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ok why is everybody getting so much money back from doing their taxes???
except us
we have 3 kids and own a house and we are a 1 income family......dh does not make that much money either so why is everyone I know getting at least $7,000 and we are getting less than half that?????
please someone tell me why
oh can you tell me if you are getting alot back.....I should have made this a poll
Message edited 3/1/2008 11:46:45 PM.
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Posted 3/1/08 11:42 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: ok why is everybody getting so much money back from doing their taxes???
maybe they get more with held during the year?
I claim married 1 and got back less then $1K- BUT I get my money during the year and invest on my own
I am not loaning the government my money
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| Posted 3/1/08 11:47 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: ok why is everybody getting so much money back from doing their taxes???
Posted by MamaNDaddyof3
except us
we have 3 kids and own a house and we are a 1 income family......dh does not make that much money either so why is everyone I know getting at least $7,000 and we are getting less than half that?????
please someone tell me why
oh can you tell me if you are getting alot back.....I should have made this a poll
what is he claiming? If he's claiming married 5 or 6, that's why. If you want more back at tax time then have him claim married 2 or 3..
Either he gets in during the year or at tax time.
We claim married 1. We are married with two homes no kids and 4 jobs between us. Usually, we get back but not a ton. We do that on purpose. We do an estimate so we come out within a certain amount.
This year though I think we will owe..
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| Posted 3/2/08 12:04 AM |
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My4GirlsMyLife
My 4 girlies
Member since 2/08 9702 total posts
Name:
Valerie
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Re: ok why is everybody getting so much money back from doing their taxes???
Dh and I claim 0 so more is taken out in the year and then we get it back .We have 2 kids and we are getting back around $5000
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| Posted 3/2/08 12:19 AM |
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Pumpkin
LIF Adult
Member since 5/05 3353 total posts
Name:
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Re: ok why is everybody getting so much money back from doing their taxes???
DH and I do not get a big refund.
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| Posted 3/2/08 7:46 AM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: ok why is everybody getting so much money back from doing their taxes???
We have 2 incomes, we own a home, DH claims 0, I claim 1 and we are getting $8000 back.
ETS: We pay a lot too! We had to pay $15,000 in taxes, so realize that you can't get back what you don't make or pay.
Message edited 3/2/2008 4:40:57 PM.
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| Posted 3/2/08 8:36 AM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: ok why is everybody getting so much money back from doing their taxes???
Posted by Beth1210
maybe they get more with held during the year?
I claim married 1 and got back less then $1K- BUT I get my money during the year and invest on my own
I am not loaning the government my money
Exactly what I was going to say. In the beginning of the year, we were not married and then by the end of the year we were so our refund is a bit bigger than usual, but we are now changing our W-2s so we get less back next year.
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| Posted 3/2/08 8:38 AM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: ok why is everybody getting so much money back from doing their taxes???
You basically answered your own question in your post...You have a lot of deductions and you live off of one income, which you said is not even that high. I'm guessing that your husband probably claims multiple exemptions at work, to have less money withheld, right?
So combine small income with not having a lot of taxes withheld...and you come up with small refund. You should be happy. It means you're not paying as much in taxes as the rest of us.
People, you can not get back more in taxes than you actually pay in. A tax refund is not the IRS giving you money. It is basically them giving back to you the extra money, over what you owe them, that you paid in during the year.
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| Posted 3/2/08 8:49 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: ok why is everybody getting so much money back from doing their taxes???
Posted by bomb-blast
You basically answered your own question in your post...You have a lot of deductions and you live off of one income, which you said is not even that high. I'm guessing that your husband probably claims multiple exemptions at work, to have less money withheld, right?
So combine small income with not having a lot of taxes withheld...and you come up with small refund. You should be happy. It means you're not paying as much in taxes as the rest of us.
People, you can not get back more in taxes than you actually pay in. A tax refund is not the IRS giving you money. It is basically them giving back to you the extra money, over what you owe them, that you paid in during the year.
Exactly. A small refund actually means you're doing the right thing. You're keeping your own money throughout the year in either interest-bearing accounts, or paying off debt, which isn't costing interest any more. We intentionally try to keep a relatively small refund. We don't want to pay, so we do make sure we get some back, but it's never a very large amount.
Your options: give the gov't $10k throughout the year, and they'll give you $10k back, or keep $8k or $9k of your money, and earn 3-5% in a savings account, a potentially much better return with stocks, pay off credit that is costing 15%. You'll wind up with $1k-2k back from the gov't, plus the $8k-9k you didn't give them, plus an additional several hundred dollars that you've earned, or aren't spending.
You're definitely ahead of the game by doing what you're doing. 
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| Posted 3/2/08 8:55 AM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: ok why is everybody getting so much money back from doing their taxes???
