Should I be more and sooner?

Deal Score0

My husband and I made 87,000 this year. We both have a claim on our W4. Us off our interest on home loans, expenses related to employment, property taxes, interest on student loans. Is there something I’m missing? We only get 160 million back to a federal country and we need $ 7. Does that sound fair?

  1. Reply
    February 9, 2011 at 9:46 pm

    how are we supposed to know when we don’t know how much you paid in or how much your itemized deductions are?

  2. Reply
    February 9, 2011 at 10:41 pm

    (A) You did not disclose how much in federal income tax was withheld and (B) if you got that small of a refund that means you did everything right. You did not give the IRS an interest free loan. Are you trying to compare how much of a refund you got last year when your income was less? Remember then, you’re probably in a higher tax bracket this year. Doesn’t really matter, you did a great job at keeping your taxes in check. Way to go!!!

  3. Reply
    Wayne Z
    February 9, 2011 at 11:17 pm

    No way to tell.

    You may be “cursed” by having a house that you can actually afford.

    There are two ways to get a big refund: Have a mortgage that you really can’t afford and/or have kids that you really can’t afford.

  4. Reply
    February 9, 2011 at 11:39 pm

    That does sound about right. Getting a large refund only means that you gave the government a large interest-free loan. You’re doing things correctly by not doing that.

  5. Reply
    February 10, 2011 at 12:32 am

    Doesn’t sound unreasonable – if you each claimed one, breaking about even makes sense. Without detailed info though, there’s no way to say it’s right or wrong.

  6. Reply
    February 10, 2011 at 1:29 am

    It’s really hard to answer that, being that the information is relatively vague. Assuming you not self-employed, the only other things I can think of would be home repairs, medical expenses, any additional education expenses, etc. Since you did not mention dependents, I am guessing you don’t have any. Also I think you can deduct you state income tax as well, but I’m not sure.

  7. Reply
    Robert in Nuuanu
    February 10, 2011 at 1:35 am

    The numbers are required in order to give you an answer. Generally, if you have no children and your mortgage is small, you are in a high bracket. If you want a bigger refund, change your W-4 to Single “0”, but bear in mind that withholding has nothing to do with the amount of tax you pay, only WHEN you pay it.
    The best way for you to avoid taxes is to contribute to your 401k at work, which directly reduces your taxable income, and gets you matching funds from the employer.

    Leave a reply

    Register New Account
    Reset Password