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    ily11606's Avatar
    ily11606 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 26, 2007, 06:30 PM
    Do younger working people usually get most of what they pay in taxes back?
    I was looking at my last pay stub, it says I've paid over 1,000 in taxes since I've been working for this company. My question is, since I'm only 20 and don't have any major expenses in my name, how much will my tax refund be?
    charlotte234s's Avatar
    charlotte234s Posts: 1,903, Reputation: 143
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    #2

    Nov 26, 2007, 10:25 PM
    You won't get much in tax money back if you've only paid 1000 dollars in taxes, being young and having no expenses means nothing really.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Nov 27, 2007, 07:24 PM
    If you are not married and have no children, you likely will get very little back, because you are NOT eligible for the Earned Income Credit.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Nov 28, 2007, 05:30 AM
    Your filing status appears to be Single (non-dependent). A Single of 60 years age will get same treatment as you will get.
    For 2007 your exemption (standard deduction and personal exemption) is $8,750.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Nov 29, 2007, 10:15 AM
    MukatA:

    Not true; the 60-year old is eligible for the EIC if their income falls below a certain amount (around $12,000).
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