tax refund so low this year?

[wvjules]

My return was accepted at 10pm on 1/22.

 

[LoraJ]

I don't know how this will affect me. I was playing around with turbo tax and when it got to the part about Making Work pay, I had now clue what it was and said I did not get it. Now I will have to play with that again when I get home.

For some reason, even though I sent my HR rep my marriage certificate 2 years ago, I recently discovered I was still listed as single and so was my husband. I had the new HR girl change this over for us last month. So I don't know how that will affect us with this either.

Guess we'll definitely be using the accountant again this year.

I have been asking my co-workers about this and no one has head of it. And a few already did their taxes and sent them in with turbo tax and put that they did not get the Making Work Pay credit.

 

[VickiVM]

I don't know how this will affect me. I was playing around with turbo tax and when it got to the part about Making Work pay, I had now clue what it was and said I did not get it. Now I will have to play with that again when I get home.

For some reason, even though I sent my HR rep my marriage certificate 2 years ago, I recently discovered I was still listed as single and so was my husband. I had the new HR girl change this over for us last month. So I don't know how that will affect us with this either.

Guess we'll definitely be using the accountant again this year.

I have been asking my co-workers about this and no one has head of it. And a few already did their taxes and sent them in with turbo tax and put that they did not get the Making Work Pay credit.

In order to change your marital status for tax purposes, you need to submit a new W-4 copy (or some companies like mine have it as a self-service feature via a weblink). HR marital status does not necessarily change your tax withholding status also. Check with your Payroll Tax person.

 

[LoraJ]

In order to change your marital status for tax purposes, you need to submit a new W-4 copy (or some companies like mine have it as a self-service feature via a weblink). HR marital status does not necessarily change your tax withholding status also. Check with your Payroll Tax person.

I just fixed it. Eeep! I am so clueless when it comes to this stuff. I thought she had told me she would take care of the W-4 and everything except for my beneficiaries.

 

[Jenvenza]

I am still waiting on my W-2! I havent gotten a refund back in years - and I MIGHT this year! So anything would be good right about now!

 

[surfergirl602]

Same here. The published list of scheduled refunds had me getting my deposit on Feb 5, but yesterday on the "where's my refund" page it said I should get it on Jan 29.

It is already listed as a pending direct deposit on my Navy Federal account.

Ooh, we have USAA so maybe I should go look.

I'm giddy with excitement - I can finally get that new sewing machine I've been eying.

 

[PaDisney02]

Even if your income is within the EIC range, you do not qualify for it if you file "Married filing separate". Does it benefit your family to file that way?

It benifits us because my husband is self employed....so he will end up having to pay in. Filing seperate allows me to still get my return and then we just make payments for what he must turn in.

 

[HelenePA]

It benifits us because my husband is self employed....so he will end up having to pay in. Filing seperate allows me to still get my return and then we just make payments for what he must turn in.

Have you run it both way? I mean try to do married filling together then do it again the other way... its worth a shot.. who knows it might work out to your advantage this year. Good Luck!

 

[PaDisney02]

Its just a shame because I dont make very much money to begin with....I always kind of counted on my refund...yeah well, what can I do!

I understand that I have been getting more in my checks with the tax break but like I said my refund is close to 5k less then last year...I didnt recieve that much more in my checks!


Thanks Uncle Sam!!!

 

[flamingglobessigmund]

I don't know how this will affect me. I was playing around with turbo tax and when it got to the part about Making Work pay, I had now clue what it was and said I did not get it. Now I will have to play with that again when I get home.

For some reason, even though I sent my HR rep my marriage certificate 2 years ago, I recently discovered I was still listed as single and so was my husband. I had the new HR girl change this over for us last month. So I don't know how that will affect us with this either.

Guess we'll definitely be using the accountant again this year.

I have been asking my co-workers about this and no one has head of it. And a few already did their taxes and sent them in with turbo tax and put that they did not get the Making Work Pay credit.

I read your post and realized I did the same thing with the making work pay question.

I went back into Turbotax and clicked on yes instead of no. Now it looks like we will owe a little bit of money. (I already efiled)

Don't know what will happen. Maybe I'll have to file an amended return. I'll wait and see how much we get back in the refund.

 

[stephgles]

I am still waiting on DH W-2 but I am getting nervous about filing this year with a few ppl saying they are receiving a lot less than they have had in previous years. DH salary went down as he was layed off for 3 months. Keeping my fingures crossed that I get a decent return as DH is layed off for this winter as well and it helps us get by.

To the tax gods

 

[kamikazecat]

I am sure we have been getting the credit in our paychecks already however when I go through the questions in turbo tax it only asks if we received Social Security Benefits, Railroad retirement benefits, or veteran's benefits. The answer to all three is no and it is showing us with a credit of $800 for this even though we are receiving it through our paychecks...am I doing something wrong?

