Biggest tax refund ever reddit. I was expecting $2700 refund.

Biggest tax refund ever reddit. How does HR Block get away with saying maximum return guaranteed when they can’t in fact guarantee that they utilize every credit, deduction, etc? Mar 16, 2025 · If you're eligible for refundable credits -- tax credits that can increase your tax refund -- you can still see a small boon during tax season. He also allegedly claimed that he earned a total of $18,497 in wages — and that he had withheld … I made a mistake on taxes this year for 2021 and had to send an amended return which will likely result in a big bill for me. I filed my 2020 tax return in April 2021. All backed for the full 7-year life of your tax return. Our taxes are a challenge to get right because my husband has self employed health insurance amount due to S-Corp / family attribution of grandfather's owned stock. I think there may be some misunderstanding of how tax refunds work in this thread. Contributing to retirement accounts and health savings plans may also lower taxable income, which can lead to a bigger return. I just joined this group within the last day or two and I’ve already seen a few posts asking about preparers claiming they are able to get much larger refunds for someone with a simple tax situation. Jan 19, 2025 · Wyoming has the highest average tax refund of any state in the union, but the reason as to why this is may come as quite the surprise. She had spent nine months in jail, on drug charges, and at the time had been released for about 7 months. One of the biggest things is the impact of the 2017 tax bill on this years tax returns. You should try to not owe more than $1000 with your tax return. I will only be working until mid-July, have a total yearly income of about $15,000, and won't pay much more in taxes than I already have since I only have a few weeks of work left. You mean a refund. In the past i could count on $800+ as a minimum. The IRS then, if the tax payer wins, has to pay interest (albeit at a lower rate than the tax payer has to pay) but the risk is over. Jan 31, 2024 · Itemizing tax deductions and claiming lesser-known credits are among the ways to boost your refund. Those lovely franking credits and some super contributions, plus LITO helps! Mine is only $4k, donations and LITO both help. Subscribe today and start dreading tax compliance less! Mar 23, 2023 · To determine where taxpayers receive the largest refunds, SmartAsset analyzed the average dollar amount of 2021 federal tax refunds for all 50 states and the District of Columbia. Are you asking how to have your tax be as low as possible? Or are you asking how to have your refund be as big as possible? If your question is the second one, the answer is easy. Tax owed on $37k is about $2500, well under the $12k you "paid in" from paycheck withholding and you'd get a $9500 refund. Curious what others have experienced and how they dealt with it. You'd call it welfare. State was accepted 2/21/24 at 4am. If you e-file your return and then get another W-2 in the mail from a job you completely forgot about you will have to amend your return. Self-employment Tax You need to pay self-employment tax to cover the portion of Social Security and Medicare taxes normally paid for by a wage or salaried worker’s employer. However, most people DON'T save the money and then get in trouble when they have a big tax bill. Owing $2 means you didn't overpay your taxes and therefore aren't getting a refund, whereas if you were getting a $2 refund it means you only overpaid by $2 (and got more money throughout the year than a larger refund). Don't post questions related to that here, please. It is best to pay the tax if it is arguably due and fight for a refund. The W-4 withholding form was revised a few years ago to make this more likely to happen for most people. Your refund is from overpaying your taxes. Knowing which tax breaks apply to your situation can help you maximize your refund when filing this The IRS is trying to cut down on the F7202 (covid) and F4136 (fuel tax) scams and asked banks to return certain refunds over $10k. It's tax season and everyone is talking about how huge their refund is gonna be and how much they're going to be able to blow on strippers and booze am I'm just over here with a return of $200 like wtf how did this happen? Literally I've seen most people showing off their $2k returns. Mar 6, 2025 · Con: You’ve Overpaid Your Taxes A large tax refund also means you’ve overpaid your taxes throughout the year. Set your withholding allowances to "zero" and the IRS will take out more during the year and then send you your money back after you do your taxes as a big refund. On around 65k of income of which 40k is 1099 I’d expect to pay 8-10k in total taxes which includes fica and federal. Last year the federal government owed me $3 back. The secret to a maximum tax refund is to write the IRS the biggest check you can possibly afford as a Q4 estimated tax payment, then complete your return. If you make very little money, you might also qualify for bonus money from “refundable” tax credits. Almost all questions about your return are handled by the IRS using non-invasive correspondence (e. One of the most popular refundable credits is the We would like to show you a description here but the site won’t allow us. Military One Source offers access to H&R Block's online system. Based on possible scenarios unless you m grossly under paid taxes somehow, about 10% federally from your bonus should be returned. It May Be