How much is your tax return this year?

[GTSLOW]

Who's getting the big $$$ this year?

[*SNOOP*]

............

[-stew-]

I ain't even figured out how to get my W2's much less what I'm getting back...

[Neal Steffek]

$1100 Fed, $1100 State. $2200 total.

[GHOSST]

Still waiting on W2's... I hate when companies wait until the last minute...

[Prince Valiant]

just got my w2's...I'm guessing it'll be similar to last years maybe a bit more since the wife didn't work...~4100-ish.

[BOSS LX]

lol, return?

[GTSLOW]

I ain't even figured out how to get my W2's much less what I'm getting back...

Ha I hear ya. Or places that wait until the last min to get them out.

[lilws6]

i got one of mine i'm just waiting for the second one that only has a month worth of work on it grr wish i could just say f it

[Wagonbacker9]

3K fed, 700 state. Filed on the 16th... then refiled on the 19th because turbotax is next to useless. oh well.

Ended up with a BUNCH of deductions on the house that helped... still probably going to need to lower withholdings at my new (as of 2011) employer though.

[STANMAN]

............

Your original post was MUCH funnier, lol. It had me rolling yesterday when I read it.

[STANMAN]

A return is just an interest free loan to the government, everyone should remember that.

[SSDude]

A return is just an interest free loan to the government, everyone should remember that.

Ditto. I try to minimize what the gubment gets as it means more in my pocket or to my savings on payday.

[Prince Valiant]

A return is just an interest free loan to the government, everyone should remember that.Yep, which for some turns out to be an effective saving plan.

My return is large simply because the wife's job used to contribute too little, which usually ended up with us having to pay a little...increased my payroll deductions to at least leave for a modest return, but once the wife left her job, haven't made the change yet.

[jbiscuit]

we have this little tax deduction this year so we should get a hefty return this year. Last year we got roughly $4800

[05caddyext]

I'd rather have the 2k all at once than have an extra $50 a week on my check. They can have my interest free loan, doesn't bother me. I would waste that $50, but am more apt to save the 2k or pay off some house debt.

[michelle]

A return is just an interest free loan to the government, everyone should remember that.

Owe $7. (:

[That_Guy]

YOU PAY IN THEY NEED THAT MONEY!!! LOL ^^^

With the life long learning credit I'm looking to get around 5k back.

[STANMAN]

Owe $7. (:

Smart woman!!!

[xxtremeteam]

still waiting for w2s my city fire dept jobs waits until the last min, if return is like last few years around $3000 plan is new living room tv 46 to 55" and new bedroom set and maybe some set aside for vacation

[Crawlin]

Your original post was MUCH funnier, lol. It had me rolling yesterday when I read it.


Funny yes...

sad thing is I've seen those returns when the dealership would have the accountants doing the returns for downpayments on the cars.
(obviously not that that extent, but you'd be suprised how close)

[michelle]

Smart woman!!!

If I had a dollar every time I heard that, I wouldn't have to write the government such a big check!

[88Nightmare]

YOU PAY IN THEY NEED THAT MONEY!!! LOL ^^^

With the life long learning credit I'm looking to get around 5k back.

What is this life long learning credit you speak of?

[srt4eh]

What is this life long learning credit you speak of?

http://www.irs.gov/publications/p970/ch03.html

[michelle]

Oops, forgot my "charitable" deduction for the dog rescue stuff. I am getting back $135 now.

[Prince Valiant]

Oops, forgot my "charitable" deduction for the dog rescue stuff. I am getting back $135 now.Think of the 85 cents in interest you missed out on!

[-stew-]

Ha I hear ya. Or places that wait until the last min to get them out.

We always got our quick, but now we have to go online and print them off ourselves, same thing for check stubs. Bullshit I am not happy about.

[pOrk]

Gay, was getting back 2600 then dropped down to 900 when I entered in my 2nd job. Taxes suck

[PureSound15]

Thanks to my home office and "moving expenses" associated with my move my return is a lot more than I was expecting. Still sickening to see what I paid this year :(

[VroomPshhTsi]

Another question, what was everyone's final tax rate?
I think it would be interesting to see salary verse final tax rate.

I'm getting $1,100 back from federal and $400 back from state.
My taxes were roughly 23% of my paycheck and after my return it comes out to 19%.

[VroomPshhTsi]

Also, I don't mind getting more back as a return that per paycheck. You can make the interest argument but that amount is so low it's negligible. I'd rather have more money than I originally thought I had, rather than owing more than I thought I did. The peace of mind is worth the few bucks of interest I miss out on.

[Prince Valiant]

Another question, what was everyone's final tax rate?All figured, my final federal income tax rate last year came out to ~5% (my father inlaw actually has my copy of my return so no specific numbers to crunch...but that should be pretty spot on). The last year I was single, the my federal rate came out to 9.58%. Mitt Romney has got nothing on me, lol.

