If I have $50 withheld from every check through the year on my w-4, will I get all of that money back on my next return?
that will depend on your taxable income
there are so many variations that could be claimed on the W-4, it is possible that you won't get any of it back
I say this because you may have claimed a lot more allowances than you are entitled to meaning no income tax was withheld on your gross, but you opted to have a flat amount of $50 withheld(probably so you knew all the time just how much your net check would be) and this $50 may or may not be enough to cover your taxable income
I would say you will probably get some of it back but maybe not all
It depends on things you haven't told us.
If it's not needed to cover whatever tax you owe, yes.
Yes, unless it is taken to pay something else you owe, like child support, student loans, or the penalty for not having health insurance.
If is all money that ends up being overpaid, yes.
Ok I just wasn't sure how exactly that worked. I noticed it on my w-4 setup and didn't know what it was for. Thank you all.
Maybe, maybe not.
It really depends on how much money you make and how much taxes you owe. If you fill out your W-4 correctly, and you have exactly the right amount of taxes withheld based on what you earn, then, YES, you would get all of the extra money back. But, if you incorrectly fill out your W-4 and then your income places you in a higher tax bracket, then the extra you have withheld would pay your tax debt and not be refunded to you. But, it would save you from needing to send the IRS a check.
Instead of having extra money withheld, just start a savings account. Then YOUR money can earn YOU interest instead of letting the government use it for no interest to you.
You will get back all the taxes that you have overpaid.
It you overpaid by $50 times the number of pay period you had during the year, you will get all the additional withholdings returned.
Typically people establish additional withholdings for a specific reason, like they have rental income or a small side business that they don't want to owe taxes for.
It's not intended to be a savings account or however you are using it.
Absolutely NOT happening.
Ur parents can explain why