need suggestion on tax refund...

[egoprofit]

here's the deal..

i'm 22 years old, i live on my own with no dependents..

Tax witheld: $1,784

I did an online tax refund but didn't complete it because it told me that all i'm getting back is $400!! does this sound right??? shouldn't i get more??

or maybe i'm just sadly mistaken? how do i get the most out of my refund? thanks.

[amazona]

1. not even close to enough information

We would have to know your income and its sources, whether or not you had a traditional IRA, and tons of other private financial information best not posted on a public bulletin board.

Suggest you go straight to irs.gov on the web and carefully follow their instructions for filling out your 1040 -- or even your 1040-EZ if you qualify.

The best money managers get no refund because they arrange their withholdings such that they are not lending the U.S. gov't money all year just to get a refund in April. But it takes skill to adjust your withholdings just so, and most people don't bother because they'd rather lose the interest and use of the money all year to get a big refund. I would rather get a small/no refund or owe a little (but not so much that I have pay penaltieis) and have my money free to invest/use as I earn it. But interest rates are so shamefully low that this argument doesn't hold much water any more.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

[dubyaD40web]

2. Here Here...

[egoprofit]

3. can i claim myself as a dependent?

i'm a newbie at both DU and paying taxes... is this a common practice? i do support myself...

[egoprofit]

4. anyone? pleeease

pleeeeease :argh:

[scruffy]

5. OK here's the deal

You MIGHT be getting some money back, but the only way to find out is to complete the 1040EZ form, or whichever one applies to you. You can't consider yourself your own dependent, but you DO get to take a personal exemption.

It sounds like you will qualify for your own personal exemption and the standard deduction, plus if you are eligible to contribute to an IRA, you may be able to deduct that amount also. But your starting point has to be to complete the form all the way through!