For all taxes, I'd guess my rate comes in around 15%

[Wagonbacker9]

Another question, what was everyone's final tax rate?
I think it would be interesting to see salary verse final tax rate.

I'm getting $1,100 back from federal and $400 back from state.
My taxes were roughly 23% of my paycheck and after my return it comes out to 19%.


I think I figured my federal rate out to be about 11%.

[lilws6]

i'll be getting enough to get me toys for the car :)

[VroomPshhTsi]

My federal was 9.1%, state was just under 5% I think.

[PB86MCSS]

A return is just an interest free loan to the government, everyone should remember that.

And with today's interest rates, that's a couple dollars I might of lost this year ;) .

[WhatsADSM]

Federal: Nearly nothing, maybe a hundred dollars or so :(
State: Just over a grand :)
But that is a quick guesstimate I had based on last years taxes and a few new numbers plugged in.

Looks like my (filling jointly) overall federal tax rate will be somewhere between 12.5 and 13 percent. State will be right around 5% like it always is. Property taxes are an additional ~5.5%.

[lordairgtar]

About a grand total. Probably buying DJ equipment with it.

[WickedSix]

paid as a single all year and got married in Oct.... hooray for her dropping my income a tax bracket..... $4700 pending one last 1099

[MyP71Vic]

$4790 Federal $490 state. $4k of that goes to our wedding in Sept. Next year should be nice cause we will be filling jointly so the house will be on mine too cause this year it is on hers as well as the 3 months of rent from the apt we had before we bought our house. This will be used to install Long Tube Headers and highflow cats on my 04!

[88Nightmare]

$1,241 for a federal return, $1,226 state return. Not too bad at all

[srt4eh]

$6800 federal and $1300 state

[05caddyext]

"$1,241 for a federal return, $1,226 state return. Not too bad at all"

How are you getting so much back from state? Usually state is much lower than federal. Explain.

[88Nightmare]

Education credit and tuition deduction from Feds, and a large homestead credit from Wisconsin for rent that I paid

[05caddyext]

Does anyone know much about the 1099G for taxable refund information? Am I going to get this form since I itemized my deductions last year? Turbotax didn't ask me about this, the H&R block software did. Both programs show different refund amounts based on this. I have never gotten a 1099G before. Should I wait until the end of January?

[GRAMPS SS]

RETURN...WHAT STINKING RETURN...I owe I owe..over 10k....talk about getting screwed....glad I finished the car LOL LOL

[Cryptic]

RETURN...WHAT STINKING RETURN...I owe I owe..over 10k....talk about getting screwed....glad I finished the car LOL LOL

http://3.bp.blogspot.com/-e_pfCUfxoGE/Tmj75oiBsqI/AAAAAAAAACI/YmAgsi3cmlU/s1600/taxman.jpg
http://forthehealthofit01.files.wordpress.com/2010/04/tax-man-cometh-3-thumb536110.jpg
http://images.icanhascheezburger.com/completestore/2009/4/24/128850370422512596.jpg
http://www.danscartoons.com/TAX9_demo.gif
http://curiousinkling.com/~shirt/_design/irs-shirt.gif
http://nigelmcpherson.com/images/irs3.jpg

[GTSLOW]

^ Andy, that last one is hilarious!! :rolf

[MyP71Vic]

Very Nice! Did the tuition help for state or just fed? I am in college but when I entered everything in Turbo Tax it did not really change much of my state return at all. I did not have anything for rent on there cause my fiance paid that so I let her have the refund with it.
-Nick

[BoosTT]

Paid tuition and/or student loan interest is returned on your federal taxes (up to $2k/$2.5k, iirc).

My refund is going to be around $2300 federal and $1000 state. Kinda sucks, since last year was twice as much.

[michelle]

Anybody knowledgeable about HSAs? Sounds like you can contribute until April and count it towards 2011 taxes?

I have high deductible health insurance and was told by the health insurance person that it qualifies me for an HSA.

[Cutlass Queen]

No clue what I'm getting back yet...first year in a house and student loan interest gah! Hopefully a nice chunk back :D

[88Nightmare]

Very Nice! Did the tuition help for state or just fed? I am in college but when I entered everything in Turbo Tax it did not really change much of my state return at all. I did not have anything for rent on there cause my fiance paid that so I let her have the refund with it.
-Nick

Tuition is a federal deduction. Turbo tax will decide which education credit will work to your advantage. I think typically it is a $1,000 refund.


Paid tuition and/or student loan interest is returned on your federal taxes (up to $2k/$2.5k, iirc).

My refund is going to be around $2300 federal and $1000 state. Kinda sucks, since last year was twice as much.

I think the limit on federal is $4,500

[WickedSix]

$2500 in student loan interest deduction the tuition one is the $4500 I believe.... sucks that married couples can only deduct as much student loan interest as a single person...

[88Nightmare]

$2500 in student loan interest deduction the tuition one is the $4500 I believe.... sucks that married couples can only deduct as much student loan interest as a single person...

yeah I saw that... not really very fair. I thought things like that are typically doubled when you are married.

