this is my first year filing taxes I started working in june and im doing my taxes on turbo my total wages were 9,971 for the year with the standard deduction its showing I am looking at a federal return of 1,038 this is also the how much taxes were withheld for the year so therefor its showing I am getting all my
this is my first year filing taxes I started working in june and im doing my taxes on turbo my total wages were 9,971 for the year with the standard deduction its showing I am looking at a federal return of 1,038 this is also the how much taxes were withheld for the year so therefor its showing I am getting all my federal taxes back when I thought you didnt get all your federal taxes back? its also saying im exempt from the tax penalty for no insurance when I didnt have insurace any of 2016 did I not make enough? thank you
if you are single without dependents(and not one) your income is not taxable and yes, you should be refunded all income tax that was withheld
If you are not someone's dependent, then yes, you will get all your federal income taxes back. The amount in box 2 is your refund.
Here is why. Every single person gets a standard deduction of $6,300. Each person who is not a dependent to someone else also gets a personal exemption amount of $4,050. Those deductions are subtracted from your income. Any amount remaining is what you are taxed on. That means you can earn up to $10,350 before you actually owe federal taxes. Your income is below that amount, so you owe no taxes. If you earn more than $10,350 next year, then next year you would not get all your federal refunded.
As for insurance, your income was low enough to qualify you for the exemption and you did not have to pay the penalty for no insurance.
Taxes are what you pay.
If you can be claimed as a dependent, no you won't get them all back. If you're under 19 OR under 25 and were a full time student until May or June, you can most likely be claimed. But either way, you won't owe a health care penalty.
Yes. The penalty is only if a person makes enough to be required to file, and you didn't. And a person making under $10,000 who can't be claimed as a dependent of someone else usually does get back all the federal income tax. (You don't get back the other federal taxes, such as social security and medicare.)
If a non dependent, you would get it all back. You get it all back if you make under about $10K.