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What the heck happened on my taxes? Got WAAAYYY less back this year!

Discussion in 'The Okie Corral' started by NickC50310, Feb 25, 2010.

  1. NickC50310

    NickC50310

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    So I just got my taxes done. Done by the same folks that always do them. I ended up getting roughly ONE THIRD back that I did last year. No deductions changed or anything. Sup with that?

    Only possible difference is that I refinanced my home in 08. Other than that, no change. I want to blame Emperor Zero and the Dems but I doubt thats what caused it.

    Thoughts?
     
  2. THEPOPE

    THEPOPE Nibb

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    You know what happened...."They" gave 'em to AIG, so "they" could have their 3 million dollar houses.............pffffftttttttttttt...

    Ime out...no brainer....:cool:
     

  3. Ol Timer

    Ol Timer ↓ hog hunter ↓ Millennium Member

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    How do they compare with '07?
     
  4. G33

    G33 Frisky! CLM Millennium Member

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    Big drop in your interest rate?
    Std deduction or itemized?
    :supergrin:
     
  5. NickC50310

    NickC50310

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    Dont know on the deductions but I think you nailed it on the interest rate. Home mortgage interest rate is a lot lower than before. Good call! Dang, I was having fun blaming Barack! lol
     
  6. Just1More

    Just1More

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    Did you take the $800 "Make Work Pay" credit? I think it's line 63 on the 1040.
     
  7. G33

    G33 Frisky! CLM Millennium Member

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    Possible minor point also.

    Big ones this last cycle:
    Energy on homes
    Education
    New car
    Pay credits
    One other I am missing...
    :wavey:
     
  8. G33

    G33 Frisky! CLM Millennium Member

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    P.S. you can do an amend. filing...4-6 weeks I think.
    Hey...Just learning this stuff.
    :supergrin:
     
  9. DRGNSLR

    DRGNSLR

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    1. Check what was withheld this year compared to last year. Congress reduced the withholding table for many wage earners last year in order to put more $$$ in your pocket to spend to stimulate the economy. If you made about the same amount of income last year as this year but had less tax withheld your refund will be smaller.

    2. Also check the amount of tax you actually paid compared to last year. If the income for both years are similar and actual tax paid is similar (not withheld but the actual amount of tax paid for your income) then you should have no discrepancy. It kind of sucks when you're counting on a big refund for some big purchase or to pay off a bill but a large refund doesn't mean your tax preparer (or TurboTax) did a bad job. If you have a smaller refund with similar income it you probably had less withheld (or you're a rich guy and the Dems are taking a bit and making sure you pay your "fair share" - whatever that means :whistling:).

    3. If you have two jobs, you probably received the withholding table adjustment for both jobs even though were entitled to one adjustment. I know of couple of guys that had to pay back the 2nd withholding.
     
    Last edited: Feb 25, 2010
  10. Fungunner

    Fungunner

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    You'll love next year.
     
  11. Frmboybuck

    Frmboybuck ***** medic

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    Welcome to "change". They took $400 total out of my wifes checks last year for fed taxes. They take that out of mine weekly. We didn't fare too bad considering the crap they changed....got about 10K back and paid several bills off to free up some monthly cash.
     
  12. airmotive

    airmotive Tin Kicker

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    You don't know how to fly a plane, do you?:shocked:
     
  13. GlockPride

    GlockPride Glock 23

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    The less refund the better! That means you got to use your money more often, like every paycheck.
    Getting a huge 'refund' while may feel nice, but they've held your money each and every month, deprived you of the use of it, and paid you nothing for it. So, if you were to say get 6k back for the year, that would roughly equal $500/ month? Money that you could be paying on bills (saving interest charges), investing (making interest) or having fun with (new guns) each and EVERY month.
    Bigger refund Does Not Equal less taxes paid!
     
    Last edited: Feb 25, 2010
  14. SKeefe

    SKeefe

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    Well, here's how that worked, at least for me.

    When they enacted that "tax credit" last year, it caused me to start getting back more in my weekly paycheck. About $15 to be exact, and same for my wife. Well, as you can see, you are allowed up to $400 per person. Well, our ~$15 per week ended up going a good bit over $400 per person, so that amount over $400 is that much less that you get back at the end of the year.

    Nick, does that sound like something that could have affected you at all?
     
  15. gtrcivic

    gtrcivic Hokie Glocker

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    bingo bingo...letting the govt borrow your $$ interest free!!!:upeyes: Much better to have more $$$ each month than a lump sum from tax return.


    I did mine/wife joint filing and got back $1400..did get some breaks from

    -energy efficient purchase
    -$800 work tax credit
    -car tax for purchasing a vehicle last year
    -newborn baby last year
    -mortgage interest payments/property taxes
     
  16. Steve0853

    Steve0853

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    This is probably it. I remember something about the reduction of withholding for last year.

    I did my daughters taxes one year and she thought I didn't do them right because she ended up owing State income taxes. She quieted down when I let her know that her employer only withheld $32 for the whole year.
     
  17. flatag

    flatag Must have tacos

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    I have to pay $1500 more :steamed:
     
  18. Mr. Niceguy

    Mr. Niceguy Senior Member

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    Heck, I'm having to write a check for $4k more than I did last year!
     
  19. ATL Peach Girl

    ATL Peach Girl ♥Meezers♥

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    I got a few dollars more back this year. They took away our homestead exemption this year, so I had more taxes to take off this year.
     
  20. G33

    G33 Frisky! CLM Millennium Member

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    Babies!
    I pay for a cruise missle each year.
    Hope it hits something good.
    :rofl::rofl: