Inspired by tax return thread... let's talk $$

[kdibattista]

If it's not too personal (although as I'm typing this I'm thinking it probably is), I'm curious what's the most refund you've ever received. Or, what's the most you owed? I'm seeing people buying furniture, Disney trips, etc and I'm just curious (ok, maybe nosey .. hey, I admit it).

The most DH & I received was $2,500 but I'm hoping it's more this year since we bought our first home last February.

 

[Blondy876]

Since we bought our house we usually get back about $4000. We use if for summer savings (I don't work summers) and vacation. I know that some may disagree with giving money to the government all year and then getting a refund but it works for us.

 

[LynnTH]

I think the most we got back was around $4000. Usually, we get back between $2000 and $3000 each year.

 

[HayGan]

I once received almost $5k but I quickly adjusted my deductions after that one! Ours are typically less than $2k depending on how DH's business did that year.

 

[kdibattista]

Oh yeah... please no flames for "giving the government an interest free loan".

 

[Crankyshank]

The most we ever got back was just under $8000 thanks to school loan interest, tax credits, and that was the first year we owned a house.

Normally we get around $3000 give or take a bit because we both claim 0 and still are paying primarily interest on our mortgage. Because of the amount of overtime DH works there is no way we can adjust our witholding in order to even it out at the end of the year and I'd much get money back than pay in.

 

[Lisa L from MI]

Oh yeah... please no flames for "giving the government an interest free loan".

Thanks for adding that

We used to get about 8000 back and LOVED it because it is so hard for us to save money.
DH changed his exemptions back in 2004 and last year we got around 3000......
Last year, I worked the entire year (full time for almost the whole time) and DH worked nights the whole year (20% shift premium) so I know we jumped totally in that tax bracket thing.....
I am afraid to even do my taxes this year!!!! AND....we need all new appliances this year (Fridge, stove and dishwasher)!!!!

 

[malibuconlee]

The most we've ever got back was about $900. The most we've ever paid in was close to $3000. That was the first year we both were working that I was doing Admin work instead of retail. We came very close to having to pay a fine for that. We changed our deductions.

I guess I don't understand how having a house makes such a huge difference on taxes. We've never found it to make that much of a difference. Of course I know lots of people buy houses that are easily 3 times as much as the ones we've had, therefore lots more interest to deduct.

 

[Marseeya]

We got $7500 last year thanks to student loans! I don't think we'll get as much this year because you can only claim it one year -- is that right?

 

[Crankyshank]

I guess I don't understand how having a house makes such a huge difference on taxes. We've never found it to make that much of a difference. Of course I know lots of people buy houses that are easily 3 times as much as the ones we've had, therefore lots more interest to deduct.

A house that costs a few hundred thousand dollars has a lot of interest attached to a 30yr loan, even at low interest rates. Our first year was about $10,000 worth of interest right there.

 

[dumboiu]

Oh yeah... please no flames for "giving the government an interest free loan".

My thoughts exactly!!!! aw:

 

[RadioNate]

We got close to 8000 back one year. We had student loans, 2 houses with mortgage interest, a dependent and child care deductions. It was also a rebate year where we didn't get the rebate pre pay so that was factored in too. DH was claiming 0 because I did freelance work which I stopped 4 months into the year.

Of course after that we adjusted our withholding but we still get some back. I know it is an interest free loan to the gov't but I'd rather get money back than owe. We aren't deciplined enough to save what we own and would be stressed over the bill.

 

[mudnuri]

Because of the earned income credit- I will get about 7500 total federal and state. Then with the state renters rebate, thats another 1500 so about 9K this year if I'm figuring right (which I know i am)

Brandy

 

[MagicKingdom05]

Last year I got back the most I ever had and that was $2000 and that was because I was able to deduct my interest from my condo payments. This year it should be atleast $2500 if not more because for the first time, I get to deduct my property taxes as well as the interest from my mortgage. As others have mentioned I also have the government take more out then what's needed each pay period, and it has worked out great for me.

 

[HOGFAN]

usually pay about 2k.

 

[malibuconlee]

A house that costs a few hundred thousand dollars has a lot of interest attached to a 30yr loan, even at low interest rates. Our first year was about $10,000 worth of interest right there.

That's more than my principal, interest, property taxes, and insurance combined by nearly $400!!!

 

[KelNottAt]

We never get a refund. DH is self-employed and the taxes of his S-Corp roll-up on our personal return. Because of this, we must pay taxes quarterly. In 2005 that amount was $8300 Fed and $1200 State.

Yes, that's $9500 per quarter for a total of $38,000 paid in 2005. Ouch.

ETA: This is in addition to the amounts withheld from my regular ol' corporate job.

 

[Feralpeg]

The highest was $10,500 from federal. The highest from state was around $1500. Of course, last year, I paid the feds $97,000 and the state of Missouri $30,000. Not a good year!

 

[va32h]

Last year we received around $3000 because my husband's income was untaxable, as he was deployed all year.

But otherwise, we usually get pretty close to perfectly even - either paying or getting less than $100 each year.

 

[Free4Life11]

We got $7500 last year thanks to student loans! I don't think we'll get as much this year because you can only claim it one year -- is that right?

You can claim student loan interest deduction every year you pay interest, to my knowledge. Now, the education credit are a different story.

The most I will get back is this year, $500. Then again, I don't make much to begin with.