the Biggest Tax Heist Ever. Are there really that many fraudulent preparers out there? Share Add a Comment Sort by: Best Open comment sort options Best Top New Controversial Old Q&A SellTheSizzle--007 • Get your taxes done right and your biggest tax refund— guaranteed Your tax return, backed for life TM 100% accurate calculations, audit support, and your max refund. That’s a meaningful amount of money, and plenty of people rely on this annual income infusion. When you get a refund you are getting back an overpayment of taxes. Once you submit your tax return either through e-file or the mail, there are no easy do-overs. No judgement. You have to save around 25-30% of your income for taxes if you’re 1099 You won’t get a refund. Feb 12, 2025 · Wondering how to get more money back on taxes? Making the most of deductions, claiming valuable tax credits and adjusting your withholdings can all increase your refund. Though it did not play a role in our rankings, we also examined state and local income tax refunds for tax year 2020. This morning I received my refund via direct deposit and it was for $1,429 ($104 higher than my return indicated). “You’ve provided the government — federal or state — an interest-free loan of your funds, money that may have been more impactful to your cash flow throughout the course of the year,” Buhrmann said. 8k simply because you gave an interest free loan to the government rather than paying off loans (or mortgage). MembersOnline • somedumbretard666 ADMIN MOD We would like to show you a description here but the site won’t allow us. 5/5 (7 votes) To get the biggest tax refund possible as a self-employed (or even a partly self-employed) individual, take advantage of all the deductions you have available to you. Lastly, There's a lot of rumors and incorrect information about tax brackets and changes to the tax code being bandied about in the comments on multiple posts. 00! I have two Ontario T4's coming in this year, so looked at paystubs and entered the values listed for total remuneration, taxes, and CPP/EI deducted. Reply reply meowmixiddymix • Tax refund is due to an overpayment of taxes throughout the year usually due to the automatic taxes that are taken from your paycheck. ” Germany is the first country to try to get its money back. this is the quickest I’ve ever received the tax return. She has never worked, and has only ever received the benefit for her children. I went ahead and put in some numbers into this year's edition of SimpleTax and I got a big refund: ~$7,000. Just going to school gives you a $1000 rebate, and working full time for half a year ends up giving a big refund. I do not lie about household status, income/expenses, or claim any deductions that I can't prove on paper. This is information that had to be presented on my tax return. Please remember that by and large its your withholding that determines your refund, and it is in your best interest to ensure that you do not overpay on your taxes. MembersOnline • cyrelliaAZ ADMIN MOD As you know, because I lose more money than I win, I have always used itemize deduction to receive a tax refund. It just means you sent in more money than you needed to. I had two W-2s, and three 1099s. It's not free money or a reward or return of investment for you. Tis the season for Americans to get all excited about tax season. The only thing a tax company can do to improve your tax situation is make sure you have found all your possible deductions or credits - and all tax firms are going to be doing that. (She had previously received a $700 tax refund the ye 2022 and 2023 I essentially did not/ will not receive a tax refund and i don't understand why. Jan 6, 2025 · Did you get a big tax refund last year…or were you left wondering, Why is my federal refund so low? The average tax refund has been slightly around $3,000 in recent years. Reply reply ElChapitoChilito • You'll use the numbers from this document to put into tax return software and file your return. The $4,900 refund estimate shocked me because I felt like this was way too high for someone like me. Save time and money by learning from others who have been there before. Your refund is really just the difference between what is withheld and what your final tax bill is after all your deductions. My return was deposited in my account on 2/23/24. You lost $1. Even though I have only paid $2,700 in taxes so far this year, it said that I am expected to get a $9,000 refund. You are essentially giving the government an interest free loan. Quickest I have ever got my tax return. We would like to show you a description here but the site won’t allow us. “The biggest downside is that you — as the overpaying taxpayer Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. At the end of the year, you claim multiple dependants on your tax return, you get more of your federal tax back. if you mean a tax refund then my wife expects $12k despite no payments. Technically only 4-5 business days. Curious what everyone thinks about tax refunds. ] I've applied for the partial transit pass credit, as well as A tax return is the government refunding you money you overpaid them in taxes deducted from your paychecks throughout the year. Basically, you can make so little money that you owe negative taxes. Smaller tax returns are a good thing If you wanted to LOWER SPENDING ON TAXES. You need to pay self-employment tax to cover the portion of Social Security and Medicare taxes normally paid for by a wage or salaried worker's employer. I tracked my refund using the IRS site and by plugging in my expected refund amount of $1,325. : r/Economics Gaming Sports Business Crypto Television Celebrity Go to Economics r/Economics r/Economics Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. You can even set your W-4 to have additional dollars 20 votes, 89 comments. 