Average amount I should get back on taxes?

Discussion in 'Tax' started by Bruce, Feb 15, 2004.

  1. Bruce

    Bruce Guest

    I live in Califronia, I am married with one child and gross
    income is 100,000 and I paid 17,000 in mortage and 5000 in
    real estate taxes, and I am only getting back $3000, does
    this seem right or am I doing something wrong. Any help or
    suggestions will be greatly appreciated.

    Bruce

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    Bruce, Feb 15, 2004
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  2. Bruce

    Phil Marti Guest

    (Bruce) writes:

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong.


    IMO you're giving the government an interest-free loan of
    $3,000; that's what's wrong. I suggest you go through the
    worksheets on the W-4 carefully and revise your W-4 so that
    less will be withheld and you'll have a small refund or
    balance due when you file.

    In answer to the question you were really asking, there's no
    "right" amount of refund except what preparing the return
    shows. If you'd like us to double check your return prep,
    tell us what lines 35 37 39 41 and 49 of the 1040 were.

    Phil Marti
    Topeka, KS

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    Phil Marti, Feb 16, 2004
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  3. (Bruce) writes:

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong. Any help or
    > suggestions will be greatly appreciated.


    You're definitely doing something wrong -- $3,000 is way TOO
    MUCH for you to be "getting back."

    The number you should be concerned with is not the size of
    your refund but rather the total tax due. Your goal each
    year should be to adjust your withholding and/or estimated
    taxes so that when it's time to file your taxes, you OWE a
    little bit. If you get back a big refund, all that means is
    that you've let the government use your money all year
    without paying you any interest on it.

    Any competent tax preparer, or any of the tax-preparation
    software packages, should be able to help you determine how
    many exemptions to claim on your W-4, based on your
    anticipated tax for the year, to avoid over-withholding.
    Also, you can and should adjust your withholding during the
    year if your circumstances change, increasing your
    exemptions if you believe you'll owe less than previously
    expected or decreasing them if you believe you'll owe more.

    Incidentally, the amount you paid in mortgage is not
    relevant; what's relevant is how much of it was interest,
    since only the interest is deductible.

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    Jonathan Kamens, Feb 16, 2004
    #3
  4. Bruce

    Wcm7315 Guest

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong.


    Bruce, you seem to be forgetting the most important thing
    about refunds. The refund is determined by the AMOUNT OF TAX
    WITHHELD from your pay. Your deductions are irrelevant. If
    you had $1000 in federal withholding (look at your W2), you
    would probably OWE a lot. If you had $50,000 in federal
    withholding, you'd get a heck of a big refund. The idea is
    to reach a balance, so you don't owe a lot and NOT get a
    large refund, thereby maximizing your paycheck.

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    Wcm7315, Feb 16, 2004
    #4
  5. Bruce

    Ed J Guest

    "Bruce" <> wrote:

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong. Any help or
    > suggestions will be greatly appreciated.


    You're joking, right....... Obiously, the amount you get
    back in a refund depends on how much you had withheld or
    paid in Estimated tax.

    Ed J

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    Ed J, Feb 16, 2004
    #5
  6. > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong. Any help or
    > suggestions will be greatly appreciated.


    This is a question with no answer. Go see a tax preparer
    who can look at all the facts an circumstances. You are
    asking us to determine the age and the weight of an elephant
    from a small photograph.

    All freely provided advice guarantee correct or double your
    money back

    Frank S. Duke, Jr. CPA
    Cincinnati, OH USA

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    Frank S. Duke, Jr., Feb 16, 2004
    #6
  7. (Bruce) wrote:

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong. Any help or
    > suggestions will be greatly appreciated.


    There is no "average". Your refund depends on a lot of
    factors you have not provided, one major one being how much
    Federal Income Tax was withheld from your gross pay. Under
    "perfect" circumstances, you would get nothing back because
    the tax withheld would be equal to your tax liability.

    --
    Vic Roberts

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    Victor Roberts, Feb 16, 2004
    #7
  8. Bruce wrote:

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong. Any help or
    > suggestions will be greatly appreciated.


    Doing something wrong....... yes.

    You're having entirely too much withheld from your pay every
    week/two weeks/month, whatever.

    Why lend Uncle Sam that money interest free?

    My three cents worth.

    Cheer$,
    Harlan Lunsford, EA n LA

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    Harlan Lunsford, Feb 16, 2004
    #8
  9. (Bruce) wrote:

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong. Any help or
    > suggestions will be greatly appreciated.


    The amount of your refund is the difference between what you
    had withheld and your actual tax liability. Someone might
    be able to estimate the latter from the information you've
    given, but without knowing how much withholding you had it's
    impossible to guess what your refund will be.

    --
    Barry Margolin,
    Arlington, MA

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    Barry Margolin, Feb 16, 2004
    #9
  10. Bruce

    shagnasty Guest

    "Bruce" <> wrote:

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong. Any help or
    > suggestions will be greatly appreciated.


    It depends a lot on the amount of tax you had withheld or
    paid in on estimates. If you paid very little you could owe
    tax after all deductions. If you paid far too much, you
    should be getting a big refund.

    You can't just look at deductions. You can only get part of
    what you paid in back and the more you pay the more you can
    get back. Paying too much is loaning the govt the money
    interest free.

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    << The Charter and the Guidelines for submitting >>
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    << ------------------------------------------------->>
     
    shagnasty, Feb 16, 2004
    #10
  11. (Bruce) wrote:

    > I live in Califronia, I am married with one child and gross
    > income is 100,000 and I paid 17,000 in mortage and 5000 in
    > real estate taxes, and I am only getting back $3000, does
    > this seem right or am I doing something wrong. Any help or
    > suggestions will be greatly appreciated.


    Your question can't be answered unless you tell us how much
    was withheld from your paycheck or how much you paid in
    estimated payments for federal taxes.

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    Kerry Nichols, Feb 17, 2004
    #11
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