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Old 01-28-2008, 08:46 AM   #1
disney4us91
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Can you get back a bigger tax refund then you paid in??

I just did our taxes online as I have done for the last four years and our refund is 1000.00 more then the taxes we paid. Last year we got a little over but this year we had more deductions. In looking at it it looks like it is because of the child tax credit, we had our third child in 2006. Anybody else? It just seems strange, I don't want to get in trouble with the IRS to me this would raise a big red flag.


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Old 01-28-2008, 08:47 AM   #2
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lucky you! we paid a ridiculous amount in this year and I am hoping that we get a good chunk back.
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Old 01-28-2008, 09:37 AM   #3
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yes, we always get back more than we paid in. By several thousand. It's because of the additional child tax credit.

HTH!
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Old 01-28-2008, 12:25 PM   #4
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How do you get a larger refund than the taxes you pay?? The government is actually paying you for the year? Do you mean you are getting a refund of excess because you overpaid during the year, or as you said, you get a refund of more than you actually paid?
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Old 01-28-2008, 12:34 PM   #5
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Yes you can. If your income is below average and you only paid a small amount in actual federal tax you would get your entire amount of taxed paid plus any child credits that are available for you. Also some states have real estate tax refunds etc. My husband and I are in the "very low income" bracket. We always get a refund well above what we paid in. I know that people who make above this levels feel it is unfair. I really don't know how I feel about it. I am not going to give it back but it does not feel right taking from other people also.
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Old 01-28-2008, 12:35 PM   #6
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Quote:
The government is actually paying you for the year? Do you mean you are getting a refund of excess because you overpaid during the year, or as you said, you get a refund of more than you actually paid?
Tax Credits (reduction of income taxes) can be either refundable or non-refundable. Refundable Tax Credits have the ability to take your tax liability below 0 -- in other words a negative number.

There are two main Refundable Tax Credits

Earned Income Credit

Child Tax Credit

Quote:
The government is actually paying you for the year?
In regards to income taxes, yes.
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Old 01-28-2008, 12:43 PM   #7
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It's Crazy!!! But for the past 3 years we have too!

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Originally Posted by Green Tea View Post
How do you get a larger refund than the taxes you pay?? The government is actually paying you for the year? Do you mean you are getting a refund of excess because you overpaid during the year, or as you said, you get a refund of more than you actually paid?

Three years ago, we got back 1400.00 more than we paid in due to our EIC and CTC. So we increased our exemptions figuring it was better to use the money ourselves during the year. We got 2000.00 more than we paid in last year. Go figure! This year we increased the exemptions we claim again, and will get back just about what we paid in, (a little more) but I paid in only $38.00 for the entire year, so I had use of all my income (except for payroll taxes) all year, so I'm not complaining.

Much of it comes due to the fact that we own apartments and with the property tax and fuel increases over the past few years, we lose money where we used to make it.
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Old 01-28-2008, 12:43 PM   #8
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Originally Posted by Toby'sFriend View Post

In regards to income taxes, yes.
WOW!

I know that some end up not paying any tax, and I'm probably basically ok with that. But to get more refunded than was actually paid...that seems bizarre to me. Just wow.

If I am reading the information on Turbo Tax correctly, I don't even get to count personal exemptions for ourselves b/c of AMT and they disallow credit on a bunch of our charitable donations. It almost seems like the tax structure encourages me to limit what I donate to charity while they give others more back than they paid in. I learned something new today.
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Old 01-28-2008, 12:46 PM   #9
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yeah, I think it is wrong to get more than you paid in. No wonder our government is in the financial mess it is in. Sorry, but in my opinion, it's wrong.
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Old 01-28-2008, 12:46 PM   #10
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I think with all the losses we will have this year we might not have to pay tax, course I'd rather pay taxes than have the losses, but since I have the losses, they might as well benefit me somehow!

Glad to hear I might actually get more than the taxes paid... somehow I find this a rather nice thing to hear looking at my year coming up....
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Old 01-28-2008, 12:52 PM   #11
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Yes, it's definitely possible....and not even uncommon, I think. For all of you that can do it, good for you. I always say take whatever the govenment will give you. It's not YOUR fault their idiots. I pay in a substantial amount each year overall, and it drives me crazy that basically I'm writing a check out to someone else. Can we say SOCIALISM? Again, not ranting at those of you who can take advantage of it, just at the gumbies who set it up!
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Old 01-28-2008, 12:53 PM   #12
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Again, not ranting at those of you who can take advantage of it, just at the gumbies who set it up!
True! I was just very surprised to learn this. I wouldn't send back any check they sent me either.
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Old 01-28-2008, 12:55 PM   #13
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Quote:
Originally Posted by GoofItUp View Post
I pay in a substantial amount each year overall, and it drives me crazy that basically I'm writing a check out to someone else. Can we say SOCIALISM?
Couldn't have said it better myself! I now know why some people protest at paying taxes....our government makes such stupid financial decisions.
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2005-Stayed at WestGate Vacation Villas and Westgate Town Center/ 2007 May 5-19- Stayed at Horizons by Marriott/ 2009-April 18-May 2-Sheraton Vistana Villages/ 2010-February-Stayed at Blue Heron Beach Resort/ 2011-January 23-28-Stayed at Red Roof Inn Kissimmee(a VERY Budget friendly trip)/ 2013-April 16-27-Legacy Vacation Resort
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Old 01-28-2008, 01:06 PM   #14
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Yes, we pain in $1600 and got back $5200 with the 3 child tax credits and EIC. I think its stupid/doesn't make sense, too but I don't make the rules....
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Old 01-28-2008, 01:20 PM   #15
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Yes, we pain in $1600 and got back $5200 with the 3 child tax credits and EIC. I think its stupid/doesn't make sense, too but I don't make the rules....
Gotta love the government and the stupid income tax system!!!!!!! I paid $17K in federal taxes alone.......I get to pay a little more now too...

Child tax credit???? NOPE, three kids and not eligible. Student loan interest deduction - NOPE, cannot use it.

Silly me, I didn't realize I was rolling in dough.....

Maybe I should fire the maid, butler and cook.....Oh wait, that's me!!!!!
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