How much is your income tax refund (or how much do you owe)? - Mothering Forums

View Poll Results: How much is your income tax refund this year?
owe a lot. =( 7 7.37%
owe under $2k. 7 7.37%
getting under $2k 18 18.95%
getting between $2k-$5k 26 27.37%
getting more than $5k 37 38.95%
Voters: 95. You may not vote on this poll

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#1 of 27 Old 03-14-2011, 11:20 AM - Thread Starter
 
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Just did our taxes, and yay! We're getting a good refund!  How much is yours?

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#2 of 27 Old 03-14-2011, 11:43 AM
 
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Federal & state combined, we got $5100.

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#3 of 27 Old 03-14-2011, 02:38 PM
 
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We owe around $7500. Ouch. Last year we got around 4k back, and that was with no kids. Since we had a baby I figured we'd be getting a pretty decent return. Nope. 

 

 

 

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#4 of 27 Old 03-14-2011, 02:48 PM
 
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We're getting around $4k back, and I'm super excited. There are a few things we need around the house that we've been putting off buying, hoping to get a refund so I wouldn't have to cut the budget elsewhere...


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#5 of 27 Old 03-14-2011, 05:07 PM
 
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We got back 10,000+  but that was because of the mortgage interest, 3 kids, and the 1,500 energy credit for putting in a new heating system. DH also adjusted his with holdings to 0 so we'd get more back because it's the only way we can actually save some money and have a good amount at the end of the year to pay off some debt.  Unfortunately all of our refund is gone now, but most of it went to pay off things we did around the house though out the fall/early winter.  We put a whole new bathroom in our basement where there wasn't one before, installed a new HE heating system, and did some other cosmetic stuff.  I hate that all the money is gone, but I feel good knowing that almost all of it was put into doing stuff around our house :)

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#6 of 27 Old 03-14-2011, 05:11 PM
 
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I voted with the majority.  It pays to have a lot of kids. orngbiggrin.gif


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#7 of 27 Old 03-14-2011, 06:01 PM
 
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Voted more the $5k - but not because of kids.  We get most of our refund through property interest deductions and credits.  At our income level, we qualify for very little in child tax credits.  We're not rich either.  People in the "middle" tend to get the most tax burden (little or no deductions for kids; don't make enough to take big deductions like the wealthy get for donations and/or other wealth tax credits).  


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#8 of 27 Old 03-14-2011, 09:44 PM
 
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I've been trying for years to finally get our refund to under $1K and this is the first year I finallly got it--- we're getting back just over $600.  There was a twinge of disappointment to not be getting a big amount, but logicallly I'm happy we didn't provide a  large interest-free loan for the year!


 

 

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#9 of 27 Old 03-15-2011, 12:38 AM
 
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We got back a bit over 10K... and our withholding are all correct.  We are a family of 5 with a taxable income of 24K a year so all of our return is child credits and EIC and stuff.


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#10 of 27 Old 03-15-2011, 05:43 AM
 
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I couldn't vote.  We zeroed out this year.  We owe nothing.  We get nothing back (except $1 from the state???? wierdness).

 

Which is kinda too bad in a way, because previously our tax refund went right back into paying our huge, huge property taxes and the insurance for our rentals.  We can pay them, but it's going to pinch more this year.

 

Last year we got $10,000 back, so from that to zero was kind of a shock.

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#11 of 27 Old 03-15-2011, 05:47 AM
 
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Did you feel the difference during the year, cappuccinosmom?

I'm another one who is always trying to get to $0. This year was hard as we sold the house and had some job changes so I ended up padding a bit and we got back $715. We owe NY about the same amount we are getting back from NC, though, so I effectively zero'd out for state. lol.gif

We no longer own a home so I'm trying to keep an eye on things this year since we may not itemize for 2011. That's gonna throw a wrench in things and, as of now, I'm probably over-compensating too much.

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#12 of 27 Old 03-15-2011, 05:50 AM
 
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It really surprises me that the most popular poll option is getting more than 5k!!

We owe a lot, but that is because I have self employment income so there was no withholding on that. Before this year we would usually get money back, but less than $1000.

