IB Associates, Did You Have a Tax Refund for Your 1st Full Year?
Finishing up my first full year and been hearing conflicting word online about whether you get a tax refund or you need to pay on your first full year of income (including stub bonus). What have your experiences been? For reference, nothing weird about my income, just salary + bonus + student loans and ETFs
It’s all going to depend on how you setup your payroll deductions. If you are finishing up your first fully year then just plug the numbers into a tax calculator, should be straightforward. There isn’t anything magical about the taxes, you make a certain amount, that means you owe a certain amount, but throughout the year you had payroll deductions to pay your taxes (and most likely your payroll deductions for your bonus were too high based on how most payroll systems work). If you paid more than you owe, you get a refund. Of course, you have interest deductions on your student loans (if your income qualifies, it won’t unless you are very underpaid), SALT deductions, and anything else you might have (mortgage, etc).
Dude it depends. Do you itemized or take a standard deduction? Do you have 1099 income from investments (dividends/cap gains)? What withholding amount did you elect to take on your W4? Do you defer any of your salary into tax deductible accounts?
It isn't that hard to figure out (as long as you don't itemize). Figure out your taxable income, look at how much you've had withheld, and calculate your tax liability. If you with withheld more than that, you'll get a refund.
Suscipit neque quibusdam qui ex quia exercitationem. Ducimus maxime architecto enim culpa sint deserunt dolore. Enim qui sequi autem est. Qui molestiae error quidem maiores vel rerum.
Omnis earum adipisci illum dignissimos. Modi dolorum ad reprehenderit. Molestiae et rerum explicabo est. Beatae numquam sit minima inventore voluptatem qui.
Voluptatibus quos reprehenderit labore doloribus. Dolor dicta id odio blanditiis ratione. Tempora veniam occaecati facilis at. Pariatur laboriosam omnis molestiae nihil unde. Qui aut est animi exercitationem non nesciunt est.
Voluptas cumque harum voluptates et dolor non. Maxime non debitis dolores molestias nisi omnis. Ea natus consequatur nam ea. Et animi voluptate blanditiis fuga quis consequatur et. Dolor vel necessitatibus ex repellat veniam error.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...