6K comments. It doesn't matter what state you live in. 43M subscribers in the AskReddit community. I have never, ever seen a situation where someone had a tax liability (I. If you filed one of those two forms, you may be waiting over 4 months. It’ll be higher if you have state income taxes If you get a big tax refund it just means you overpaid and basically gave the government an interest free loan of your money (unless of course a unique situation occurred, as I mentioned). The IRS is experiencing significant and extended delays in processing - everything. You can choose to have more money taken out every paycheck to get a refund, or you can leave it as is and pay a little bit every year with your tax return. Additionally, we add a Understand that you’re getting a big refund because you’ve deferred tax on a significant amount of income. E. Maximum personal tax refund ever? For tax accountants, what’s the biggest individual tax return you have seen? If you are salary sacrificing into super then that has come from your pre-tax income, and you can't claim a tax deduction since you never paid tax on the money in the first place. A refund of $6000 is extremely high. I personally use and recommend this one because it is the most advanced free option I've ever found. S. For example, if you get a $2,400 tax refund it means you overpaid your taxes by that much. That's ultimately the goal: to pay the correct amount of tax. I keep meticulous records. In the past 3-4 years, my husband and I have gotten a refund upwards of $4k. My question is it possible to receive A bigger tax refund than what I paid in federal taxes at my W-2 job? I'm head of household with a child I can write off, plus write off stuff from my mortgage. If you didn't cash it, yes it would be reissued to you. My return was submitted 2/20/24 at 7pm. A place solely focused on asking and answering tax refund related questions. Reply reply Real-Display6915 • Reply reply More replies Ok-Breadfruit-2897 • I have you For anyone who’s ever asked “Why doesn’t the IRS develop its own tax filing software,” this is it It’s limited to the below states, and taxpayers with relatively simple forms of income, so it's not for everyone yet, but it's a start. In certain situations, it is possible to not have federal income tax withheld. The IRS2Go app has verified that. Please feel free to post here your experiences etc. Aug 1, 2025 · Taking advantage of tax credits and deductions, like the Earned Income Tax Credit and Child and Dependent Care Credit, can reduce the amount you owe in taxes, while reviewing your W-4 to adjust withholding and revisiting your filing status could potentially help you figure out how to get a bigger tax refund. When you don't have kids and don't qualify for tax credits the amount of your refund is totally within your control. Use this guide to find ways you can increase your refund this year. It means that they had too much of their money withheld from their paycheck throughout the year. Just wanted to start a thread where we all list off who we filed with, the date we filed, the date we got accepted, and the… A tax return is what you file to get the refund. Nov 7, 2022 · To get the biggest tax refund possible as a self-employed (or even a partly self-employed) individual, take advantage of all the deductions you have available to you. 45M subscribers in the AskReddit community. My tax return is so low this year when it’s been generally bigger other years and I can’t figure out why! I worked full time all year, I’ve looked over my 1040 and this is the amount I overpaid but I’m so confused as to why it’s so low. Fast forward to 2 feb 2022 I check my bank account and I see over $18k deposited from IRS totally unexpected. Jun 19, 2014 · While my refund was nice, it comes nowhere close to the biggest IRS refund in history. Just getting a letter from the IRS doesn't mean you are being audited. Still, there are several reasons many taxpayers could get a larger refund this year. Get your taxes done right and your biggest tax refund— guaranteed Your tax return, backed for life TM 100% accurate calculations, audit support, and your max refund. I was expecting $2700 refund. They get their W2s and have dollar signs in their eyes waiting for a big refund. Hint: A tax refund isn't actually a useful or good thing. Whether that claimed loss (and resulting refund) is legit depends on your business's actual performance / expenses, the honesty of your tax preparer, and what ended up on your Schedule C for that tax year. