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    read enterprise's Avatar
    read enterprise Posts: 1, Reputation: 1
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    #1

    Mar 8, 2012, 12:31 PM
    Why do I only get $90 back from my state taxes when they withheld 1000
    Why do I only get $90 back from my state taxes when they withheld 1000 how come I don't get at least 500
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #2

    Mar 8, 2012, 12:33 PM
    Because $1,000 is very close to the correct amount of withholding for your income bracket, if you want $500 back they would have to take closer to $1,500 out in the first place.

    That money back is only because you would have paid too much in the first place... if everything was done perfectly... you would get nothing back... or owe them nothing extra at the end of the year because they withheld too little..
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #3

    Mar 8, 2012, 01:54 PM
    I live in a high tax state and most single people claim 1 on federal and 0 on state so that they don't owe. You were lucky to just about break even. Be glad you didn't get 500 and pay more all year - would you rather have the IRS holding onto your money all year just so they could give some back, with no interest?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #4

    Mar 14, 2012, 01:24 PM
    I agree with Smoothy. ANY refund is bad because it is an interest-free loan to the government.

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