The next person who tells me they get a huge

[Deleted]

tax refund is going to get beat up.
I kid--sort of.
I don't think I'm doing anything wrong on my taxes so I don't really want to pay several hundred dollars for an accoutant to tell me that but I don't get how certain people get huge refunds.

If I wanted to find a CPA where should I look? I don't have anyone who could give me a referral. Is there a website which can provide reputible people? Will they look at it for free to tell me if I'm missing things?

[catbus]

Technically, for most people they're doing something wrong if they do get a huge tax refund, barring major life changes like a birth, or tax credits that can only be claimed when filing.
If you think you're missing out on deductions that could result in a refund, that's another story, and consulting a CPA or at least using tax software might be helpful.

[Deleted]

Have you tried the withholding calculator on the IRS website? That can help you get your withholdings right, for free.

[makingithappen]

Jan 9, 2013 15:28:49 GMT -5 catbus said:

Technically, for most people they're doing something wrong if they do get a huge tax refund, barring major life changes like a birth, or tax credits that can only be claimed when filing.
If you think you're missing out on deductions that could result in a refund, that's another story, and consulting a CPA or at least using tax software might be helpful.

This is us. We are getting a large refund, but H lost his job halfway through the year, our son was born and I was out for 2 months maternity leave. Our income is low enough for EITC and child/additional child tax credits. I completely trust TurboTax when filing, but would maybe see a CPA about ways to reduce your future liability.

[chessie]

Jan 9, 2013 15:28:49 GMT -5 catbus said:

Technically, for most people they're doing something wrong if they do get a huge tax refund, barring major life changes like a birth, or tax credits that can only be claimed when filing.
If you think you're missing out on deductions that could result in a refund, that's another story, and consulting a CPA or at least using tax software might be helpful.

I hear it every year from my brother, bragging how he gets 10k every year..etc etc. DUDE fix your tax deductions, he has had 2 kids and has a wife and hasn't changed his shit...

Sadly I am afraid to look-running out of deductions, but that is not something I will be able to look at for another month or so..work doesn't start sending them until late January.

[karinothing]

I am getting a huge refund becuase

1. I never adjusted my witholdings after DS was born.
2. I was on LWOP for a few months out of the year and never adjusted my witholdings afterwards so I am making less money this year than my taxes think I am.

Hangs head in MM shame.

[Deleted]

We are getting a big refund this year because I own my own business and my income is variable each year, but I pay my quarterly estimated taxes based on my previous year's earnings. Last year was bigger than this year, which means refund.

You do not want to know what we owed last year. For real.

[flygirl22]

I will likely get about 3K back. I never change my witholdings and probably won't until we have a kid. The money would either be absorbed by crap I spend monthly, or sit in an account not invested so... I really don't think there is anything wrong with it. 10K is a bit much though.

Interest free loan to the government? I really don't care.

[formerlyak]

Last year I got a huge refund because after my divorce I was able to file head of household and claim ds as a dependent. This year, I will get a big one because I started contributing to my 403b again and that helped a lot. I haven't adjusted for 2013 yet because I am getting married this year and will have to file married for 2013. My fi makes almost double what I do, so our tax bracket together might change what I am used to seeing. After we do our first year married, we will look into what the best option for us as far as with holdings goes. Fi's dad is a CPA, so he will help us with that.

For me, I always owed when I was married before -- not a lot, but we were really tight on money then so it was enough that it was hard for me. So when I got divorced and started filing on my own three years ago, I wasn't sure what to expect or do. It's been a learning process. I also get deductions I didn't know about -- thank you, Turbo Tax!

[catbus]

Oh, we're expecting a large refund this year, too. I didn't have any income the last two months of the year, we had a baby, and we're going to itemize deductions for the first time ever.

I'm thrilled about it!

[catbus]

Jan 9, 2013 15:44:53 GMT -5 flygirl22 said:

I will likely get about 3K back. I never change my witholdings and probably won't until we have a kid. The money would either be absorbed by crap I spend monthly, or sit in an account not invested so... I really don't think there is anything wrong with it. 10K is a bit much though.

Interest free loan to the government? I really don't care.

I was so confused because I thought this was the OP. (And if you guys have avatars/signature pics that make it clear flygirl =/= flygirl22, I apologize; I can't see them on my work computer.)

[countthestars]

We're getting a big refund, but I wish we weren't. That's a free loan to the government!

