Disappointed with my tax refund !

[PooohBear]

I don't know if I did something wrong or what, but how could I be getting ALOT less money than I did last year !? I tried the free turbo tax online, should I go and buy the deluxe version?? Is that more apt to find something I missed !? I'm so disappointed !!!

 

[BethR]

I tried the free turbo tax online, should I go and buy the deluxe version?? :

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!

 

[Ibelieveinfairies]

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!

LOL...the same thing happened to me last year! I gave my DH the bad news...and then found my mistake and YAHOO!!

 

[Doodlebug939]

I did the same kind of thing last year. I was eligable for some kind of child credit but because I didnt select that my child had lived with me it wouldnt figure my child in the return. (My program is Tax Cut from H&R Block) And one of the entries is something about where your child lived. (At Home or with former spouse that kind of thing) And because I didnt fill it out it didnt include him. Thank God I figured it out.!!!!!!

 

[G00fyDad]

I go over mine with a afine tooth comb every year. DW and I are planning on over $8500.00 this year. I say planning because sometimes the IRS for some reason decides that we shouldnt get back that much and does us a "favor" and adjusts our refund by about $300 or so. I'd like to know what I miss that they are seeing. I have even had H&R Block do them before and the IRS still changed it. Oh well, I guess I cant win that one and we are still getting a huge amount back. (All going towards Disney though)

 

[Mic]

Doodlebug-
I use Tax Cut,too, and have left off the part about the children living with us all year. It made a big difference once I corrected that little mistake! Even though I've already purchased this year's edition and had my husband install it on the computer, I may email Goofydad and see if he wants a little business on the side!

 

[BibbidyBobbidyBoo]

If you used the standard Turbo Tax (not the EZ one)- go back over it step by step and make sure you answered all questions and didn't miss anything. That's odd that you were expecting more and got less- we got MORE this year than expected/last year.

 

[Pooh_Friend#1]

Okay honestly I am clueless when it comes to taxes. My parents have always been able to claim me up to this year so it always made it easy for me to fill out the 1040EZ form. This year I cannot be claimed and am no longer in college and am working full time and single, I do not have any deductions that I know of....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?

 

[dreams91]

Pooh_Friend#1, Most people don't have enough "deductions" to file long. You will get the standard deduction and your personal exemption. You probably will get a little bit back, but I wouldn't expect you to pay.

 

[Doodlebug939]

Okay honestly I am clueless when it comes to taxes. My parents have always been able to claim me up to this year so it always made it easy for me to fill out the 1040EZ form. This year I cannot be claimed and am no longer in college and am working full time and single, I do not have any deductions that I know of....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?

Since you claimed Single claiming zero I would believe that you would be fine. When I was in a similar situation as yours I usually got back maybe $500 dollars or so. Also if you pay for a student loan you may be able to deduct the interest on your taxes. So that is worth checking into!!!

 

[G00fyDad]

Okay honestly I am clueless when it comes to taxes. My parents have always been able to claim me up to this year so it always made it easy for me to fill out the 1040EZ form. This year I cannot be claimed and am no longer in college and am working full time and single, I do not have any deductions that I know of....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 just did my brothers taxes yesterday. He is single, no children, etc... same as you. He made about $22k last year and he is getting back a little over $800.00. Dont worry.

 

[aka-mad4themouse]

Okay honestly I am clueless when it comes to taxes. My parents have always been able to claim me up to this year so it always made it easy for me to fill out the 1040EZ form. This year I cannot be claimed and am no longer in college and am working full time and single, I do not have any deductions that I know of....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?

This is probably why you're not getting a big refund. You are now making more money than previously, which puts you in a higher income bracket. 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?

Being single with no dependents (aside from yourself), you probably don't have many deductions. If you have a mortgage, the interest paid on the loan is deductible. If you have your own business, many expenses are deductible or can be depreciated. If you pay for your own health insurance or had a large number of medical expenses, they can be deducted. However, for the average single, childless individual with no mortagage, there aren't too many deductions.

I would not look at a small refund as being "screwed". Look at it this way, you don't OWE money (which would be a real bummer!). Your withholding should be exactly at or very near what your taxes are for your income level. Ideally, you should neither owe money nor receive a refund if it's done correctly.

In the future, you could have even more of your income withheld out of each paycheck for taxes. And then you could expect that nice big refund check that you were dreaming about this year. But the smarter thing to do would be to have a regular amount withdrawn from your paycheck and placed in an interest-bearing savings account. Why give Uncle Sam an interest-free loan when it's your money to begin with?

 

[bdpa]

I am also clueless about taxes. Have been using Tax Cut for years. This year it is only letting me claim one child. We have two - ages 13 & 17. Nothing has changed from last year other than the oldest is now 17. There is a question on the worksheet that ask if your 17 year old is a full time student in college! He will not graduate from high school till May. Am I reading something wrong? I thought you could claim them til they are 24 or something if they are in college. Any suggestion would be appreciated! Going to Disney in June ... need every penny of this refund we can get! Thanks and have a Disney Day!

 

[PaulDavid's mom]

If you used the standard Turbo Tax (not the EZ one)- go back over it step by step and make sure you answered all questions and didn't miss anything. That's odd that you were expecting more and got less- we got MORE this year than expected/last year.

I also used the standard turbo tax and received quite a bit more than last year. I am paying all my credit cards off so I can start saving for our disney trip!!

 

[sanibelover]

Make sure his birthdate is correct. It sounds like the tax program thinks he is over 18.

 

[Pooh_Friend#1]

Thanks for all your help, I thought I was going to have to pay...that's why I thought I would be screwed. I made probably $36,000 this year so as long as I don't have to pay I am thankful, even $200 would be great....thats what I got last year!!!

No interest on student loans for me so I guess I won't be able to deduct anything!!! Thanks again, very informative.

 

[G00fyDad]

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

 

[imsayin]

bdpa

You should be able to take your 17 y/o as an exemption (reduces your taxable income), but you can only get the $1,000 child tax credit (reduces your taxes) if your child is under age 17 at year end.

 

[hokiefan33]

I go over mine with a afine tooth comb every year. DW and I are planning on over $8500.00 this year. I say planning because sometimes the IRS for some reason decides that we shouldnt get back that much and does us a "favor" and adjusts our refund by about $300 or so. I'd like to know what I miss that they are seeing. I have even had H&R Block do them before and the IRS still changed it. Oh well, I guess I cant win that one and we are still getting a huge amount back. (All going towards Disney though)

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.

 

[christinadei]

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.

Yeah, invest that money and make interest on it instead of Uncle Sam getting it for the year, interest free!