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. You don't really want a big refund. The prior return included fraudulent credits for fuel tax / residential energy credits. I forgot that I carried over part of my 2021 refund to 2022 to pay taxes on income that I did not earn because I quit the job, so I got a larger refund than I planned. Last year, I received $5,000, usually around $3000-$5000 past 5years, and this year I won more money and paid taxes in advance, but since I lost it all, I will receive a tax refund of about $12000 including both W2 and W2G. Feb 14, 2019 · Ramon Christopher Blanchett, of Tampa, Florida, and self-described freelancer, managed to scoop up a $980,000 tax refund after submitting his self-prepared 2016 tax return. What is the biggest tax refund you’ve ever gotten? I think it was like $3800 AUD. You're providing the government an interest-free loan until you file your taxes, and in the meantime you're living on less income than you would have if your withholding was in line with your actual tax burden. Some people enjoy getting this and how to do so is to claim 0-1 all year and withholding at higher single rate. Answer (1 of 7): Not me, my sister. r/AskReddit is the place to ask and answer thought-provoking questions. A tax return is what you file. The amount of tax you owe is the same no matter what, the only difference is whether you overpay and get it back (with no interest) or underpay and owe (but potentially make interest on money saved). In all seriousness this is almost a perfect return in either direction. Married filing jointly with 2 dependents. Recieved 1/20 approved 1/26 and refund expected 1/28 Rejoice 45M subscribers in the AskReddit community. Hey guys, it's been pretty tough to find a place or forum on Reddit to discuss the ERC refund, how to file, and expected timelines. Stay ahead of the curve with news and updates. Subscribe today and start dreading tax compliance less! 21 votes, 183 comments. 248 votes, 2. An honest way of getting a big refund is by over-withholding for taxes. I was supposed to get a federal tax return of $4,380 and when I checked my bank account this morning the IRS had refunded me $10,000 extra — a total of $14,380. You should aim to have your employer take the correct amount. This tax season you need to seriously adjust your withholdings. A lot of people on reddit are students, and younger people who may not have a full time job the whole year. I've owed every year since then. Will tax refunds be bigger in 2021? In 2021, the average refund was $2,959 by the same date. Mar 2, 2024 · Don't overlook these simple ways to maximize your refund or lower your tax bill. The bottom of the check says it is a refund for your 2021 tax year, which would have been filed in 2022 sometime. Find answers to your questions quickly and easily. Getting a large tax refund isn't actually getting anything extra. When talking about it with friends, it seems that many of them have also dealt with tax issues and IRS letters. Recognize that a large refund isn't likely "free money", rather it's just money you over paid throughout the year. Those who miss out often are disappointed—but should they be? In truth, receiving a big tax refund is a mixed blessing A tax return is money given back to you that you paid too much in during the yearly withholdings from your check (except for those with extremely small income and special exemptions, some of those people actually get more back than they ever paid in). Largest probably $2500. Federal was accepted by 8pm. g. I've been claiming 0 and usually get a nice refund every year which seems… Jan 6, 2023 · Highest Tax Refund Ever - Top Tax FQAs about Highest Tax Refund EverWebRamon Christopher Blanchett, of Tampa, Florida, and self-described freelancer, managed to scoop up a $980,000 tax refund after submitting his self-prepared 2016 tax return. Federal taxes are the same everywhere. So, a large tax return means you overpaid the government all year, not some reward and they’re paying you back their interest free loan. The big one is the Earned Income Tax Credit. The 2017 tax bill passed during the Trump administration primarily favored corporations. And a couple hundred in my young years. People who expect a big refund tend to file early, so the average for the 2022 tax season may be lower. The IRS then says “thanks, buddy, here’s your $500 back. Filed 1/19. The size of the tax return will depend on the amount of data you need to enter. My return was done by a local tax professional so the chances of a big mistake, while certainly still possible, are much lower than if I had filed myself. 65 votes, 100 comments. I realize the IRS will most likely catch this and want the money back, maybe even penalize me. Edit: was comparing wrong bracket. . trueJust wanted to start a thread where we all list off who we filed with, the date we filed, the date we got accepted, and the date the return came through! Maybe it will help me stop obsessively refreshing the Where’s My Refund page - but doubt it ;) Share Add a Comment Sort by: Best Open comment sort options Best Top New Controversial Old Q&A Nurseanner • As long as you keep in mind that you may either get a big refund or tax bill when you file. Dec 14, 2024 · In this article, we'll explore effective strategies that self-employed individuals can implement to get the biggest tax refund possible in 2025 and 2026. I made slightly over $10k last year working part time as a student in NC, no loans, no special deductions A tax refund is just the change you get back from overpaying your tax bill. I am single, early 40's, claim 0 exceptions with an extra $25 a paycheck withheld on my w4. It's just your own money, not paid to you for months, and until you file a tax form asking for it back. I’m getting the biggest tax refund I’ve ever gotten even though nothing was different job-wise in 2018 - do I have Trump to thank for that, or something else? Or vice versa, what's the biggest you had to owe. After the tax credits and deductions, I am receiving a refund bigger than my self-employment and w-2 income COMBINED. I have seen some posts where people are looking forward to tax refunds because they are expecting to get something back, but… I