2.09.2011

Irony: Being an Adult and Lashing Out as a Baby


This is the first year that I am filing taxes on my own.


I don’t know why but filing your own taxes seems daunting.
I have a business degree, took accounting and finance, and I am still intimidated (maybe cause I SUCK at accounting?)

Maybe taxes just sound like a bad word.
“TAX YOU!”
“No, TAX YOU dude!” 

Or maybe everyone just royally complains about filing taxes which in turn, makes everyone else want to royally complain about it. I don’t know what caused that epidemic but this year I wanted to partake in all the fun and be an “adult” by filing my own taxes.

My taxes are not difficult to file. I have one job, one income, one 401k, one roth IRA and one high yield savings account. I don’t have an energy saving car, solar panels, my own house, or anything else of that nature that would count on my taxes so it’s relatively easy. 

For anyone else who’s an amateur at filing their own taxes, I highly recommend TaxAct. For one federal filing and one state filing, the total comes out to $17.95. Compared to Turbo Tax at $29.95, it’s quite a steal and their interface is very user-friendly. I haven’t tried Turbo Tax so I can’t compare the two, but for people who like nice clean interfaces and instructions, try TaxAct!

After plugging in the numbers last night, my federal refund came out to about $1,300 and my state refund came out to about $400. So that’s where all my money went from my paychecks! The money that was withheld is technically MINE so I should be entitled to it right? I was already jumping around thinking that I would be putting my refund entirely towards the condo down payment fund.

All good right? Enter my mom. She wants to claim me as a dependent. I moved out in May 2010. Technically she CAN’T since I am 23, and I was not a full-time student for 50%+ of 2010. Right? She also did not support me for 50%+ of the year and I did not live at home for 50%+ of the year so I don’t think she can claim me as a dependent. I started whining like a baby saying that my refund would be way lower if she did that, though on the other hand it would really help my parents since it would lower their income bracket and they would save a bunch on paying taxes. But this is my first time I am entitled to a refund, and I worked for it! It’s still my money. Or is it?
 
Am I being selfish here?

Before anyone suggests that my mom claim me as a dependent and then give me the money I would have been entitled to since she would be saving a lot more, she won’t do it. I just know she won’t. What makes me feel worse is that they make well over $200k a year and they seriously don’t NEED the tax break…but I could really use a bigger refund.

Note: I am 23. I moved out and lived alone when I was 17 for college. I’ve had a job since I was 13 and I started driving as soon as I legally could (15 ½ with a permit, 16 with a license). I basically raised my little bro and sis since I am 9 years older than my bro and 13 years older than my sis. I have always taken care of myself and I was independent at a young age. I am definitely not a brat or a baby :)

6 comments:

Daisy said...Best Blogger Tips[Reply to comment]Best Blogger Templates

You're not your parents dependant anymore, so you should not feel obligated to be claimed as a dependant. That tax money is YOUR money - the government took too much from YOUR paycheques, and now they want to give it back to you, because YOU worked for it.
If you have any unused tution credit, you can pass it on to your parents. Otherwise it just hangs out and doesn't get used. But other than that, I think it's perfectly okay to not have them claim you as a dependant. Plus, if they have two other kids, why don't they use them as dependants?
P.S. Was it hard for you to get a job after you finished your degree? I'm in business too & I've heard some post graduation horror stories.

shoppingtosaving said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Thanks for your comment Daisy! I think I researched it more and figured she can't claim me but I don't doubt that she will try and ask her tax guy for ways to show that I lived at home until June 1st or something.

I will comment on your blog about the job hunt!

nickelbynickel said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I agree with daisy, don't feel obligated & it's your money! From what you tell me about their income they I don't think they really need you for a tax break, it's just silly. Good luck with this situation

mybuckstopshere.com said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I don't think you're being selfish at all. My Dad claimed me once so he would get a bigger refund, but he paid me the difference, of what I would have gotten. If your parents do that, they really should pay you back something, especially with the income that you say they make.

Maybe you should just hurry up and send in your taxes for there's no turning back. :) I hope it all works out and get your condo down payment rolling.

Kathi said...Best Blogger Tips[Reply to comment]Best Blogger Templates

legally she can't claim you, but if she files her taxes before you file yours, you will need to have proof showing you weren't her dependent. Get you taxes file so you can take the deduction :)

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