Filed my Tax Return...

Unrepresented · #1 02-21-2010, 01:25 PM

...and getting a whopping $5 back from the state (California). Anyone else find their tax refund was significantly lower this year? I haven't had any major changes in income or deductions, and usually I'm able to get a couple hundred back.

I realize my state's dead broke, but I haven't heard of it specifically being applied to refunds for last year's taxes. Anyone know?

tplyons · #2 02-21-2010, 01:30 PM

I had the opposite effect this year... my return was several times what it used to be, mostly due to education credits.

capnsandwich · #3 02-21-2010, 01:35 PM

Quote:

Originally Posted by tplyons

I had the opposite effect this year... my return was several times what it used to be, mostly due to education credits.

Yeah, me too. My return, if it's correct (my wife had them done), will give me the biggest Federal return I've ever heard of. The State it normal and we actually ended up owing on the local.

Unrepresented · #4 02-21-2010, 01:39 PM

Quote:

Originally Posted by tplyons

I had the opposite effect this year... my return was several times what it used to be, mostly due to education credits.

Yeah, more deductions should increase your return.

Quote:

Originally Posted by capnsandwich

Yeah, me too. My return, if it's correct (my wife had them done), will give me the biggest Federal return I've ever heard of. The State it normal and we actually ended up owing on the local.

My fed return is about normal, maybe a little higher, but my state is insultingly low. If I hadn't contributed to my 401K I would've underpaid my state taxes for 2009.

lunarpollen · #5 02-21-2010, 02:00 PM

For the past several years I've managed to just about break even between Federal and State. This year I am owing a few hundred dollars. I am extremely annoyed by this.

coreyfyfe · #6 02-21-2010, 02:03 PM

Mine was much bigger than usual. Income was fairly higher than previous years, but we did the claim-single-file-married move this year so we got a decent chunk of change.

**HeavyDuty** · #7 02-21-2010, 02:08 PM

Getting back about 8% of our combined income...

ADbassman · #8 02-21-2010, 02:09 PM

I owe $168.

capnsandwich · #9 02-21-2010, 02:17 PM

The key to getting a big rufund is to claim 0 and have a kid that year. That's what happened to us. Actually, I was getting workers comp for the first 3 months, which I was surprised to find out that it doesn't get taxed. So, my income was about $10,000 less than last year, puting us in a lower tax bracket, plus the new baby and BOOM! MO MONEY!

elgecko · #10 02-21-2010, 02:22 PM

I was doing my federal return and forgot to add bank interest income of $11. When I did that, it bumped my tax liability up by $12.

True story...neat, huh?

elgecko · #11 02-21-2010, 02:31 PM

BTW, if you want to compare this years taxes to last, you need compare tax liability to taxable income (i.e. compare "x/y" where "x" is your tax liability and "y" is your taxable income).

Due to many variables, your tax refund is a poor indicator of what you paid in taxes.

elgecko · #12 02-21-2010, 02:35 PM

Quote:

Originally Posted by lunarpollen

For the past several years I've managed to just about break even between Federal and State. This year I am owing a few hundred dollars. I am extremely annoyed by this.

Bump up the deductions on your W-4 form by 1

**Jerose** · #13 02-21-2010, 04:14 PM

Part of the stimulus package attempted to let you keep more earnings throughout the year instead of deferring them to your tax return.

It's not uncommon for most people to get less of a return this year.

Febs · #14 02-21-2010, 04:17 PM

Quote:

Originally Posted by Unrepresented

...and getting a whopping $5 back from the state (California). Anyone else find their tax refund was significantly lower this year? I haven't had any major changes in income or deductions, and usually I'm able to get a couple hundred back.

That means your withholding was perfect. A large refund means that you have given the government an interest-free loan.

**Jerose** · #15 02-21-2010, 04:21 PM

Quote:

Originally Posted by Febs

That means your withholding was perfect. A large refund means that you have given the government an interest-free loan.

+1.

Nappa · #16 02-21-2010, 05:35 PM

I owe $24 for federal and gain about $40 in state.

karrot-x · #17 02-21-2010, 05:40 PM

I filed my return today, I got a nice chunk'o change

.

blendermassacre · #18 02-21-2010, 05:41 PM

I too got a bunch back for paying for school out of pocket.

Unrepresented · #19 02-21-2010, 05:44 PM

Quote:

Originally Posted by Jerose

Part of the stimulus package attempted to let you keep more earnings throughout the year instead of deferring them to your tax return.

It's not uncommon for most people to get less of a return this year.

Cool. That's the kind of answer I was looking for, although I'd assume that would impact my federal return more than my state.

iamlowsound · #20 02-21-2010, 06:33 PM

I haven't filed yet, but I look to be getting back every penny that I paid this year. I paid like I was making money for the whole year, but I went back to school. So I didn't make anything for the last four months of the year, plus I get a massive credit for being in school. My return should be in the $1400 range.

lowsound