Posted by Beth1210
maybe they get more with held during the year?
I claim married 1 and got back less then $1K- BUT I get my money during the year and invest on my own
I am not loaning the government my money
yeah this is what I do. I don't see the point of letting the gov't sit on my money for one year when I can save it myself
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| Posted 3/2/08 11:22 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: ok why is everybody getting so much money back from doing their taxes???
We get back money (half of what you are indicating though) because both kids are in daycare and after-care.
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| Posted 3/2/08 2:06 PM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: ok why is everybody getting so much money back from doing their taxes???
Posted by Beth1210
maybe they get more with held during the year?
I claim married 1 and got back less then $1K- BUT I get my money during the year and invest on my own
I am not loaning the government my money
same here- it all has to do with how much you get back and your tax bracket, I know for us we didnt get much back because of those 2 things.
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| Posted 3/2/08 2:31 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: ok why is everybody getting so much money back from doing their taxes???
every family is different.
if your family makes less that 34k, then you might be getting some earned income tax credit.
everyone who makes more than that and gets a refund is because you OVERPAID your taxes. PERIOD!!
you need to decide what's best for your family and money. times are tough, so we need our money paycheck to paycheck... so our refund was $250
if you have more questions, fm me. i'll be happy to share any info with you.
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| Posted 3/2/08 3:17 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: ok why is everybody getting so much money back from doing their taxes???
Posted by Beth1210
maybe they get more with held during the year?
I claim married 1 and got back less then $1K- BUT I get my money during the year and invest on my own
I am not loaning the government my money
ITA- getting back more is actually NOT good- you should hold on to your money, not the govt.
I have this argument with my DH every year since he still doesn't get it. 
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| Posted 3/2/08 3:23 PM |
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johnsae
Sip.
Member since 3/06 18677 total posts
Name:
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Re: ok why is everybody getting so much money back from doing their taxes???
DH was registered as a NY resident and we live in NJ now...they were withholding a lot of money....
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| Posted 3/2/08 4:00 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: ok why is everybody getting so much money back from doing their taxes???
As others said its likely that you've been getting your money in your DH's pay, which is MUCH better BTW. Some people have no willpower to save so their tax return is how they do it. I'm not a fan of that system.
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| Posted 3/2/08 4:24 PM |
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Re: ok why is everybody getting so much money back from doing their taxes???
We had a baby in 2007 and never claimed her. This year, we will.
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| Posted 3/2/08 5:35 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: ok why is everybody getting so much money back from doing their taxes???
We are getting back over 7000. I claim 0. Plus we paid 20,000 in interest on our mortgage.
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| Posted 3/2/08 5:38 PM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: ok why is everybody getting so much money back from doing their taxes???
Be happy you are getting back. DH and I have to pay AND we bought a house this year! Damn investments that we cashed in to buy the house!!!!!!
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| Posted 3/2/08 7:41 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: ok why is everybody getting so much money back from doing their taxes???
we would have gotten about $9k back, but i exersized some stock options - we still got backthough.
we would have gotten back alot because we were married in july, so we were both claiming single 0 for half the year.
and we paid a redonkulous amount in mortgage interest
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| Posted 3/2/08 7:47 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: ok why is everybody getting so much money back from doing their taxes???
It all depends on what you paid in. I don't even think I PAID $7K in taxes, let along get back that much... If you didn't pay a lot, you can't get that much back, plus if he's claiming all of you for withholding it reduces the refund because you're paying the correct amount all year long.
If a lump sum appeals to you, maybe you can enroll in a christmas club or other yearly savinfs plan?
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| Posted 3/2/08 11:04 PM |
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chris605
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Member since 5/05 3205 total posts
Name:
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Re: ok why is everybody getting so much money back from doing their taxes???
Well I thought we would but it wasnt as good as I expected or had HOPED for....
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| Posted 3/2/08 11:59 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: ok why is everybody getting so much money back from doing their taxes???
I claim 1 DH claims 0 + we own 2 properties, I go to school, max out IRAs.
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| Posted 3/3/08 12:04 AM |
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christys0925
LIF Adolescent
Member since 9/07 512 total posts
Name:
Christy
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Re: ok why is everybody getting so much money back from doing their taxes???
DH and I own a home. We are a one income family with no children yet. I know he itemizes and has 1 dependent listed so they take more out.
But we are getting 13,000 this year. i am in shock.
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| Posted 3/3/08 12:28 AM |
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melbalalala
Little Lady
Member since 5/07 5014 total posts
Name:
Melissa
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Re: ok why is everybody getting so much money back from doing their taxes???
Posted by Beth1210
maybe they get more with held during the year?
I claim married 1 and got back less then $1K- BUT I get my money during the year and invest on my own
I am not loaning the government my money
Ditto! 
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| Posted 3/3/08 9:05 AM |
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