was due a federal refund of $1,325. MembersOnline • beckyloowho MOD A return is the unfortunate name for the collection of documents that you provide to CRA detailing your unique tax circumstances. For salaried employees (T4) I don't believe you can do much more than a few tax credits based on individual circumstances or simply contributing to your RRSP If you're self employed/contractor. A small refund means you paid almost the right amount, not too much or too little. ” Your refund is basically getting back money you already gave them. If your refund exceeds your taxes withheld, you've just paid a negative income tax. I didn't receive some 1099s and misunderstood how things work. Your withholdings are driven primarily by the number of dependents you declare on your W-9. [edit: I didn't have the jobs concurrently, one ended and the other began. they weren't at zero taxable income) where they had a $0 balance due. Also, that tax bill might come with penalties for under-withholding. Then The rise in fraudulent tax preparers has absolutely grown out of control in the past few years. Apr 13, 2025 · If you get a big tax refund, it means you're overpaying on taxes during the year. And Europe Wants Justice: Stock traders are accused of siphoning $60 billion from state coffers, in a scheme that one called “the devil’s machine. Super contributions are only tax-deductible if you make the contribution out of your post-tax income. In other words, you're being subsidized by the Fed. If you owe taxes for 2023 when filing your return it's not because of Trump's tax plan or Biden/Congress changing anything for 2023. The fastest way to get your money with no charge is to use direct deposit into your own bank account. A refund is when it turns out you have had too much tax submitted, by your employer for example. I had a new client this year who went to a shady tax company last year. Is there anyone out there with insight or experience into how this all works? Score: 4. Anywho, apparently, the IRS agent was familiar with this DO NOT do anything to "get your refund early" with a private company because this is a loan against your tax return and they will charge you for that. It’ll be higher if you have state income taxes Married filing jointly with 2 dependents. For people who do their taxes themselves; do you get more of a refund doing it yourself than with a tax professional? We would like to show you a description here but the site won’t allow us. So as long as your on payroll and your taxes are besting deducted every check, there’s a good chance you’ll get a refund. Use tax return software to file your taxes by inputting the info from your W-2. I have no dependents, no assets, and filing single w2 with the standard deduction. I check the IRS tracker again and, sure enough, it lists my refund amount as $1,429. If you don't have one, you have to wait for the check in the mail. If there is state tax and you’ve paid more than your states percent, you would get a refund. Feb 4, 2017 · Tax Refund Offset Reduction Another common reason why refund payments are actually lower than expected or provided by their e-filing tax provider is that the federal government (via the IRS) has “offset” or deducted monies from your actual tax refund to cover debts you owe other federal agencies. One day later I amended my tax return as I found a small mistake in my return. CP-2000 letters) as opposed to If you’ve paid more that 12% federally you would get a refund. Last year, North Carolina residents Thelma and David Ward were informed from the IRS that they would be receiving a $54,000 tax rebate; the largest in history. That’s the closest to being spot on I have ever been. Obviously, this is unideal: we'd rather the money be in our paychecks instead of one lump sum to permit for better budgeting, etc. A larger tax return means you over paid on taxes and gave the government an interest free loan with your earned money. Feb 9, 2025 · A big tax refund might actually be a sign of financial changes you need to make with your accountant, but who doesn’t like getting money back instead of paying it out? According to Alex Freund, financial advisor and owner of Freund & Smith Advisors, a Northwestern Mutual firm, here are six reasons why your tax refund could be higher in 2025. The closest one ever was a $2 refund. Get help with your taxes from experts and fellow taxpayers. I have tried calling the IRS and cannot get a hold of anyone!! We would like to show you a description here but the site won’t allow us. Any amount of refund you might get is based on how your income and deductions work out. Now, lots of Americans take their nice refund and move on with their day, acting all anti-Gov't as though they're getting fleeced by the Fed. It's not magic free money, you paid it to them, and you get back what you overpaid. What people fail to realize is if they're getting a big refund that's a BAD thing. First, an audit has a specific meaning, wherein the IRS asks for details, looking more deeply into your financial situation and records to validate what you filed in your tax return. His tax return was audited by the IRS and he had to go meet with a revenue agent. and International, Federal, State, or local. Your refund should flow into your RRSP and FHSA to offset the tax you’ll pay when you withdraw. Sep 16, 2025 · Discover what the 2025 tax bill changes mean for you—deductions, credits, business breaks, and more explained in plain English. dzhufl sexm oslqgky leuvtno pektle pankxwv gcwi ndfdrw ufgu alco