Disappointed with my tax refund !

[PooohBear]

No, I don't believe buying the deluxe version will find any more money for you. What I would do is get out last year's return and compare it line by line with this year's and see if you are missing anything.
I don't know if you have children or not but here is something that I learned in the past. Once I was just doing a quick run through on TurboTax to see what our refund would be. When I did that, I entered my DD's names, but did not enter their SS #s. I was very disappointed when I saw our refund amount compared to the year before.
Later when I was finishing up our taxes and entered in EVERYTHING, including the girls' SS#s, I was DELIGHTED to see our refund go up by $800! TurboTax would not give us the child credit until I entered DDs' SS #s!

Good Luck!

OMG after I read your post I remembered that I didn't add my kids SS numbers !!! I was just going to add them later since they were in a lock box !! I just wanted to see how much we were getting.... Thanks so much for everyone's responses and I hope that's what the problem was !!!!!!

 

[G00fyDad]

You know, you could adjust your withholding amount and have the use of about $708 more each month. That way you get to use the money instead of Uncle Sam getting to use it, tax-free, throughout the year.

I have so many people telling me that I shouldnt let Uncle same use it but the reality of it is I have trouble saving it back like that. And the places I do save my money like 401k, IRA, savings bonds, etc... are a little harder to get to than a simple savings account. If I put the money into those I cant use it for Disney.

I have no problem with Uncle Sam using it interest free. Technically I'm not supposed to claim single 0 all year then married 4 at the end but I do and the gov doesnt say anything. So I guess its even.

 

[aka-mad4themouse]

I have so many people telling me that I shouldnt let Uncle same use it but the reality of it is I have trouble saving it back like that. And the places I do save my money like 401k, IRA, savings bonds, etc... are a little harder to get to than a simple savings account. If I put the money into those I cant use it for Disney.

I have no problem with Uncle Sam using it interest free. Technically I'm not supposed to claim single 0 all year then married 4 at the end but I do and the gov doesnt say anything. So I guess its even.

That's a lot of money to give to the government when you could be getting interest on it! At $710/month for 12 months, you would save $8520 with no interest! Add just 2.3% interest to that (like ING pays), and you would have $8610...an additional $90 in your pocket!

You can calculate how much a savings account will grow with regular deposits at Bankrate.com - Saving Calculator

If you were to set up a savings account into which you made automatic deposits, you might not spend it as easily as you think. And an account like ING, with no ATM card and a lag time between when you transfer the money from it to your checking, is harder to get at. It's not like breaking the old piggy bank or robbing the change jar!

 

[G00fyDad]

No offense but, you're kidding me right? Go through the stress of making sure I dont go get it because an "emergency" (new pc) comes up, all for a lousy $90?

That's okay. I still dont have a problem with it. We'll eat out 4 or 5 less times this year.

 

[Pooh_Friend#1]

Heidi, I noticed you live in Colorado. Where? I lived in LaPorte, and Boulder for a while.

How long did you live in CO? I live in Littleton and have been there my whole life. It really is a nice area, regardless of what happened at Columbine.

 

[G00fyDad]

I lived in Laporte and then Boulder and commuted back and forth to my duty station at F.E. Warren AFB in Cheyenne, WY. Yeah, Wyoming. My ex lives there. Love will make you do the stupidest things. That's a long haul for those of you that dont know.

 

[G00fyDad]

I lived in Laporte and then Boulder for about 2 years and commuted back and forth to my duty station at F.E. Warren AFB in Cheyenne, WY. Yeah, Wyoming. My ex lives there. Love will make you do the stupidest things. That's a long haul for those of you that dont know.

 

[poohj80]

am I going to be screwed this year because I don't have any deductions? I always claim 0 to have the most taxes taken out of my check. I guess my question is if their is any deductions I could possibly be missing and do you think I will be screwed because of this?

I am not trying to make you worry fellow Pooh Fan, but did want to offer the other side of the coin.

I actually have to file 0 deductions PLUS have a little bit extra taken out of each paycheck to keep from having to pay taxes at the end of the year. So, depending on your income, filing with 0 deductions does not guarantee a return.

 

[sanibelover]

Here is the IRS info about the child credit:

Topic 606 - Child Tax Credits

You may be able to claim a child tax credit if you have a qualifying child. For 2004, the maximum amount of the credit is $1,000 for each qualifying child.

A qualifying child is a child who:

Is claimed as your dependent,
Was under age 17 at the end of 2004,
Is (a) your son, daughter, adopted child, stepchild, or a descendant of any of them; or (b) is your brother, sister, stepbrother, stepsister, or a descendant of any of them whom you care for as you would your own child; or (c) is an eligible foster child, and
Is a U.S. citizen or resident.

The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase out begins depends on your filing status, as follows: Married filing joint $110,000
Head of Household/Single/Qualifying Widow or Widower $ 75,000
Married filing separate $ 55,000


In general, the child tax credit is limited also by the sum of your income tax liability and any alternative minimum tax liability. For example, if the amount of the credit is $600, but the amount of your income tax is $500, the credit ordinarily will be limited to $500. However, there are two exceptions to this general rule. First, even if the amount of your child tax credit is greater than the amount of your income taxes, you may be able to claim an "additional" tax child tax credit for as much as 10% of your earned income greater than $10,750. Second, if you have three or more qualifying children, you may be able to claim an additional child tax credit up to the amount of Social Security taxes you paid during the year, less any earned income credit you receive. If you qualify under both these exceptions, you receive the greater of the two additional amounts.

The total amount of the child tax credit and any additional child tax credit cannot exceed the maximum of $1,000 for each qualifying child.

Individuals entitled to receive the child tax credit and additional child tax credit may also be eligible to receive the child and dependent care credit and the earned income credit.

