What's your tax refund look like? (US Mamas) - Page 2 - Mothering Forums

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Old 02-22-2010, 10:33 PM
 
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Ours was 5k, which is about 3k more than it has been the past few years. We had another kiddo, dh got a paycut (company wide... love the economy!), and I hardly worked at all.

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Old 02-22-2010, 11:14 PM
 
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ours will be about 4K federal- we get the additioanl child credit, DH attended school all year so there is nice deduction on owed taxes there and we have about 1000 left on the adoption tax credit. The past 3 years have been the only time we've gotten big refunds and now that we have used up the adoption credit, we will get back to normal returns of between 1-2K. I don't really like to get big returns (although it is kind of fun!) I also don't ever want to owe in April. That happened once and it totally sucked. So, I try to figure our w/h so we don't pay but don't get too much back.

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Old 02-23-2010, 05:12 PM
 
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We only got $350ish back.

DH was on unemployment for the entirety of 2009, and we had nothing witheld from it. I work full time, and the tax I payed all year, + $1k from the baby, left us pretty much where I thought we would be.

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Old 02-23-2010, 05:35 PM
 
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Heh. We are 'rich' people (not for where we live!) so we don't get any special credits.

My advice may not be appropriate for you. That's ok. You are just fine how you are and I am the right kind of me.

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Old 04-13-2010, 03:20 PM
 
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BH

Hi, does it make sense that dh and I make about 46K, have four kids under ten yet we're only getting about 1k back, according to the accountant it's all going to social security, does this make sense?
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Old 04-13-2010, 04:03 PM
 
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I was shocked about mine too, about 3k refund after NOT paying any federal taxes withholdings. The American Opportunity tuition credit was great, and we had 2 kids for the first time now, we have a mortgage, and DH started doing a 401k.
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Old 04-13-2010, 04:11 PM
 
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Quote:
Originally Posted by MommyChani View Post
BH

Hi, does it make sense that dh and I make about 46K, have four kids under ten yet we're only getting about 1k back, according to the accountant it's all going to social security, does this make sense?
Your refund depends not only on your deductions but also on your withholding. I'm not sure what the statement about it all going to social security means - social security withholding is always a fixed percentage of your income up to $106,800 per year ($106,800 in salary, not withholdings), after that SS taxes are no longer withheld.

Here is a link with more info on social security withholding: http://www.socialsecurity.gov/pubs/10003.html
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Old 04-13-2010, 07:50 PM
 
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We've always owed in years past, but with the new little one, we're actually getting a nice return - enough that I can pay for a couple incidental luxuries without guilt.

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Old 04-13-2010, 10:55 PM
 
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I had to pay. Far less than I did when I was part of a two-income family, but still about $450.

I don't qualify for any credits but making use of my company-sponsored FSAs for childcare and healthcare helped.
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Old 04-14-2010, 09:49 AM
 
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All I need to say is... We bought a house last year
We plan on using 1/4 of the money to help float us to the end of this semester (dh is in school full time but just lost unemployment benifts). Another 1/4 will be put back into the house via a deck 1/4 will be put toward or vacation this year is our 10th anniversay and the last 1/4 will be socked away for retirement (as of now we don't have any saved).

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Old 04-14-2010, 10:21 PM
 
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Refund - none --- we owed
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Old 04-14-2010, 10:33 PM
 
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Over 11K, which is too much. I've adjusted dp's withholdings so that the money shows up in the monthly paycheck, rather than a chunk in April. I hope next year to be getting close to nothing.

We just found out that within 4-6 years dp's pay will drop by 80% for one year, then by 60% for another year and then go back to where it is now for the 3rd year, and then continue to increase. I need to have at least $120K in savings for us to live off of during those two years, so this will have to start that savings. Good news/bad news sort of thing.

Me.  With 1 spouse, 4 kids, 16 chickens, 74 matchbox cars, 968,562+ legos, a dishwasher waiting to be emptied, a washing machine waiting to be filled and a lost cup of tea in the house.

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Old 04-14-2010, 11:21 PM
 
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BH

We're under the 45K bracket and are getting about 1k back, that amount has to go to pay the state taxes so we're basically getting zilch and a fifth of the amount we got last year. I'm quite upset.
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Old 04-15-2010, 12:04 AM
 
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nada. zero. zilch. We had to pay about 2500.
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Old 04-15-2010, 12:21 PM
 
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Ours sucked, too.
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Old 04-15-2010, 10:48 PM
 
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I never realized people got so much money back. 7k? Holy cow!

ETA: 11k woah
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Old 04-15-2010, 11:38 PM
 
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Through mechanisms beyond my understanding, about 10k combined in state and federal. We got the EIC for the first time and had a baby. I'll be darned if I think we deserve all this money back, but as it will pay off the mortgage on the house we can't sell, I am not complaining. It will be awesome to have that off my mind.
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Old 04-16-2010, 10:05 AM
 
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I know some people get upset about getting smaller refunds, but it's good to remember... your tax liability is your tax liability. Because you are getting less (or paying) doesn't mean that you're paying more in taxes. It just means that the government didn't have free use of as much of your hard-earned money. In fact, if you owe, it means you got to use some of the government's money for free over the course of a year.

I just think that sometimes when people get smaller refunds they think, "I'm getting cheated out of money that belongs to me." That's not the case... you need to pay whatever that amount is, no matter what.

Personally, I would rather the government not get to keep any of my money throughout the year.
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Old 04-16-2010, 11:42 AM
 
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Quote:
Originally Posted by velochic View Post
I know some people get upset about getting smaller refunds, but it's good to remember... your tax liability is your tax liability. Because you are getting less (or paying) doesn't mean that you're paying more in taxes. It just means that the government didn't have free use of as much of your hard-earned money. In fact, if you owe, it means you got to use some of the government's money for free over the course of a year.

I just think that sometimes when people get smaller refunds they think, "I'm getting cheated out of money that belongs to me." That's not the case... you need to pay whatever that amount is, no matter what.

Personally, I would rather the government not get to keep any of my money throughout the year.
Well said. I see my 11K refund and think, "cripes, I should have fixed this long ago."

Me.  With 1 spouse, 4 kids, 16 chickens, 74 matchbox cars, 968,562+ legos, a dishwasher waiting to be emptied, a washing machine waiting to be filled and a lost cup of tea in the house.

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