OH (re: Taxes)

Ugh.. Why is it that every newlywed I speak to says they are getting a lot of $ back from their taxes! We get back a little over 1k from one, owe a little less then that on another, and after paying our accountant we walk away with a whopping $150 refund.

I don't get it! lol

Re: OH (re: Taxes)

We owed like $300 to the state and got back around $200 from the Feds.

Re: OH (re: Taxes)

We got $1,500 total. I think the newlyweds who got a lot back probably bought or sold a residence???

Re: OH (re: Taxes)

we owed about 3k total - don't feel bad.

Re: OH (re: Taxes)

I think we're only getting like $1k back

Re: OH (re: Taxes)

it all depends on how much you withhold ....

ultimately, a tax refund is just because you over-paid during the year (taken from your salary) so you get back stuff you already paid ...

if you didn't get much, it means you didn't over-pay and you got all that money throughout the year and were able to collect interest on it (hence why this is better)

Re: OH (re: Taxes)

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Posted by AwaitingAugust

it all depends on how much you withhold ....

ultimately, a tax refund is just because you over-paid during the year (taken from your salary) so you get back stuff you already paid ...

if you didn't get much, it means you didn't over-pay and you got all that money throughout the year and were able to collect interest on it (hence why this is better)

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ITA. I usually only wind up getting a couple hundred dollars back, but it's b/c I withhold more.

Re: OH (re: Taxes)

We got sc*ewed in taxed! We got back 1600 from one and a whole 54 from another. THEN we got a letter saying 'just kidding, you owe us 2500'!!!!!!!!!!!!!!!!!!!!!! Apparently DH never changed his address on his paperwork so he owes in back taxes! We're in the middle of trying to fight it...


But yeah I think the people who got back more probably own a house...

Re: OH (re: Taxes)

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Posted by ourwedding9510


But yeah I think the people who got back more probably own a house...

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not necessarily. we own a house but still paid taxes. we didn't close on the house until october.

Re: OH (re: Taxes)

I'm never getting a refund again. Worst part of marrying DH. He has his own business, so he always files an extension and he always owes money when it comes time to file.

Taxes and refunds get more complicated than just withholdings. If you have a business, if you're a shareholder of a business, if you have a mortgage, if you have a rental property, all these things have a hand in your taxes.

ETA: There's so much more too, if you borrow from your pension, if you have a simple IRA, if you have stocks, ugh there are sooo many factors.

Re: OH (re: Taxes)

We get back a few thousand every year. I prefer to have more taxes taken out then pay. Its like a savings account that I can't touch.

We also own a home (big deduction), DH is back in school so we write off his tutition, home office deductions, school loan interest, etc.

Re: OH (re: Taxes)

We owed about 500....

womp womp

Re: OH (re: Taxes)

We owed a lot so don't feel bad!

Re: OH (re: Taxes)

we just about broke even but when you take into acct the money we spent on our accountant we were out about 500.

Re: OH (re: Taxes)

We owned too.

Re: OH (re: Taxes)

We got a lot back but our accountant told us we're totally overpaying throughout the year... I'd rather get a check back than owe though.