Tax Refund or Tax Due?

[Papa Deuce]

Poll Coming

 

[golfgal]

We had an unavoidable extra large refund this year because of DH's job change and social security withholding of over $5000.

 

[OhMari]

We had an unavoidable extra large refund this year because of DH's job change and social security withholding of over $5000.

I saw on the poll, many are receiving over $5,000. When I saw our refund-I told my husband, "we are so going to get audited."

 

[golfgal]

I saw on the poll, many are receiving over $5,000. When I saw our refund-I told my husband, "we are so going to get audited."

I am fairly confident that we won't get audited because of our refund because most of that was returned money we paid into Social Security with the new job since we had maxed out our contribution with the old job.

 

[MouseWorshipin]

Tax due. What else is new?

 

[OhMari]

I am fairly confident that we won't get audited because of our refund because most of that was returned money we paid into Social Security with the new job since we had maxed out our contribution with the old job.

Ours is from our Racing Team Small business.-we have all the receipts, but our team ran on a loss. It still makes me nervous receiving that kind of money back. I wish when my 4 kids were smaller they would of had that child tax credit like they do now, at least then I wouldn't be freaking with a $5,000 refund.

 

[HaleyB]

We are getting back way too much this year. I didn't think we would qualify for the Hope Education credit, but it turned out that we did. We make too much to get the child tax credit (darn) but we do get the "additional" child tax credit.

So $3447 back this year. I am afraid to adjust withholding down, so I guess I am a fool giving Uncle Sam a free loan. But hey, he is picking up the interest on my sons student loans, so I guess we are even.

I am terrified of an audit, because that seems like a big refund to me... I think next year I will have to bite the bullet and pay for someone to do our taxes. I am sort of afraid of how much paperwork they will want on our carry over losses from forever ago. We have moved since then... I have a feeling I will be paying big bucks for tax prep next year....

 

[azgal81]

I got 900 something back from federal but then owed about 200 to state!

 

[DisFhan]

Paid over 5000 in taxes..booo, it is what it is.... I knew it was coming, I am a freelance Camera Op and I am considered a small business. Plus I did not pay in all year like I should have. This year I am paying in each quarter....On a good note I still managed to book a trip knowing I had to pay in. I was a little scared because I booked the trip before I knew how much I was going to pay in, but it all worked out and I saved enough money.....Yeah

 

[disykat]

We got a big refund this year. DH worked a lot of overtime and that really screws up our withholding. Normally it is well under 1K, but this year it was between 1 and 5K.