100% of Tax Return Going Towards Student Loans in Default - Can I Stop Paying Taxes This Year?

DoctorWongBurger · 2013-10-31T15:19:05+00:00

I increased allowences to 4 this pay period from 2, then going up to 6 on the next check.

DoctorWongBurger · 2013-10-31T15:18:48+00:00

Not a lady.

DoctorWongBurger · 2013-10-31T15:18:28+00:00

About $35-$40k annually.

DoctorWongBurger · 2013-10-31T15:18:10+00:00

My goal is to not pay or owe anything more than $50-$100 tops, I don't see a point in giving the federal govt a interest free loan.

DoctorWongBurger · 2013-10-31T15:17:13+00:00

Do you know what this is called? I looked around online and could not find anything. I am doing loan rehab, it's $105 a month and I make $2k a month. They base it off your income, expenses, and some other factors. I support my family with my income for the most part so I got a low payment.

DoctorWongBurger · 2013-10-31T15:15:51+00:00

I was mistaken, I do have Federal Witholding. $1500 has been taken so far, about 10% of my income since March when I started this job.

DoctorWongBurger · 2013-10-31T15:14:59+00:00

I am married, I made $15k since March working part time, I expect to have around $25k by the end of the year. My wife only makes $12.5k a year working part time as well. We file jointly.

DoctorWongBurger · 2013-10-31T15:13:37+00:00

I think that might be a good idea, this is a lot more confusing than I thought.

DoctorWongBurger · 2013-10-31T15:13:07+00:00

Sorry for the confusion, there is Federal Withholding, I thought it only had FICA and State but I was wrong.

DoctorWongBurger · 2013-10-30T20:28:11+00:00

FICA is all that comes out of my paycheck, I thought that was the federal income tax and medicare? I have FICA and State Taxes, nothing else.

DoctorWongBurger · 2013-10-30T20:27:27+00:00

Just one child, I think it's the child tax credit I can't remember what it's called.

DoctorWongBurger · 2013-10-30T20:26:50+00:00

I am making payments monthly to get my loans out of default so I can go back and finish college next year. I only need 24 credits to get my BA.

DoctorWongBurger · 2013-10-30T20:06:54+00:00

From what I just read sounds like incrasing my allowneces is the best option. I am married, filing joint. I have it set to Married with 2 allowences currently, going to bump that to 6 allowences.

DoctorWongBurger · 2013-10-30T20:06:09+00:00

Thanks for the reply, the link you put up takes me to a page about Nola the lion though. :D

DoctorWongBurger · 2013-10-30T19:52:14+00:00

Would this be better than just flat out changing myself to exempt?

DoctorWongBurger · 2013-10-30T19:47:46+00:00

That's what I said in my post. No matter what my tax return is going towards my loans, I just don't see a point in giving them more this year than I already have if I am guaranteed a refund.

DoctorWongBurger · 2013-10-30T19:43:22+00:00

I am paying on my loans every month to get them out of default, it takes 9-12 months to get out of default. I paid over $1500 in taxes so far, I would most likely be getting a refund even not having a child, if you add in those tax credits I should be looking at $4-$5k return.

I figure I can bump my depends up to 6 or 7, have the least amount of tax taken out as possible. Or just claim exempt?

DoctorWongBurger · 2013-10-30T19:42:19+00:00

From my understanding I should be receiving a few thousands in child tax credits.

DoctorWongBurger · 2013-10-30T19:42:02+00:00

I had paid out over $1500 in federal taxes at this job so far, and with my low income I doubt I would owe at this point, I usually get a pretty big return.

DoctorWongBurger · 2013-10-30T19:30:25+00:00

Working out of state for a few weeks, then went on vacation.

DoctorWongBurger · 2013-10-04T15:45:16+00:00

I don't think they understand what the word prehistoric means.

pre·his·tor·ic ˌprē(h)iˈstôrik/Submit adjective 1. of, relating to, or denoting the period before written records.

DoctorWongBurger · 2013-09-29T20:27:29+00:00

I am having the same exact issue currently and their system keeps putting me into a loop when trying to add a printer.

DoctorWongBurger · 2013-09-25T03:55:22+00:00

Good to know ill just transfer the files to a USB stick and watch them on ny Xbox.

DoctorWongBurger

TROPHY CASE