 

[poohj80]

I lived in Laporte and then Boulder for about 2 years and commuted back and forth to my duty station at F.E. Warren AFB in Cheyenne, WY. Yeah, Wyoming.

Let me add to the former residents of the west list...used to live in Rawlins, Wyoming WAY back when, spent 4 years in Golden, Colorado before moving east, and still try to get out to Elk Mountain, WY in the summer.

 

[nicknamy1996]

The tax structure is set up so that the more you make, the higher the percentage of your wages are taken for taxes. As a student, you probably did not make enough to warrant paying anything. If you made under $7,150 in 2003, you paid 10% of your income in federal taxes. If you made between $29,050 and $70,350, you now have to fork over 25% of what you made! Isn't it great to be a working stiff?

While the higher tax brackets do stink that stament is not entirely true. You only get taxed at the higher rate on the amount over $7,150. Even someone who makes 1,000,000 only pays 10% on their first 7,150 and whatever the percentage is up to 29,050, and 25% on their earning from 29,050 through 70,350 and so on.

Otherwise the guy making $8000 (-10%) would take home $7200 and the guy making $9,000 (-25%) would take home $6,750, instead the second guy would take home $7,200 (90% of the first $8,000) plus $750 (75% of the next $1,000) for a total of $7,950. Confused?

(for easier math and to keep it simple I adjusted the lowest tax bracket to anything under $8,000 and made the second bracket 25%, but hopefully you get the idea)

 

[BibbidyBobbidyBoo]

Oh man that stinks about the 17yrs until end of year. My oldest two had to wait to start Kindergarten (and I think a LOT of kids are going to be that way- atleast in this state and others that require age 5 BEFORE the date of the start of school) and that means I'm not going to get the child credit when they still are in highschool that year! Even worse with my middle child... his birthday is Nov 11th but I won't get the child credit for that year- NOR the next year that he'll be in highschool that year too. ugh

So basically even if they have a birthday the last day of the previous year- (turning 17 before the end of the year- even if it's the last day of the year) you don't get the child tax credit for them that year- which they were 16 almost that entire year. That stinks. That means for my son the last TWO YEARS he's in highschool I won't get the tax credit for him. (he'll turn 18 in Nov of his senior year of highschool). For my oldest daughter it will be 1.5yrs of her in highschool that I can't claim the child tax credit.

My youngest starts K next year at barely turning 5 before school starts but I'd planned on holding her back for K again if necessary since she'll start so much younger than them. All these children that have to wait until 5 to start K their parents aren't going to get child tax credit for 1-2 yrs of them still minors, at home, going to highschool. That stinks bigtime.

What's with the 17 business anyway? Are they adults and no longer your responsibility at 17? I thought that was at 18. But even so, why is it not "if 17 less than 6mo of that year" or prorated or something. Really stinks for 2yrs, 16-18, to not be able to claim them. ugh

 

[aka-mad4themouse]

No offense but, you're kidding me right? Go through the stress of making sure I dont go get it because an "emergency" (new pc) comes up, all for a lousy $90?

That's okay. I still dont have a problem with it. We'll eat out 4 or 5 less times this year.

WOW! I didn't realize that I was being so stupid. Thank you for pointing that out.

 

[G00fyDad]

Hey no problem.

 

[Pooh_Friend#1]

I am not trying to make you worry fellow Pooh Fan, but did want to offer the other side of the coin.

I actually have to file 0 deductions PLUS have a little bit extra taken out of each paycheck to keep from having to pay taxes at the end of the year. So, depending on your income, filing with 0 deductions does not guarantee a return.

Thank you for showing me the other side, I am hoping that I don't make enough money but it sounds like I definitely need to get a mortgage soon before my promotion goes into effect this year, atleast for a tax deduction!!!

 

[Savin4Disney]

I am hoping my W-2 is in the mailbox so I can do my taxes tonight. I am not sure but think I am getting back about 400.00. Which is all plane ticket money.

 

[elvis loves disney]

Last year dh and I's first year married we had no anticipation for much of anything.We got a huge return saved half of it and the other half went for 8 days in Las Vegas. We forgot we get money back for being students.Well with that being said we bought a car cash a few months ago and anticipated our return being a little less because dh couldn't claim tuition this year.Did taxes the other day and we are not even getting half of what we did last year.I failed to remember that I got Pell Grants to pay all my tuition last year( I am not complaining) but since I forgot that I cannot claim my tuition. I know I should be glad to get anything back but I learned a good leason. Be excited for what you don't expect when it happens and don't spend money that is not in the hand!

 

[Longsx3]

You know, you could adjust your withholding amount and have the use of about $708 more each month. That way you get to use the money instead of Uncle Sam getting to use it, tax-free, throughout the year.

I noticed someone suggest to change your deductions, didn't you mention that part of the reason your return is so high is becuase your DH was in a war zone part of the year?

 

[Grand Canyon]

I have so many people telling me that I shouldnt let Uncle same use it but the reality of it is I have trouble saving it back like that. And the places I do save my money like 401k, IRA, savings bonds, etc... are a little harder to get to than a simple savings account. If I put the money into those I cant use it for Disney.

I have no problem with Uncle Sam using it interest free. Technically I'm not supposed to claim single 0 all year then married 4 at the end but I do and the gov doesnt say anything. So I guess its even.

I do the same thing
The extra money in my check would evaporate or be used to bail out friends or family. This way we are sure to have a down payment on are Disney trip.

 

[G00fyDad]

I do the same thing
The extra money in my check would evaporate or be used to bail out friends or family. This way we are sure to have a down payment on are Disney trip.

Cool! Finally. Someone who understands my pain. LOL