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

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Old 02-21-2010, 11:05 PM - Thread Starter
 
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Curious...

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.
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Old 02-21-2010, 11:06 PM
 
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Mine is invisible. I had to pay

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Old 02-21-2010, 11:34 PM
 
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Mine was about $1500 more than usual. I have had the same tax lady for years now, and I totally trust that she didn't make any mistakes. (Of course I always check it over, but it always looks good to me.)

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!
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Old 02-21-2010, 11:45 PM
 
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Ugh. Ours was about 2,000 less than usual. We made WAY more money this year than we ever have before (this was the first full year where DH and I were both working full time).

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.

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Old 02-21-2010, 11:46 PM
 
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Ours was about $1500 more than usual and I know I did our taxes correctly. We'd rather have it in the paycheck than in a lump sum.

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).

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Old 02-22-2010, 12:25 AM
 
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It was a weird year and most of STBX's income was non-taxable stipends from the military so they hardly took any out. We JUUUST squeaked by...owe the feds about $500 but getting about $700 back from the state (they refund taxes on military income which is really nice!).
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Old 02-22-2010, 12:30 AM
 
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I don't have it set up for them to take anything out, so usually have to pay $300 ish. But this year, there was that new thing, making work pay? or something. So I got a $37 refund.

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Old 02-22-2010, 12:32 AM
 
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We made the same as last year.

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Old 02-22-2010, 12:51 AM
 
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Ours was about the same as its been these last few years. I think it was maybe a few hundred more than last year though. My parents was about the twice the size as usual.
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Old 02-22-2010, 01:46 AM
 
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We always owe. I'm hoping it will be less this year since this is our first year w/ just DH's income w/ dd and I as dependents.

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Old 02-22-2010, 01:56 AM - Thread Starter
 
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So does nobody get EIC or Child Tax Credit?
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Old 02-22-2010, 02:03 AM
 
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We got both... ours was 7328, which is WAY more than normal, it wasn't a mistake My mom is a tax preparer and there were plenty of giant refunds with her clients from the same tax credits you mentioned.

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Old 02-22-2010, 03:24 AM
 
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Quote:
Originally Posted by cappuccinosmom View Post
So does nobody get EIC or Child Tax Credit?
We do not get EIC but we did get the child tax credit. The bulk of my parents money from thid year came because they are now getting credit for my sister beyond in school beyond her first and second year. I think that is new this year.
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Old 02-22-2010, 03:28 AM
 
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Ours is more this year too. We don't get EIC but do get the child tax credit. I think the making work pay helped us get more but also we paid so much out in medical expenses last year that we actually were able to write some of it off.

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Old 02-22-2010, 03:42 AM
 
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Ours was more this year, even though I increased withholding earlier in the year. We made more but hit the phase out for the child tax credit and so we were only able to claim $200/child (two kids).
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Old 02-22-2010, 04:23 AM
 
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EIC and Child tax credit.... lots of money coming back...

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Old 02-22-2010, 10:17 AM
 
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Last year, our refund was really high (too high, cause of a mistake from dh's company). So, at the beginning of 2009, I adjusted withholdings. We are getting back $500, which is fine with me.

We don't get EIC, but we get the child tax credit.
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Old 02-22-2010, 10:26 AM
 
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Originally Posted by Bunnyflakes View Post
Mine is invisible. I had to pay
Yep, this. We did have to tweak our withholdings once to keep it even. We only had to pay a couple hundred. We try to never get a return and would rather pay.
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Old 02-22-2010, 10:35 AM
 
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We are getting $650 back from the feds and owe $550 to state. So, we'll end the day with a $100.

That's the way like to have our taxes -- little to no return.

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Old 02-22-2010, 12:12 PM
 
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We got less cos of the deployment, but still alot, about 6k

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Old 02-22-2010, 12:21 PM
 
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We had to pay this year, but I'm self-employed and didn't pay quarterly, so that was totally expected. We pay every year anyway. However, we owed about 4-5K less than we budgeted for, which was a huge surprise. Like getting a refund, except it's already in my bank account. A substantial chunk of that was because of the child tax credit. Last year I think we got about $50 for the credit, this year it was $900, and our income stayed about the same, maybe a little less.

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Old 02-22-2010, 12:22 PM
 
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We got a lot more back this year, but this is the first year we've ever qualified for the EIC so we couldn't have factored that in beforehand. We've earned too much in the past but with my job loss and DH being on commission in a tough industry, we qualified this year. I have no idea if we'll qualify this year so we probably won't change anything exemption wise.

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Old 02-22-2010, 12:32 PM
 
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We're getting about the same as we always do.
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Old 02-22-2010, 01:35 PM
 
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Lucky. Mine is way less than previous years. I'm getting 20% of my average refund for previous years. Part of that was the reduced withholdings, but still. I invest most of my refunds, but this year won't be able to fund a bond or anything significant.
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Old 02-22-2010, 01:41 PM
 
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We're getting a lot more this year because of having a baby and buying a house.

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Old 02-22-2010, 02:12 PM
 
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We are getting a bit less, but I keep trying to get it be so that I don't get much. I never quite make it! Does anyone know if they penalize you for having to pay? I know I need to up DPs exemptions but he always balks at having to change them, like he thinks it's annoying to his employer. I'm like, it's our money! Who cares what they think!

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Old 02-22-2010, 02:40 PM
 
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We got about 2K back. About what we usually get. I call it my interest free loan to Uncle Same every year.

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.

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Old 02-22-2010, 03:01 PM - Thread Starter
 
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This was really interesting. Thanks for all the responses.

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.
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Old 02-22-2010, 03:41 PM
 
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Over 8K

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.

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Old 02-22-2010, 04:30 PM
 
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Sucky. we made too much I guess so we were only going to get back 1500. But we do have the first time homebuyers credit so that bumped it up to $6500 I was counting on my return being at least 10k. My SIL who made half what we do and claimed an extra kid (i could only claim 1 since my ex claimed the other 1) got back $8500.

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.

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