The official the Tax Man's not going to bite us this year thread

[timandlesley]

We also had ours in before the IRS was officially accepting them! State came in Wednesday, federal should be deposited tomorrow.

This is the first year we have the child credit, plus I am now a SAHM, so we qualified for the EIC. We were excited to file for once. (I was used to owing or just breaking even!)

What is the EIC?

 

[Piecey]

What is the EIC?

Earned Income Credit.

We got it this year, too.

 

[micheleq]

I have an appointment with our accountant next week

We live in CT, DH works in NYC, so we have to pay both CT and NY State taxes. I like to file early because we get a refund from NY State, and that usually goes to over what we owe CT. The Fed usually owes us money just because of the way DH's commission is paid out (and taxed at a higher rate) monthly.

Sending good refund karma to all!

 

[deerhart]

What is the EIC?

It is a credit given to working people with qualifying children who make under a specific income amount (depending on the size of the family).

You can claim this credit if the child lived with you for the majority of the year EVEN if you are not eligible to claim the child as a dependent (say if your divorced and your ex gets to claim as a dependent, the EIC credit still stays with the parent the child lived with for over half the year)

 

[DISdreamin']

Congrats to all of you on your refunds! We got one last year but it looks like we are going to get HAMMERED this year by the feds...to the tune of $7K or so. I ran rough numbers on TT (using only W-2's and just mortgage and property taxes, along with kids) and it was just fugly. Really.

It's one of those blessing/curse things. We made more money this past year than ever (and probably more than this year) but we owe waaaay more than ever too. I don't know how the amount owed was so disproportionately large, but eeeew. We'll send it off to our CPA to do the real deal...maybe he can work some magic. Last year I thought we'd owe a bit, and instead we got a bit back, so maybe it'll be okay. Fingers crossed!

ETA: We crossed one of the income cutoffs, I think, but I thought the increased tax amount was only on the amount over that threshold. It really doesn't look that way from the numbers though!

 

[mrsklamc]

Accountant just emailed. What we're getting back from the feds will pretty much cover what we owe the state plus what we'll owe the CPA. SO, that's a wash but we get to keep the money in the bank! Car will be paid off before we know it!

 

[rumrunnergirl]

.

 

[dawnbu40]

I efiled yesterday and today got an email saying our refund should be deposited on Feb12 We are very happy with the return we are getting