Economic Stimulus plan

Anglis

Anglis

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Anglis (retired)
Ok. Im 23, will be 24 in May. Im a full-time student. I made 25k last year. State didnt hold out that much, so I have to pay in(sucks). So my dad wants to claim me on his taxes this year since I owe anyway, and he wouldn't have to pay in as much. If he claimed me, im guessing I wouldnt be eligible for that $600 right?
 
If your dad claims you as a dependent, then you can't claim yourself on your exemptions. That means you wouldn't be able to get your standard deduction to your tax rate, and you'll have to pay even more in taxes than you are now. You also have to be living in his house for 6 or more months out of this previous year for him to be able to list you as a dependent.

You'll have to compare how the math works out honestly. With you claiming yourself as an exemption your deduction would be $5350, your father claiming you as a dependent would get a deduction of about $3000 if I remember right (haven't done my taxes yet this year). You can try using this calculator I found to crunch the numbers, though of course I give no guarantees to its veracity. Otherwise you could always go to a professional tax preparer to have the math done; remember that what you pay to have your taxes done can also be claimed as a deduction if you do itemized deductions. ;)
 
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Well we already calculated if I claimed myself dependent or independent. I owe $218 if I'm independent and $340 if he claims me. He would save alot more, so if he claims me, he'll just pay it.
 
Did they pass the Economic Stimulus Plan? I thought that was still under discussion.

Yes, I'm out of the loop.
 
Morwen said:
Did they pass the Economic Stimulus Plan? I thought that was still under discussion.

Yes, I'm out of the loop.
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Yeah they did. I guess i'll be nice and let my dad claim me. This will be first time since I was 18 that he did. Last year for him to do it anyway.
 
I love how the stimulus plan is paid for by all taxpayers, yet not given to all taxpayers.


Just when I thought wealth redistribution didn't happen in America...
 
Celvantes said:
Just when I thought wealth redistribution didn't happen in America...
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It's Bush's plan, so I don't know what you're complaining about, especially considering the Republicans are filibustering big chunks of it. Too bad John McCain couldn't be bothered to take a stand either way. :crazy:

Besides, those much-touted "tax rebates" are just like the last ones: an advance on your 2009 tax refund. They're mostly redistributing your own wealth back to you. Cheers!
 
Halifirien said:
It's Bush's plan, so I don't know what you're complaining about, especially considering the Republicans are filibustering big chunks of it. Too bad John McCain couldn't be bothered to take a stand either way. :crazy:

Besides, those much-touted "tax rebates" are just like the last ones: an advance on your 2009 tax refund. They're mostly redistributing your own wealth back to you. Cheers!
Click to expand...

Just because it was made by the President doesn't mean I automatically approve it, Hali. I'm a conservative, not a zombie.

And again, I would have no issue if everyone got a tax rebate... but not everyone does.
 
i am a conservative and therefore i don't approve of most of the things that the president has done.
 
Fellina said:
If your dad claims you as a dependent, then you can't claim yourself on your exemptions. That means you wouldn't be able to get your standard deduction to your tax rate, and you'll have to pay even more in taxes than you are now. You also have to be living in his house for 6 or more months out of this previous year for him to be able to list you as a dependent.

You'll have to compare how the math works out honestly. With you claiming yourself as an exemption your deduction would be $5350, your father claiming you as a dependent would get a deduction of about $3000 if I remember right (haven't done my taxes yet this year). You can try using this calculator I found to crunch the numbers, though of course I give no guarantees to its veracity. Otherwise you could always go to a professional tax preparer to have the math done; remember that what you pay to have your taxes done can also be claimed as a deduction if you do itemized deductions. ;)
Click to expand...


Actually, the standard deduction for single filing alone is $8750 on the 1040EZ, $3400 x number of exemptions on 1040A and 1040.
 
Well, the actual math breaks down to a standard deduction of $5350, plus $3400 per exemption. So if you're single and only have yourself as an exemption, then it would add to $8750 (as per the EZ), but single and dependent would be just the standard deduction of $5350.

All this talk is getting me geared up to do my taxes though, I find it actually kind of fun now that it's a challenge (what with student loan interest, mortgage interest, taxable refunds, me being self-employed, two qualifying child tax credits, our health savings account, and itemized deductions). Yes, I know I'm insane.
 
Halifirien said:
It's Bush's plan, so I don't know what you're complaining about, especially considering the Republicans are filibustering big chunks of it. Too bad John McCain couldn't be bothered to take a stand either way. :crazy:

Besides, those much-touted "tax rebates" are just like the last ones: an advance on your 2009 tax refund. They're mostly redistributing your own wealth back to you. Cheers!
Click to expand...

I thought before it enter the House of Reps, it was "new" money being distributed... now its an "advance on your 2009 tax return". F*cking bastards!
 
Huckabee and Paul pretty much summed up my views on this.
 
There are much easier and subtler ways to stimulate the economy than waste inordinate amounts of money issuing checks to people.

Eliminate the federal gas tax for a year, for example.
 
Halifirien said:
It's Bush's plan, so I don't know what you're complaining about, especially considering the Republicans are filibustering big chunks of it. Too bad John McCain couldn't be bothered to take a stand either way. :crazy:
Click to expand...

No No No No. In Bush's original plan, you actually had to have PAID taxes in order to get the tax REBATE. Liberals made them add a whole lot of BS into it in order to get it passed.
 
I wouldn't call the additions BS -- health care for veterans is BS? -- but it's a moot point with the GOP blocking it.
 
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