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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Tax refund- a vent & a poll
This year we have to pay.
We were expecting a return (we usually get about 2 thousand back, this year we have to pay about that much).
I know it's not the end of the world, but we're kinda bummed & weren't expecting this. Don't know what I'm doing wrong, we both claim zero so they take the most out of our checks.... and we still have to pay. UGH.
I know everyone has a different situation, but I was wondering what is most common. It seems like everyone I know IRL gets these huge, several-thousand-dollar returns.
Just wondering, if you don't mind taking my poll!!!!! Anonymously of course if you want!!! (This is taking into account federal & state, combined)
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Posted 4/17/11 1:55 PM  |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Tax refund- a vent & a poll
Have you thought about getting a new CPA?
We always have to pay, but DH is a contracted employee. Getting a refund isn't always a good thing, you're just giving the government a loan. Why do them any favors?
Also, do you own property? Have children? Donate to charities? All of these things can be huge deductions.
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| Posted 4/17/11 2:05 PM |
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Re: Tax refund- a vent & a poll
We got back over $5K last year, but nada, zip, zilch this year.
I thought we'd get back money too, but the way my SIL, our CPA explained it, was that she balanced everything out primarily based on my income otherwise, DH, who claimed a ton of losses this year because of his self-employment, would've ended up owing that much.
As a rule, I try to not "plan" on getting anything back at all. I know many people who go out and do these big projects around their house, expecting to get back a windfall, and then are all pi$$y when they end up owing $$$$$.
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| Posted 4/17/11 2:33 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Tax refund- a vent & a poll
We've been owers for 2 years now. I don't mind too much, except the amounts (4500 last year; 3500 this year), b/c it is like we are getting an interest free loan!  I have been bugging DH to lower his withholdings to 0, but he procrastinates.
What really bothers me is owing $1200 to NJ - we don't live there and DH works from home - all but maybe 5-10 days a year, but his "office" is in NJ, so we pay.
I can't imagine what we would owe without our dependents and ridiculous mortgage interest and property taxes!
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| Posted 4/17/11 2:41 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Tax refund- a vent & a poll
We got back ~$10K this year. A refreshing change from the $43,000  we had to pay last year! (that was a unique stock option payout situation though and not our norm).
I'm self employed, so taxes are not withheld from my income throughout the year. Al's withholdings are at 0 to compensate for taxes I might owe. But I didn't work much this year, so that accounts for the refund (plus 2 dependents, mortgage interest and property taxes!)
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| Posted 4/17/11 2:55 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Tax refund- a vent & a poll
We got a good return.
We both claim zero.
We also own a home.
Before we owned a home we owed(we were also single then).
My accountant told me that if we did not own we would owe even though we claim zero and pay so much in taxes
We really cannot claim any of our working expenses unfortunately so except for our morgage and maintance (we live in a coop) we have no other write offs.
HTH. Sorry you have to pay, I know the feeling and it stinks 
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| Posted 4/17/11 3:48 PM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: Tax refund- a vent & a poll
We would have gotten a return but DH won on a game show so we had to pay over 5K. I was happy with what we had to pay. I thought it would be much much more!
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| Posted 4/17/11 3:51 PM |
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MrsBurtch525
Year for change!
Member since 1/09 6017 total posts
Name:
Taryn
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Re: Tax refund- a vent & a poll
We have always gotten a refund but this year was the most, $3,900 because of Lauren and we bought the house and all the improvement so we got them energy tax credit too. We claim 2, I am a SAHM so DH claims DD and me and will claim this baby too when it comes.
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| Posted 4/17/11 4:28 PM |
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OaksWife
Girls Rule!
Member since 1/11 1100 total posts
Name:
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Re: Tax refund- a vent & a poll
The first few years we were married we got back 4k on average, this year we just about broke even...
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| Posted 4/17/11 4:40 PM |
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LightUpMyLife
LIF Adolescent
Member since 1/10 804 total posts
Name:
Bonnie-Jean
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Re: Tax refund- a vent & a poll
Pay to one, bigger return from the other.
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| Posted 4/17/11 4:51 PM |
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Re: Tax refund- a vent & a poll
we owe so much money it makes me want to cry. I tried firing my accountant but I'm married to him and it didn't go over well.
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| Posted 4/17/11 5:10 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Tax refund- a vent & a poll
we got a very good refund back but that's because we own a house, I claim 0 and DH works off the books. I know everyone calls it an interest free loan, but I'd rather pay more now and get back come April.
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| Posted 4/17/11 5:29 PM |
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BethanyLynn
Love these munchkins
Member since 10/09 6295 total posts
Name:
Bethany
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Re: Tax refund- a vent & a poll
We got a good refund..but we pay ALOT in taxes, have a child, own a home and I was on maternity leave for some of the year so didnt make what I usually do.
Before owning, we got minimal back. Accountant advised with joint income we HAD to buy.
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| Posted 4/17/11 7:36 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Tax refund- a vent & a poll
We got back 2700, I was expecting to get more since we bought a house in June and we also got married last yr. But we got back about the same we did when we were filing single separately and did not own a home...
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| Posted 4/17/11 7:54 PM |
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EckoRed81504
We are complete <3
Member since 12/07 6299 total posts
Name:
April
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Re: Tax refund- a vent & a poll
we both claim single 0 and have extra $ taken out of our checks (I do $20 extra out of federal). In the last 3 years we've been doing it, we've gotten a decent amount of $ back. My accountant tells me every year it's the same whether I take it out now or have it in my paycheck. But I like ot have it taken out so we get more back at tax time.