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#13 of 27 Old 03-15-2011, 06:03 AM
 
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Wow I can't believe how much some of you are getting back is taxes different in the us then Canada. Cause I'm pretty sure people don't get that kind of refunds around here. I coukdnt vote either cause I think I'm breaking even.
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#14 of 27 Old 03-15-2011, 07:43 AM
 
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I owe. I am self-employed. I do make the quarterly estimated payments, but "cautiously" underpay those. I end up paying 20,000 per year. That is with biz deductions, health insurance, one child, mortgage interest etc. THIS year though, my amount owed is half of that, around 9000, thanks to baby #2 and a full year of property taxes, mortgage insurance.

 

As of the beginning of the year I became an employer and using the irs government calculator, they advised me to claim 10 withholdings (although if I follow the instructions it worked out to 5-7 withholdings). This should get me an approximate $2000 refund next year. I was hesitant to do the 10 withholdings, so went with 9. I dont want to pay!


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#15 of 27 Old 03-15-2011, 08:34 AM
 
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I have to pay about $720. We had very little withholdings, and my deductions weren't enough. That total is for fed and state combined.


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#16 of 27 Old 03-15-2011, 08:38 AM
 
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we got back 6700, it would have been more but I let x claim ds2 last year.  and no we aren't giving the government an interest free loan. they only took out around $200 for federal and that is only because a few of my checks were over 2k. 


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#17 of 27 Old 03-15-2011, 09:44 AM
 
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Federal we got back just over $8 thousand

We moved last year so we have two states. One we got back almost $1 thousand, the other we owe $15. 


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#18 of 27 Old 03-15-2011, 10:09 AM
 
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Quote:
Did you feel the difference during the year, cappuccinosmom?

 

 

 Well, yeah, but it was because we had a completely different financial situation going on.  The previous year, dh had been employed for 8 months, and then not for the rest of the year.  2010 we were living only on rental payments and savings.  If he gets a job again, we will see how it goes with adjusting those withholdings.

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#19 of 27 Old 03-15-2011, 05:29 PM
 
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We owe $5,400 to Federal, are getting back $4,100 from NJ and we're owed $3 from IL (we relocated mid-year).  So NET, we're at less than $2k but I put our biggest burden and voted owing "a lot".

 

We shoot for getting back less than $1,000 but it was a CRAZY year (relocation money that is reported as income, inheritance money, sold house--so no mortgage/prop tax deduction for half the year--and we were in an insane COL area, so that was a huge hit).

 

I'd rather have the extra automatically transferred out of our main checking to save instead of waiting for a refund (and possibly using a cc).


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#20 of 27 Old 03-15-2011, 05:38 PM
 
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Got the refund and put it in savings... trying my best not to spend any of it...


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#21 of 27 Old 03-15-2011, 06:24 PM
 
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DH claims 0, so we get quite a bit back.  If we didn't let the gov't hold onto it for us, it'd all be gone.


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#22 of 27 Old 03-16-2011, 04:10 AM
 
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I think this is the first year in a long time that we'll owe taxes, because we sold something with capital gains last year.  Oh well, I suppose at least that's better than capital loss.


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#23 of 27 Old 03-16-2011, 10:23 AM
 
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Ours was $10,250 thanks to EITC, mortgage interest, energy credit for new windows, and being *just* below the next tax bracket. Whew! joy.gif

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#24 of 27 Old 03-22-2011, 06:05 AM
 
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We got back around $1500 federal and had to pay $2.50 state. 


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#25 of 27 Old 03-23-2011, 09:51 PM
 
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We'd have been near zero, but we rolled all of our IRAs to Roth IRAs this year and had to pay taxes on the earnings and all of the contributions on which we hadn't already paid taxes. We ended up owing about $4500 combined. Ouch!


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#26 of 27 Old 03-23-2011, 10:00 PM
 
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Quote:
Originally Posted by mama to B View Post

Wow I can't believe how much some of you are getting back is taxes different in the us then Canada. Cause I'm pretty sure people don't get that kind of refunds around here. I coukdnt vote either cause I think I'm breaking even.


Us too in Canada.

Here, it is relatively easy to adjust your withholdings through tax forms along with the T1213 that allows you to account for RRSP contributions along the way rather than amassing a refund.  


4 kids under 10
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#27 of 27 Old 03-26-2011, 08:31 AM
 
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We got back about 300 from the state and are supposed to get back about 6,000 federal, but we filed out taxes in the middle of January and it STILL isn't here.  The IRS customer service keeps telling us its a computer problem that is affecting other people with the 2009 home buyer tax credit loan thing, but we have friends who already gotten theirs and have the same situation.  Just a little annoying, although it's all EITC and child tax credits, so its not like its our money to begin with.


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