 

[VickiVM]

Its just a shame because I dont make very much money to begin with....I always kind of counted on my refund...yeah well, what can I do!

I understand that I have been getting more in my checks with the tax break but like I said my refund is close to 5k less then last year...I didnt recieve that much more in my checks!


Thanks Uncle Sam!!!

Were you getting close to $100 less in your weekly paycheck? Because all things being equal, that is approx. $5k annual difference. Maybe double check your tax data again...maybe a wrong number was entered somewhere.

 

[toddlers_mom]

I am sure we have been getting the credit in our paychecks already however when I go through the questions in turbo tax it only asks if we received Social Security Benefits, Railroad retirement benefits, or veteran's benefits. The answer to all three is no and it is showing us with a credit of $800 for this even though we are receiving it through our paychecks...am I doing something wrong?

I used Turbo Tax as well and came across the same questions that I answered no too. I ended up having a credit of about $164. I'm not sure what it was for, but I did the same thing as you. I only had earned income until February 2nd of last year

 

[Yzerbear19]

On a happier note: I checked the irs where's my refund link a few days ago and it said feb. 5. I checked it again today, and its moved up to jan 29th! Woo hoo!

Same here. The published list of scheduled refunds had me getting my deposit on Feb 5, but yesterday on the "where's my refund" page it said I should get it on Jan 29.

It is already listed as a pending direct deposit on my Navy Federal account.

Same here. I just checked and my bank shows my refund pending. I think mine was accepted early in the morning on the 22nd, before 10:00 am when I checked my email.

 

[aprilgail2]

I am still waiting on DH W-2 but I am getting nervous about filing this year with a few ppl saying they are receiving a lot less than they have had in previous years. DH salary went down as he was layed off for 3 months. Keeping my fingures crossed that I get a decent return as DH is layed off for this winter as well and it helps us get by.

To the tax gods

My salary didn't go down but I made less than last year- worked less overtime (it was available but just don't feel like putting the extra time in anymore) and I have a buyout of close to 10,000 last year for something--so on my return I made 10,000 less but my refund is only 13.00 less than last yer so I am VERY happy! I was expecting it to be 1,000 or so less! I love giving the government a loan all year as long as they save it for me (which I would not do!) and give it to me in time to pay for summer camp and a vacation LOL.

 

[KramBerries]

If your refund is significantly different than last year, I would look at your tax forms. Compare the total amount of tax you owed this year with last year. That will tell you if your taxes really went up or down. Also, compare your income and the amount you had withheld.

If all the talk about the Make Work Pay credit is correct, you should see that your total taxes went down but your withholding went down even more.

 

[mill4023]

I read your post and realized I did the same thing with the making work pay question.

I went back into Turbotax and clicked on yes instead of no. Now it looks like we will owe a little bit of money. (I already efiled)

Don't know what will happen. Maybe I'll have to file an amended return. I'll wait and see how much we get back in the refund.

I was confused about the Making Work Pay question in Turbo Tax. I don't think it's very clear. But after reading over it again, I believe it is only asking about payments that you received if you were a retiree. I don't think the question has anything to do with extra money in your paycheck due to lower withholding.

So unless you actually got a check in the mail from the federal government for a making work pay payment, I think the correct answer to the Turbo Tax question is no.

 

[mill4023]

I am sure we have been getting the credit in our paychecks already however when I go through the questions in turbo tax it only asks if we received Social Security Benefits, Railroad retirement benefits, or veteran's benefits. The answer to all three is no and it is showing us with a credit of $800 for this even though we are receiving it through our paychecks...am I doing something wrong?

I don't think you're doing anything wrong. The $800 credit reduces your tax liability. It doesn't mean they are going to send you an extra $800. So the question on turbo tax doesn't have anything to do with the extra money in your paychecks. It already knows about that from your W-2's. It's only asking if you received a payment from the feds.

Think of it this way:
Tax liability = amount of money you are legally required to give the government for the year.
Tax paid = amount you actually gave them, usually through paycheck withholding for the year.

All of the deductions, credits, exemptions, etc. are used to calculate your tax liability.

If tax paid was more than tax liability, you get a refund.
If tax paid was less than tax liability, you owe taxes.

So the $800 Making Work Pay credit reduces your tax liability. But the extra money in your paycheck is due to a lower amount of tax paid out of each check. In other words, you get the credit on your tax return, but it doesn't mean you'll get a bigger refund because you've paid less.

 

[glitterkittyy]

I was confused about the Making Work Pay question in Turbo Tax. I don't think it's very clear. But after reading over it again, I believe it is only asking about payments that you received if you were a retiree. I don't think the question has anything to do with extra money in your paycheck due to lower withholding.

So unless you actually got a check in the mail from the federal government for a making work pay payment, I think the correct answer to the Turbo Tax question is no.

You are exactly right.