[SuziSaysDa]

When people brag about this I usually respond with "I adjust my withholdings so I don't have to wait for a refund", if they are particularly annoying about how great it is I will throw in a "I know some people like it since they have lack the discipline to save on their own - I don't have that problem and I like to earn interest on my money" - although interest rates are crap right now.

[Deleted]

I had a baby in 2011, didn't work for 4 months, still contributed to my 401K while I was out AND still didn't get a damn refund.

I use Turbo Tax to do our taxes and I've read thru tons of IRS documents to make sure I'm not missing some huge thing I can itemize.
Friends of mine who makes roughly the same as H/I, but have 2 kids instead of 1, just told me they claim 0 and they got $7K back last year. I have to be missing something. UGH.

[agnes]

We've had somethine change every year for the past 6 years. Job loss, bussiness, new home, sold home, etc, etc etc. We have not been able to get the witholdings right.

I'll take a refund over oweing, though. It feels like found money, even though I know it's not.

[makingithappen]

Jan 9, 2013 15:54:01 GMT -5 flygirl said:

I had a baby in 2011, didn't work for 4 months, still contributed to my 401K while I was out AND still didn't get a damn refund.

I use Turbo Tax to do our taxes and I've read thru tons of IRS documents to make sure I'm not missing some huge thing I can itemize.
Friends of mine who makes roughly the same as H/I, but have 2 kids instead of 1, just told me they claim 0 and they got $7K back last year. I have to be missing something. UGH.

How did you do that?

Also, claiming less on your W4 has more withheld which, in turn, gets you a larger refund. If they claimed 2 on the W4, they would probably be closer to even.

[ssmjlm]

DH's OT always messes us up b/c there's no way for us to know if he'll get it, how much, etc. I've tried every year to adjust, but honestly his overtime can vary up to 5 figures each year and that is too hard for me to account for (and I'm lazy).

[flygirl22]

Jan 9, 2013 15:50:32 GMT -5 catbus said:

Jan 9, 2013 15:44:53 GMT -5 flygirl22 said:

I will likely get about 3K back. I never change my witholdings and probably won't until we have a kid. The money would either be absorbed by crap I spend monthly, or sit in an account not invested so... I really don't think there is anything wrong with it. 10K is a bit much though.

Interest free loan to the government? I really don't care.

I was so confused because I thought this was the OP. (And if you guys have avatars/signature pics that make it clear flygirl =/= flygirl22, I apologize; I can't see them on my work computer.)

Ha! I'm surprised this is only the 2nd time this has happened.. Sorry We do have different Avatars.

[Deleted]

Jan 9, 2013 16:05:17 GMT -5 makingithappen said:

Jan 9, 2013 15:54:01 GMT -5 flygirl said:

I had a baby in 2011, didn't work for 4 months, still contributed to my 401K while I was out AND still didn't get a damn refund.

I use Turbo Tax to do our taxes and I've read thru tons of IRS documents to make sure I'm not missing some huge thing I can itemize.
Friends of mine who makes roughly the same as H/I, but have 2 kids instead of 1, just told me they claim 0 and they got $7K back last year. I have to be missing something. UGH.

How did you do that?

Also, claiming less on your W4 has more withheld which, in turn, gets you a larger refund. If they claimed 2 on the W4, they would probably be closer to even.

I should have clarified I just increase the % when I was getting a paycheck.

[Deleted]

I'm hoping I get $600 or whatever like last year. I'm just crossing my fingers I don't owe.

[mrsfarmer]

Jan 9, 2013 18:17:37 GMT -5 operagirl said:

My pet peeve is when people say "return" when they mean "refund".

This. Also, the people wo don't know the difference between a W4 and a W2.

[explorer2001]

I was expecting to get slammed by AMT this year. With the patch last week, I should be getting a decent refund. As soon as I get my taxes finished and see the impact of the 2% payroll tax holiday expiring on my paycheck, I'm adjusting my w/h and having the difference direct deposited into a savings account. What I lack in discipline, I make up for by making it so I don't see the money and have to put effort into getting it out of savings. Sometimes you just have to work with your strengths even if that is being too lazy to move things after they go where they are automatically set up to go.

[Deleted]

Getting a refund has no direct correlation to total tax liability - the only relevant issue in your analysis. We aim to be as close as possible to our liability, but I don't care if we owe if we don't have to pay penalties.