[MyP71Vic]

But they can still deduct the same for tuition each right? Next year would suck otherwise cause Lisa's Grad school is up there in price. Guess we will wait and see although they might change something by then anyway.

[-stew-]

$1900 back from the feds and $600 from the state.

[Reverend Cooper]

Hey look what Walker did for this guy ^

[Wagonbacker9]

Hey look what Walker did for this guy ^

I'll bet he's grateful.

[-stew-]

Hey look what Walker did for this guy ^


yeah. He put a $500 hole in my last paycheck. I'll express my gratitude in the voting booth.

[brotherbenn83]

Getting 4300/1300 back

[BR3W CITY]

I have owed on my taxes for the last 3 years, and I really have no idea why. At least the numbers are about the same, I usually end of owing the feds $400 and the state owes me like $275. I don't have a clue how, since its not like I have some "Special" withholding. No dependents, I rent, and I'm not a student...so I pretty much get no tax deductions except for my exorbitant medical bills (but I don't make enough to actually itemize and have that do anything for me).
I think my solution for this year is taking my ex-companies retirement plan thats floating around and throw it into an IRA so I can use that for some shelter. Hopefully that would put me closer to the black.

[brotherbenn83]

I have owed on my taxes for the last 3 years, and I really have no idea why. At least the numbers are about the same, I usually end of owing the feds $400 and the state owes me like $275. I don't have a clue how, since its not like I have some "Special" withholding. No dependents, I rent, and I'm not a student...so I pretty much get no tax deductions except for my exorbitant medical bills (but I don't make enough to actually itemize and have that do anything for me).
I think my solution for this year is taking my ex-companies retirement plan thats floating around and throw it into an IRA so I can use that for some shelter. Hopefully that would put me closer to the black.

When you fill out your W4 there is a section for "withhold additional $$$" If you had them withhold $10/week then you wouldn't owe at the end of the year.

[SSDude]

I have owed on my taxes for the last 3 years, and I really have no idea why. At least the numbers are about the same, I usually end of owing the feds $400 and the state owes me like $275. I don't have a clue how, since its not like I have some "Special" withholding. No dependents, I rent, and I'm not a student...so I pretty much get no tax deductions except for my exorbitant medical bills (but I don't make enough to actually itemize and have that do anything for me).
I think my solution for this year is taking my ex-companies retirement plan thats floating around and throw it into an IRA so I can use that for some shelter. Hopefully that would put me closer to the black.

the first thing you should check is how many exemption did you take on your W-4 when you started with your current employer? If you took one change it to zero and they will withold a little more each week. Like brotherbenn83 said you can do additional with holding by dollar amount as well. Ask the payroll person to check this. You can fill out a new one.
Moving a retirement account isn't going to affect your taxes owed. if you move the retirement account to an IRA and contribute to it it will reduce your taxable gross by the amount of taxes you would have paid on the contribution.

[Silver350]

Any one get their returns yet? Last year I filed at this time and I got my money back within 4 days. This year I am on Day 4 and no return yet.

[TheRX7Project]

Ditto. I try to minimize what the gubment gets as it means more in my pocket or to my savings on payday.

I claim 10 dependants for 1/4 of the year for just that reason. Plus it puts a bunch of cash in my pocket at the time. I've never had to pay anything at tax time...

[GTSLOW]

Any one get their returns yet? Last year I filed at this time and I got my money back within 4 days. This year I am on Day 4 and no return yet.

I got some message saying that the IRS was back logged or something about a week after I filed. Guess mine is coming a week later. :wtf

[Silver350]

I got some message saying that the IRS was back logged or something about a week after I filed. Guess mine is coming a week later. :wtf

Wow that is odd. Normally you would expect that at the end of the month not the beginning.

[88Nightmare]

Any one get their returns yet? Last year I filed at this time and I got my money back within 4 days. This year I am on Day 4 and no return yet.

When I check on the IRS.gov site on the "where's my return" it says my return will be deposited February 1st. Still no return here... Already got my state return...

[BR3W CITY]

the first thing you should check is how many exemption did you take on your W-4 when you started with your current employer? If you took one change it to zero and they will withold a little more each week. Like brotherbenn83 said you can do additional with holding by dollar amount as well. Ask the payroll person to check this. You can fill out a new one.
Moving a retirement account isn't going to affect your taxes owed. if you move the retirement account to an IRA and contribute to it it will reduce your taxable gross by the amount of taxes you would have paid on the contribution.

Well I lost my job in August, so I don't have a w4 on file anymore. It was 0 with my previous employer, but I think I got screwed on a Bonus that year, that wasn't taxed when it was given out. This year I think my problem is that I didn't remember to "withhold tax from unemployment benefits" on the first few months of getting it..so I'm paying that back. Its prob still worth it to move the $1500 or so to an IRA, since its not doing shit with JP Morgan and I could use a break on taxes.