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hafitalSorry to invoke the dreaded T word, but I'm a freak and I like to do my taxes early. *ducks*
Okay, I lied. There is neither death nor cake behind the cut tag. Fooled ya!
So, this year I'm making more money than I ever have (although still low enough to qualify for free filing! Woo!) and yet I'm getting more money back then I ever have. This is good! Yet, I will always be amazed at how that works out. I mean, when I was a starving student in NYC, just barely making ends meet and attempting every trick in the book just so I wouldn't have to pay taxes, never mind getting any back (and I always had to pay state taxes, no matter how hard I tried, and I *tried!*), I used to cry (and by cry, I mean, gnash my teeth) because it was so ridiculous! not to mention cruel. And I'm about 95% sure I was filing correctly, too. Because I had multiple jobs and multiple W-2s and not enough expenses, not enough taxes were ever taken out of my earnings -- thus, unless I could cobble together a schedule c (which I did do, when I could), I would just barely scrape by on my federal taxes and always have to pay at least $400 on my state taxes. (And I even remember a year when I did get back a nice chunk o change from the federal government but I still had to pay NY money. Bastards! Cruel, cruel state.) But, you ask, you were paying tuition! Whyfore you have to pay more and not get a whole bunch back like you're doing now? Well, because my tuition amount was very low, and not enough to get the credit up past 2 or 3 hundred dollars.
Going from that to nearly getting all my money back, is, well, a bloody miracle. This is in large part because of the ridiculously high tuition I have to pay for Grad School and the fact that none of it is funded by scholarships or grants or anything like that. So, I get to take a nice big fat credit. And even without that credit, I was already getting more than $1000 back.
I was so startled by all the money, I was dead certain I was doing something wrong. I almost reduced the amount I could claim just so my return wasn't so high, because, it's just so strange to get so much back! I wasn't sure I could trust it! I had to camp out on the IRS website just to make sure I was applying the education tax credit properly, and claiming the proper amount, as well as figuring out what my actual tuition *was*, since I, um, didn't keep proper paperwork from my school (and incidentally, if there are any students reading this who need their 1098-T, go here and get it!). But, being stubborn, I figured it out and made all the #s work and got all the records I need, etc etc. I actually ended up being able to claim *more* than I thought, but consequently I had to adjust my income to reflect the amount from my loans not directly applied to tuition, which was also more than I thought. But even that adjustment didn't change anything, and I'm still getting the same amount on my return. Wahoo!
And, since my income level is only going to increase, I gotta take advantage while I can still claim the credit, 'cause it goes away the more you make. :)
*has a moment and thinks about Sonny saying "It's about TAXES! It's about screwing Uncle Sam!" heeee.*
Okay, I lied. There is neither death nor cake behind the cut tag. Fooled ya!
So, this year I'm making more money than I ever have (although still low enough to qualify for free filing! Woo!) and yet I'm getting more money back then I ever have. This is good! Yet, I will always be amazed at how that works out. I mean, when I was a starving student in NYC, just barely making ends meet and attempting every trick in the book just so I wouldn't have to pay taxes, never mind getting any back (and I always had to pay state taxes, no matter how hard I tried, and I *tried!*), I used to cry (and by cry, I mean, gnash my teeth) because it was so ridiculous! not to mention cruel. And I'm about 95% sure I was filing correctly, too. Because I had multiple jobs and multiple W-2s and not enough expenses, not enough taxes were ever taken out of my earnings -- thus, unless I could cobble together a schedule c (which I did do, when I could), I would just barely scrape by on my federal taxes and always have to pay at least $400 on my state taxes. (And I even remember a year when I did get back a nice chunk o change from the federal government but I still had to pay NY money. Bastards! Cruel, cruel state.) But, you ask, you were paying tuition! Whyfore you have to pay more and not get a whole bunch back like you're doing now? Well, because my tuition amount was very low, and not enough to get the credit up past 2 or 3 hundred dollars.
Going from that to nearly getting all my money back, is, well, a bloody miracle. This is in large part because of the ridiculously high tuition I have to pay for Grad School and the fact that none of it is funded by scholarships or grants or anything like that. So, I get to take a nice big fat credit. And even without that credit, I was already getting more than $1000 back.
I was so startled by all the money, I was dead certain I was doing something wrong. I almost reduced the amount I could claim just so my return wasn't so high, because, it's just so strange to get so much back! I wasn't sure I could trust it! I had to camp out on the IRS website just to make sure I was applying the education tax credit properly, and claiming the proper amount, as well as figuring out what my actual tuition *was*, since I, um, didn't keep proper paperwork from my school (and incidentally, if there are any students reading this who need their 1098-T, go here and get it!). But, being stubborn, I figured it out and made all the #s work and got all the records I need, etc etc. I actually ended up being able to claim *more* than I thought, but consequently I had to adjust my income to reflect the amount from my loans not directly applied to tuition, which was also more than I thought. But even that adjustment didn't change anything, and I'm still getting the same amount on my return. Wahoo!
And, since my income level is only going to increase, I gotta take advantage while I can still claim the credit, 'cause it goes away the more you make. :)
*has a moment and thinks about Sonny saying "It's about TAXES! It's about screwing Uncle Sam!" heeee.*
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no subject
Date: 2006-02-07 02:35 am (UTC)I must say I'm pretty pleased about the 'no death' part, and while I'm happy that you're getting
moneyscads o' money back on your taxes.... I'll admit I'm darned disappointed about the lack o' cake. -g-no subject
Date: 2006-02-07 04:20 am (UTC)1) no more Telefile! I loved using the phone.
2) I worked two jobs in New Jersey
3) My brother and I sold the family house, which actually makes it part of my stepfather's estate. So that is going to be strange.
4) I moved from New Jersey to New York
5) I have not worked in New York while I was here the end of '05