Ours came out to be $5K more than usual. Only 10% of that is an actual refund of federal income taxes we paid through with-holding. The rest of it is EIC, and Child Tax Credit (3 kids=$3K), and the new "Making work pay" thingy.
A couple of other people I've talked to have mentioned that theirs is quite a bit larger than previous years too, and for similar reasons.
When I think of the government sending me a check that big... It makes me want to just put the money in savings in case either I made a mistake, or TurboTax did. It feels...odd.
I was SO glad it was more than usual though, because most of our furniture got ruined and we have to buy new stuff, so we really needed it. It cannot come fast enough!
We also changed our deductions from 0 to 1.
But I thought it would even out pretty well. But we ended up owing $1500 dollars.
Luckily we also got the new homebuyers credit. So we're not getting back the full 8k...but at least we don't actually have to pay.
Baby is coming this year, so hopefully that will help for next year. Plus I think that I, at least, will change my deduction back to 0.
Pet-mom to Squirt with FLUTD & Maya the deaf wonder dog .
ETA: Ours was due to DH's pay decreasing (pay cuts across his firm), our new HSA for 2009, the child tax credit, and the making work pay program. Last year we received $38 back from the Feds, which was perfect in our opinions. (We got a couple hundred back from the state, but our state is whacked and it is impossible to gauge it correctly. We owe them $4 this year. )
For 2010, his pay isn't going back up, but he did receive a lump sum bonus. We can no longer add to our HSA since his company changed insurance to a non-qualifying HDHP (higher deductible than before and does NOT qualify for HSA ). We haven't changed his withholdings, but the amount being withheld is higher than last year (as of Jan 15's check, but all other changes are taking effect with his coming paycheck at the end of Feb, so I am waiting to see how things shake out before asking him to change anything).
"Kind words can be short and easy to speak, but their echoes are truly endless." - Mother Teresa
Kristy, wife to Josh proud mama to Katie: since 3/08 and Emma since 8/12.
Mom to J and never-ending , 0/2014 items decluttered, 0/52 crafts crafts completed
Seeking zen in 2014. Working on journaling and finding peace this year. Spending my free time taking J to swimteam
We don't get EIC, but we get the child tax credit.
That's the way like to have our taxes -- little to no return.
Frugal, food growing mama to my four loves
DS 7 ~ DS 3
We are thinking of converting an IRA acct to a Roth next year and taking advantage of spreading it over 3 years 2010,11,12 because its a lotta cash. So we will end up paying next year and after.
We had a big drop in earned income this year, plus big business losses, plus qualifying for all the big credits, so I guess that's why the return will be so large.
This has never ever happend before. I was shocked when my husband gave me the numbers.
Needless to say we can finally pay bills. Even pay our rent early.
Anne, Mama to Conner 2/27/04 Gabrielle 2/6/06 W/LMC-TCS, Neurogenic Bladder, AFO & KAFO wearer, Neurogenic Bowel & Delaney 5/12/08 & Beethoven & Gizmo
In the years past I tyypically with 2 kids and less income brought home 5-6 K. I expect next years tax return will be much better.
Unassisted birthing, atheist, poly, bi WOHM to 4 wonderful, smart homeschooling kids Wes (14) Seth (7) Pandora Moonlilly (2) and Nevermore Stargazer (11/2012) Married to awesome SAH DH.