PDA

View Full Version : Why is our tax refund so small? Are we missing something?


ccscbc
Mar 14, 2009, 09:50 PM
My salary $60K, my husband's salary $29K, we have 1 child, we have an interest-only mortgage, I currently claim 2 exemptions & he claims 1.

We're supposed to get approx $800 back?? That seems really weak considering that when I was single, without kids & renting an apartment... I got back $600-$800! Granted my salary was less, but still!

ChihuahuaMomma
Mar 14, 2009, 11:06 PM
I know, mine was about $500 short of what I expected as well. The man filing my taxes told me that I have to pay taxes on my stimulus from last year. ODD.

Five Rings
Mar 15, 2009, 01:01 PM
First, Chihuahua Momma, the stimulus payment you got is NOT TAXABLE. Find another tax preparer.

Second, ccscbc, are you filing married filing separately? What status are you filing under?

ChihuahuaMomma
Mar 15, 2009, 01:10 PM
I was told by two places that it was. This was the first year that I didn't do my own taxes.

Five Rings
Mar 15, 2009, 02:54 PM
The stimulus payment is not taxable; period.

Go back to the two places that told you that it was and kick them where it hurts the most.

ChihuahuaMomma
Mar 15, 2009, 02:56 PM
Then where did that extra money go? How do I get it back?

Fr_Chuck
Mar 15, 2009, 02:56 PM
How much you get back * remember it is your own money you are being repaid) depends on how much you pay in and your tax rates.

ChihuahuaMomma
Mar 15, 2009, 02:58 PM
How much you get back * remember it is your own money you are being repaid) depends on how much you pay in and your tax rates.
Me or OP?

simoneaugie
Mar 15, 2009, 03:28 PM
To get a greater refund (of your own money) next year, ask your employer for, and fill out a new W-4. Your husband can do this too. Claim 0. If you are not claiming yourself and your child, your husband is not claiming himself, they will withhold more from each of your paychecks.

Not doing this, means that you have more money each paycheck and can invest and gain interest. Claiming zero means that Uncle Sam holds onto more of your money, then gives it back to you when you file your taxes.

You can also have additional money withheld from each paycheck. There is a spot on the W-4 that asks if you would like to, and how much. If you do not owe this additional amount, they give it back.

ScottGem
Mar 15, 2009, 03:35 PM
If you feel your refund is low (this applies to both the OP and CM), then take it someplace else and have it checked. Maybe you missed some deductions. But each individual return is different. You really can't compare.

As Chuck noted, getting a refund merely means that you had too much withheld during the year. A refund is determined by calculated your tax liability based on income and deductions, then comparing that to what was withheld.

ccscbc
Mar 17, 2009, 11:51 PM
First, Chihuahua Momma, the stimulus payment you got is NOT TAXABLE. Find another tax preparer.

Second, ccscbc, are you filing married filing seperately? What status are you filing under?

We are filing married jointly.

AtlantaTaxExpert
May 8, 2009, 01:28 PM
ChihuahuaMomma:

If you have not already done so, you can amend your return for 2008 and get a refund of $90 - $150 back by filing Form 1040X.