According to the tax stats calculated by the IRS, the average tax return last year for individuals was $2,345. That's a pretty big chunk of change to be lending to the government interest free. That being said, owing money is hardly something to look forward to come tax time. How much is your tax refund this year, or did you have to write an unfortunate check to the IRS?
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I'm Asking: How Much Is Your Tax Refund?
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$23. It's insane to give the government an interest free loan, so I structure my withholdings so that I get a very small refund or owe a small amount.
1I owe (a small amount). Like the poster above, I don't like giving the gov't an interest free loan.
2I owe. This is my first time owing anything so I am very depressed :-/
3$0, thank goodness for TurboTax's free federal return. Otherwise I would've missed inputting the $300 I got from the stimulus, and would have had to owe at least a hundred bucks or so.
4A little over $1,000. This is my first time filing independently so I really didn't know what to expect.
5Hmmm, totally don't remember since I filed a while ago. I know we got a refund from federal and NJ, and we owed NY money.
6Not enough. State and federal together was around $400.
7Owed $783 federal and owed $71 state (CA).
8I've owed money the past three years. It's been a substantial amount of money (for me), but I guess it's better than lending money to the government tax-free.
9dienliv and sdtransplant...did you have to pay any underpayment penalties?
10My husband and I have owed money the last 3 years because he was an independent contractor...this year we got a return just over $2500 which was a pleasant surprise since we didn't know what to expect in the first place.
11i owe $693
12modus- i did not have to pay any underpayment penalties
getting $57 back from state, eventually, CA isn't paying quickly since they have NO money
I will receive about $400 from the Feds, but I did owe the state about $100. I am glad that it all worked out, because this was a tricky year for me.
13roughly $850 -- i forget exactly how much. i got it in february and it went straight into savings.
14I owed the government $300, but I got $127 from NJ
15i wish i was getting over $2000 but that's sadly not the case. at least i'm getting something back...
16Federal and state included, my husband and I got back a little over $700 -- definitely better than last year where we had to pay $2,500!
17$1166. I didn't receive a stimulus last year so that bumped up the amount I had returned.
18Also, I live in State Tax free Texas so I am happy when tax time comes around not having to complete a State return and possibly owe money.
19Got back around a thousand something. Don't owe anything, they took out enough from my paycheck.
20We got the first time homebuyers rebate so we got like $10,000 but it is being used to replace our windows and other stuff to the house that we haven't been able to afford.
21I got about $650 back from the Federal Government and $101 from California, which did take a while to go through but at least I got it!
22$2100 (mf'in huge, but I only made $18000 part-time as a full-time student so I really shouldn't have been taxed in the first place)
I never thought about it as an interest free loan to the government!! I'm kind of mad now! The money's in my savings working for me now but damn, I wouldn't have minded collecting a few more months of interest on it.
23Ours was insane this year....$5K or so. I think next year we'll withhold less and use that money to invest in something with some interest. I think we're going to use the money to either buy another vehicle or insulate our house...we'll do something constructive with it, I'm sure.
24im sorry but i have to say i like giving the govt a interest free loan that i get back in April. My reason? After spending all the money that i do on ppl at xmas, its nice to know that in Feb/Mar i will have a nice lil check coming that will wipe out any little debt i might have, and if i dont have any debt its a nice belated bday gift to myself (my bday is xmas eve so i rarely have money to buy myself somthing) and i usually put alittle into my "DONT TOUCH EVER EVER" savings acct lol.
25Also think about it, are you really going to save or put away that extra $5 in your check? alot of ppl wouldnt do it (i know i wouldnt!) so i think of it as a way of setting aside money in a place i have no access to, no way to spend until the next year in which i will agonize for a couple of weeks as to how to use it. Just my 2 cents.
oops i forgot to put the amount: from feds it was about $900 or so, i cant remember the exact number but it was almost $1000, and from NYS: I'm supposed to get $35.
(HELLLO NY STATE, i am STILL waiting for my $35!!!)
Sorry, i just had to get that out.
26Hi Modus, no underpayment penalties for me. I paid those taxes on my bonuses from work and capital gains/dividends.
27Ah, good to know. I'm never 100% clear about what the penalties are and what determines if you pay them.
28I'm getting $71 back, but the IRS is taking it away from me because it is entirely possibly that I filed myself as independent last year and I am sooooo definitely a dependent! So I owe them like $300 for that.
29Fiend, I'm with you. NYS, wheres my money? Don't make me get my pimp hand out!
I'm getting like $900 from fed, plus an extra $300 because I didn't get my full stimulus check last year (which was a nice surprise)
30I haven't done our taxes yet, but last year we got $4000 back. We pay a TON of interest on our home and our massive students loans. I guess I should withhold less on my paycheck to balance that out...
31our federal refund is about $8k
32$200
33i guess my bitching paid off, i got my $34 today!! lol
34$80 I had to pay the state because of unemployment.
35I've never gotten a refund. I owed $78 to NY this year.
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