I understand we get income taxes back, but if you don’t have a dependent you get a very small part of what you paid in. Last year, I paid $7k in taxes yet only got a little over $2k back. So when I fill out application for, let’s say college financial aid, they want me to count that $5k as if it was money that I had to spend. Why is this?
In: Economics
You can affect your withholding. If benefits were based on the net income you receive on payday, what would stop people from having extra withheld, receiving the benefits, and then getting a big refund?
In your case, you should change your W4 to have less withheld. You’re lending the government a lot of money only to get it back in April with zero interest.
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