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My3Shmoos
Me and my Monkey
Member since 7/06 2437 total posts
Name:
K
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Tax Return ?
My friend and I went out yesterday. We were talking about our ta returns. We use the same accountant. She seems to be getting more than us and we were curious as to why. Our situations are somewhat similar. Just curious. Please don't post what you get back, just answer the poll. Just post some background
I own a house, have 3 kids and DH and I work FT as teachers.
She owns a house, has one kid and both her and her DH are teachers.
Message edited 2/24/2008 10:42:12 AM.
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Posted 2/24/08 10:41 AM  |
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Shorty
.
Member since 5/05 30390 total posts
Name:
really
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Re: Tax Return ?
we just got married, rent, and have no children.
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| Posted 2/24/08 10:42 AM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Tax Return ?
We have 1 kid and do not own a home. Keep in mind that there are other things that affect your taxes besides home ownership and salary: capital gains, interest paid on student loans, donations, etc.
we got back from the feds, but own NY and NJ (I live in NJ but worked in NY). I feel like the state never takes enough $$$ out.
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| Posted 2/24/08 10:51 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Tax Return ?
the difference between you and your friend could be any of the following:
*how your W4 is completed
*how much your contributing to retirement funds
*how much interest your paying on your home
*property taxes if houses aren't similar and/or in same part of town
*student loan interest
*selling any stocks
*child care expenses
*energy saving changes made to your homes
there's probably more that isn't coming to mind, right now.
we are married, just bought a house, have one child. our refund is small because dh changed his W4 withholdings at work.
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| Posted 2/24/08 10:52 AM |
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My2Boys
Love.
Member since 10/05 4796 total posts
Name:
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Re: Tax Return ?
So many variables go into this, but I'm thrilled that we actually got back a bit more than last year - I expected it to be at least 2K less. We were able to account for some home improvements and gave more in donations, so that must explain it.
Either way, woohoo!!! 
ETA: We own a house, have 2 kids, DH works FT and I work PT.
Message edited 2/24/2008 11:00:54 AM.
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| Posted 2/24/08 11:00 AM |
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Selden78
I lvoe the fall :)
Member since 6/06 3543 total posts
Name:
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Re: Tax Return ?
ummm you should have more of a dedutable because of the kids??
We file seperat I dedcut the kids
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| Posted 2/24/08 11:01 AM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: Tax Return ?
We learned our lesson last year, we had to pay in a lot more than we wanted to. This year, we made quarterly checks on how much we owe and have paid during the year and adjusted our W4s a couple times.
We may get a small refund. It'll be much less than $4k.
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| Posted 2/24/08 11:02 AM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Tax Return ?
We do nicely at tax return time. Can't wait for our accountant to let us know what we're getting.
DH works FT, I work very PT, we own a house for almost 8 years and we have 2 children.
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| Posted 2/24/08 11:14 AM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: Tax Return ?
we never get a lot of money back compared to others. I believe it is because I claim married 1 at work (as does DH) so they're not withholding as much money for taxes as they would if I would just claim single zero. So bear in mind that it has a lot to do with how much they are withholding for each paycheck. Maybe check that out.
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| Posted 2/24/08 11:14 AM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: Tax Return ?
Re the poll: More than $15K???
If your earnings are solely from W-2 wages, there's no reason why you should be getting such a big refund! That's just simple mismanagement of your own money...unless you know you can't save money regularly and use this as a way of letting the government 'save' it for you.
To the OP, there's 100 reasons why you and your friend may get back different amounts.
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| Posted 2/24/08 11:34 AM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Tax Return ?
We owe every year. This year we started to make quarterly payments.
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| Posted 2/24/08 12:04 PM |
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EmmaNick
*
Member since 12/06 16001 total posts
Name:
*
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Re: Tax Return ?
I got a HUGE refund this year from both Federal and State. I file HOH, have two kids, was on maternity leave for 5 months and have childcare expenses.
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| Posted 2/24/08 3:06 PM |
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KrisT
Two Boys for Me!!
Member since 1/07 5213 total posts
Name:
Kristin
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Re: Tax Return ?
I am married and DH and I both withhold at the higher single rate. We own our co-op and both max out our 401K.
However, we get KILLED by the alternative minimum tax (AMT) and there is nothing we can do. 
While it seems like we are getting a "decent" refund back, it's really not when you compare it to how much we pay in taxes.
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| Posted 2/24/08 3:11 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Tax Return ?
Posted by bomb-blast
Re the poll: More than $15K???
If your earnings are solely from W-2 wages, there's no reason why you should be getting such a big refund! That's just simple mismanagement of your own money...unless you know you can't save money regularly and use this as a way of letting the government 'save' it for you.
To the OP, there's 100 reasons why you and your friend may get back different amounts.
I totally agree, why would you want the gov to hold & use YOUR money for a year. Eff that, I'll pay them if I owe out of my interest bearing accounts, I don't want them holding my money interest free.
There have been years we've gotten a grand or two back but 15,000
NO WAY!!!
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| Posted 2/24/08 3:12 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: Tax Return ?
Posted by bomb-blast
Re the poll: More than $15K???
If your earnings are solely from W-2 wages, there's no reason why you should be getting such a big refund! That's just simple mismanagement of your own money...unless you know you can't save money regularly and use this as a way of letting the government 'save' it for you.
To the OP, there's 100 reasons why you and your friend may get back different amounts.
$15K does sound like a lot but if you recently bought a house with a very large mortgage payment and have high taxes, you could be getting a very nice refund.
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| Posted 2/24/08 3:19 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Tax Return ?
Posted by BlueDiamonds
Posted by bomb-blast
Re the poll: More than $15K???
If your earnings are solely from W-2 wages, there's no reason why you should be getting such a big refund! That's just simple mismanagement of your own money...unless you know you can't save money regularly and use this as a way of letting the government 'save' it for you.
To the OP, there's 100 reasons why you and your friend may get back different amounts.
$15K does sound like a lot but if you recently bought a house with a very large mortgage payment and have high taxes, you could be getting a very nice refund.
I could see you getting 15k back one year....but after that I would(did) change my filing status to have the least possible taken out knowing you're way ahead on your house expenses. JMO
Message edited 2/24/2008 3:22:49 PM.
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| Posted 2/24/08 3:22 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 Return ?
my friend got back $15K. He has a house, 3 kids, wife only earned $4k this year and they have student loans.
Don't know why though, it seems that he witholds too much.
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| Posted 2/24/08 3:27 PM |
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