Mine is invisible. I had to pay
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What's your tax refund look like? (US Mamas)
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.
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It feels...odd.
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.
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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.
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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
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). 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).
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
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We got both... ours was 7328, which is WAY more than normal, it wasn't a mistake
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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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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.
Originally Posted by cappuccinosmom  So does nobody get EIC or Child Tax Credit? |
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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.
Originally Posted by Bunnyflakes Mine is invisible. I had to pay
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