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| Posted 4/17/11 8:40 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Tax refund- a vent & a poll
got back more this year. We had many more deductions and DH was unemployed for part of the year so our income was way lower. I think we had a different tax rate on a part of our income and that helped.
I owe the IRS anyway from a past bill so the entire refund will go right back to them. I will get the state refund but I hear the IRS can take that if they want to. Nice.
Hoping that doesn't happen and I can put a little cushion back in the bank. It won't be a ton but enough to make me breathe a bit.
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| Posted 4/17/11 9:20 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Tax refund- a vent & a poll
Our goal is to get as close to zero as possible (without owing) because we don't like giving the govt interest free loans. But we actually got back a lot this year due to us making less money plus the birth of our twins.
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| Posted 4/17/11 9:27 PM |
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Re: Tax refund- a vent & a poll
We had to pay a little over $4K this year.
Message edited 4/22/2011 2:01:56 AM.
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| Posted 4/17/11 10:30 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Tax refund- a vent & a poll
we got a very large amount back. I was staring at my return looking for an error. we usually get around the same amount, but this year way more.
DH never changed his exemptions from 1 to 4, bc I Stay home w/ our 2 kids. we bought a house last year and he didn't tell his job to stop taking city taxes out. and we got slammed on his bonus they took like half of it in taxes ( I guess we got some of it back?)
here we are in april and he still has not changed any of the above
Message edited 4/18/2011 11:14:08 PM.
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| Posted 4/18/11 11:12 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Tax refund- a vent & a poll
We got a nice return which allowed us to have closing costs for a refi. I'm very happy about the way we handled our taxes this year.
And yes, the main reason we got back is because of how we filled out our W4s.
IMO, the arguement that paying more from your check every week is bad because you're giving Uncle Sam an interest free loan only tells half the story.
The other half is that if you are not saving the extra $$ in your paycheck or are not make principle only payments on your mortgage, etc... You're really getting less of a benefit. I'd rather bank $50/week in a non-interrest bearing account than to fritter it away and not even know where it's going.
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| Posted 4/19/11 5:01 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Tax refund- a vent & a poll
Posted by bobby769
We got a nice return which allowed us to have closing costs for a refi. I'm very happy about the way we handled our taxes this year.
And yes, the main reason we got back is because of how we filled out our W4s.
IMO, the arguement that paying more from your check every week is bad because you're giving Uncle Sam an interest free loan only tells half the story.
The other half is that if you are not saving the extra $$ in your paycheck or are not make principle only payments on your mortgage, etc... You're really getting less of a benefit. I'd rather bank $50/week in a non-interrest bearing account than to fritter it away and not even know where it's going.
No matter how you slice it you could benefit more for having your money in your possession way more than letting the gov't have it for a year.
Think of the investments you could have made and especially this year with the growth in the market. Pay additional money to your principal and you save thousands in interest and shorten your mortgage length. There is no downside to keeping your money.
There is no way I want the gov't having my money for any longer than the law tells me to.
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| Posted 4/19/11 5:19 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Tax refund- a vent & a poll
Posted by Blu-ize
Think of the investments you could have made and especially this year with the growth in the market. Pay additional money to your principal and you save thousands in interest and shorten your mortgage length. There is no downside to keeping your money.
There is no way I want the gov't having my money for any longer than the law tells me to.
You make a great point and it's exactly what I'm saying. Getting more in your paycheck is a benefit for those who have the financial discipline to put the extra dollars to work.
I imagine that many and maybe even most people do not invest it or use it wisely. Unfortunately I am one of them. Overall I have a fairly tight handle on our budget but know that if I had the extra few bucks in our paychecks we would not make as good use out of a lump sum at the end of the year.
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| Posted 4/19/11 9:02 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Tax refund- a vent & a poll
Posted by bobby769
Posted by Blu-ize
Think of the investments you could have made and especially this year with the growth in the market. Pay additional money to your principal and you save thousands in interest and shorten your mortgage length. There is no downside to keeping your money.
There is no way I want the gov't having my money for any longer than the law tells me to.
You make a great point and it's exactly what I'm saying. Getting more in your paycheck is a benefit for those who have the financial discipline to put the extra dollars to work.
I imagine that many and maybe even most people do not invest it or use it wisely. Unfortunately I am one of them. Overall I have a fairly tight handle on our budget but know that if I had the extra few bucks in our paychecks we would not make as good use out of a lump sum at the end of the year.
you are exactly the type of person who would benefit from an automatic savings plan. You should really consider it. At the end of the year you have more than you put in if handled right. It doesn't take much to start and in a pinch you could always access it. You can't get a loan from the gov't!! 
I have two auto savings plans. One that goes into brokerage and one into a savings account that I don't access and is not attached to my operating checking account.
Not a lot of money..just regular contributions that I don't feel or miss. It really adds up.
Of course I have the 401(k) plan as well.
Thank God for that or I would never put money away for retirement.
eta: can you tell I hate the IRS? I will do anything to stay off their radar and keep them from getting their hands on my money.
ok, that's enough from me. 
Message edited 4/19/2011 9:30:29 PM.
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| Posted 4/19/11 9:26 PM |
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