Tax refunds: how much are you getting back?

[Tony Flow MMMM]

I just got 9200$ back. What bout y'all? What you doing with yours?

I'm paying off every bit if debt

[duff beer]

A $9200 refund? How does it feel to have given the government an interest free loan??

[Tony Flow MMMM]

Feels good cause they save it better than I could

[bmc]

I pay no taxes, so no refund.

[iamlowsound]

I'll get back every penny I paid, not sure how much that is off the top of my head.

lowsound

[Ben Lesser]

Originally Posted by iamlowsound

I'll get back every penny I paid, not sure how much that is off the top of my head.

lowsound

Same here.

[hover]

Between my exemptions and investments I usually end up "a wash" tax-wise. I like to use my money, on my terms all through the year instead of banking on a "big check" once a year. Forget that noise.

[rydin4lifebass]

The wife and I got $1400....I got $1900 back last year..we bought a house but we've only made two payments in 2012..hopefully the interest will add up more next year...everything this year is going right in the bank!

[Richland123]

Nothing - I always owe

[giacomini]

Don't know how much, but this year is going to be much more than the previous.

[jp58]

I'm getting back around 80% of what I paid in all year.

[Tituscrow]

Without violating TB rules regarding politics, would one of you guys explain to a dumb Brit how you get ALL the tax back that you pay?

For clarification, are you talking income tax? Do you mean a rebate or a refund?

In other words, a brief summary of what you are referring to.

[254 stringer]

It is tax that you basically shouldn't have paid. I claim zero dependents at work so they take out as much tax as possible. When I file my taxes the IRS says you over paid us x amount and gives that back. I could claim dependents and get more on my check and very little or nothing back on my income tax returns.

[Tituscrow]

So this refers to self-employed folk filling in their own tax returns? I take it you still contribute something, right?

[254 stringer]

You are supposed to it probably depends on the person. Somebody that does handy work for cash might just decide not to claim anything. But someone with a legitimate business would have too much of a paper trail to get away with that.

[Thrust Meatnozl]

Probably a very large and decidedly negative amount.

[SHardin]

Being an old guy, my wife and I make a large "catch up" contribution to an IRA at the end of the year and that is counted as pre-tax income, so it reduces our gross income therefore our taxes. I have always tried to break even on taxes and get or pay as little as possible at the end of the year. As others have said I can spend my money better than the gov't ever can! But with the IRA contribution we get much more back, but it is an instant 15-20% return on my IRA contribution, Can't get that kind of return anywhere else.

[Tony Flow MMMM]

Originally Posted by Tituscrow

So this refers to self-employed folk filling in their own tax returns? I take it you still contribute something, right?

No, when to get hired anywhere you fill out a tax form you can claim 0 and they wil tax high, you can claim married and 9 and you will have little tax withheld, but at the end of the year you claim what you actually are such as married and one.. And tax rate is adjusted

[Tituscrow]

Originally Posted by Tony Flow MMMM

No, when to get hired anywhere you fill out a tax form you can claim 0 and they wil tax high, you can claim married and 9 and you will have little tax withheld, but at the end of the year you claim what you actually are such as married and one.. And tax rate is adjusted

So you either pay 'too much' and get the difference refunded, or 'not pay enough' and have to pay the difference?

Forgive my ignorance, I'm not familiar with how tax is paid over there.

[Unrepresented]

Originally Posted by Tituscrow

So this refers to self-employed folk filling in their own tax returns? I take it you still contribute something, right?

Employers deduct taxes throughout your pay periods. Some of it is for income tax, some of it for social security, some of it is for state and some for federal.

When the year ends, you "file" your taxes and include all of the applicable deductions for what you should have paid. Some are very generous, like mortgage interest deductions and charitable contributions, etc. The difference between those two numbers is then settled and you either pay more or get a refund.

You won't get everything back, like social security taxes, but with the right investments you can find yourself paying very little towards the common good. Tax reform has recently been a popular notion in the capital.

I already got mine back. Did slightly better than last year since I contributed a little more towards my 401K. Still only get the standard deduction. I hope any tax reform addresses the bias of the mortgage interest deduction.