Calling Tax Gurus

[--GQ--]

I've been scratching my head (a ball spot is forming) on this for the last two days and it just doesn't make sense. This kid Patrick, is 22 years old worked part time. Married with two kids; (kids having kids. go figure) a 3 years old boy and a one year old girl. His wife is 20, in college and unemployed. To make a long story short, he made roughly $6,000 last year. He paid $1,000 in taxes total. Well he got his refund check weeks ago in the amount of (grab your chair) $5,000. WTH!! Someone gonna have to explain this one to me. <br /><br />To top it off, in 2004 he got $4,300 back and it wasn't taxed for 2005. Double WTH!! On the flip side, I got taxed on every penny I made since the day I start flippin burgers at Burger King. I was taxed on the tax refund I got back in 2004. Where is my piece of the pie?

 

[ob]

Re: Calling Tax Gurus

Something is not right.How could he get back from the IRS more than what he was taxed on?I assume his wife is going to school on a Pell grant.

 

[Reel Poor]

Re: Calling Tax Gurus

He has to be claiming two dependants and qualifying for the maximum earned income tax credit plus getting all he paid in back.

 

[roscoe]

Re: Calling Tax Gurus

Reel Poor has it.<br />He is even getting a credit for the ss taxes that were withheld.

 

[ob]

Re: Calling Tax Gurus

Then he had to have made more than $6000 bucks last year or his refund didn't come from the IRS.If he paid in $3000 out of his yearly income,which he didn't plus SS ,that wouldn't even add up to $5000.Something ain't right.

 

[Reel Poor]

Re: Calling Tax Gurus

If hes claiming two dependants and only made $6000.00 he wont pay any taxes. I think the earned income credit for two dependants at $6000 of income is around 2500 dollars (I might be wrong). If he paid in a 1000 i'll he should not have gotten back 5000.<br /><br />

To top it off, in 2004 he got $4,300 back and it wasn't taxed for 2005.

Thats right, its non taxable by fed income laws, but its is taxable to most state laws.

 

[20/20]

Re: Calling Tax Gurus

even with his return it is still a family of 4 living on 11,000, I'm curious as to how they are doing that?<br /> <br /> Something else to consider is how much is she getting back because of college?

 

[ndemge]

Re: Calling Tax Gurus

I got back more than I put in this year too.<br /><br />And I don't think it's right either.

 

[--GQ--]

Re: Calling Tax Gurus

Folks, the answer is obvious. After 9/11, the economy went sour. Many people were affected by it. "W" (I use "W" to keep in theme with other Iboat political threads) increased Child Tax credit to $3,000 per child up to the age of 6 or 10 if i remember correctly. <br /><br />The kid, Patrick has a boy and a girl under the age of 6 which grant him $6,0000 tax credit. He paid $1,000 in taxes so explain the $5,000 tax refund. Inaddition, the refund he received the previous year was never taxed for 2005 because of employment status. So this is how I understand it to be. <br /><br />I see a potential loophole the size of Texas, but I won't elaborate. Don't want to give any idea to welfare recipient, Iboats members.

 

[Boomyal]

Re: Calling Tax Gurus

GQ, it's called WELFARE!!! without the stigma of going downtown to stand in line. All brought to you by your caring, tolerant, Democrat Party. <br /><br />Can you think of any other reason to dump the IRS in favor of a tax system that cannot be used for social engineering? IMHO, if you need WELFARE, you should be made to go stand in line for it.

 

[jch7450]

Re: Calling Tax Gurus

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