the W-4 calculator to see how much you should have withheld so that you do not owe at tax time.

 

https://www.irs.gov/individuals/tax-withholding-estimator

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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