Large tax refund reddit. A tax return is what you file to get the refund.

Large tax refund reddit. Based on prior years' data, people with PATH ACT refunds typically see their tax refunds arrive in the first week of March. It's often called the “biggest payday of the year. Jan 6, 2025 · In truth, receiving a big tax refund is a mixed blessing, explains our Bottom Line tax expert Abby Eisenkraft, EA. Dec 31, 2024 · Americans are getting bigger tax refund checks. I was due a federal refund of $1,325. I filed my taxes on 02/05/24. You may need to reduce the $50k amount by your pretax deductions. How much you get back depends on how much you paid vs. of more than average size, quantity, degree, etc. It's not necessarily an overpayment in taxes that's easy to plan for and adjust your tax withholdings accordingly. I am a little suspicious as everyone I've mentioned this to seems to have it the other way around where their federal is much higher than their state refund. slang. Large (abbreviation L) is a size of clothing or other product that is bigger than average: Find 679 different ways to say LARGE, along with antonyms, related words, and example sentences at Thesaurus. ] I've applied for the partial transit pass credit, as well as If you’ve paid more that 12% federally you would get a refund. 00 a check, your refund will go up 20. Originally, I didn't plan on 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. The other day my sister and I both got mail from the NJ State Tax office the other day. 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. com. $1k seems like a large difference going from dependent -> independent, but maybe that status change qualified you for more deductions or credits. Synonyms for LARGE: sizable, substantial, considerable, big, huge, handsome, great, oversized; Antonyms of LARGE: small, smallish, little, puny, dwarf, dinky, undersized, tiny Yeah, I just remember one poor lady posting about her large refund and people jumped down her throat about it, she tried explaining that she only had like $200 withheld through the year or something, and then there was a big discussion about whether refundable tax credits exist (apparently a lot of people on the thread believed you could never get back more than you paid in). We would like to show you a description here but the site won’t allow us. It all reconciles when you complete your tax return. Either they are having trouble matching documents and your refund is large when compared to others of similar income, or you were randomly selected. This year I'm not getting any refund but most people I know are. How to use large in a sentence. However, there’s nothing special about this type of tax refund. As you know, because I lose more money than I win, I have always used itemize deduction to receive a tax refund. Also, I hope you understand (I'm not saying that you don't) that when you go into a higher tax bracket, you STILL make more money. This morning I received my refund via direct deposit and it was for $1,429 ($104 higher than my return indicated). Anyone know what the usual or expected timeline is for a Pa state tax refund? Any amount of refund you might get is based on how your income and deductions work out. Your refund is really just the difference between what is withheld and what your final tax bill is after all your deductions. Checked my tax transcripts and my refund is still getting issued. S. I am using freefile from turbo tax and when everything was done, my state refund was almost double than my federal. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. I called the ks tax service line where I was rudely told it’s being reviewed and that was it. " If they fixed the return to reflect the friend's tax situation truthfully, then that's legitimate "found money. My tax refund of about $800 for that year went to the debt I owed the CRA as I expected. I received a refund of about $6,500. He was a large man with thick dark hair. You’ve essentially given the government an interest free loan. Aside from being delayed cuz I filed early and had the EITC credit, Cashapp direct deposits are always sooo fast One thing that can cause a huge refund is having large federal and provincial carry forward amounts. Looks like it is gonna be longer this year. The paperwork you file is called a "return". grand or pompous: a man given to large, bombastic talk. Reply reply more reply more Getting a large tax refund isn't actually getting anything extra. But is that good news? “If you are consistently receiving a large refund over a thousand or more, it may be a sign that you are overpaying taxes throughout the year,” said Chad Gammon, owner of Custom Fit Financial. I tracked my refund using the IRS site and by plugging in my expected refund amount of $1,325. ' Anyone else have their refund take longer than the usual two weeks? Anyone else still waiting? I am wondering if people have had accurate experiences with online tax refund estimators like HR Block and Turbo Tax? I only have a W-2 job and have $83,000 in box 1 and $12,500 for taxes withheld. But if you didn't get refunds for several years, that's good: you weren't giving an interest-free loan to the government. adj. Most large returns come from adjusted income after standard deductions, Earned income, and child tax credits. Hint: A tax refund isn't actually a useful or good thing. What do I do? Should I file an appointment with H&R Anybody know what is up with Kansas state tax refund? We filed for over six weeks now and have not gotten a response other than it was accepted. Your refund is still in process most likely you can confirm by checking your cra account I’m also waiting for my refund and I filed on feb 27th Reply reply [deleted] • We would like to show you a description here but the site won’t allow us. The pike lives mainly in large rivers and lakes. For example if you had $30000 of federal carry forward amount that would be worth $30,000 X 15% = $4500 and if you had $30,000 of Alberta carry forward amount that would be worth another $30,000 X 10% = $3000. You're better off owing just a little bit than getting a large refund. IRS accepted my return on 3/5 and they told me it can take 10 weeks to get my return. ostentatiously so. People generally don’t overpay this much unless they have massive amounts of income. People can also have deductions or tax credits that make a difference, but for regular people it is usually having too much deducted throughout the year that gives a big refund. Remember you only get a return if you have paid too much tax throughout the year. I work a sales job and it was a very very good year with commissions. and International, Federal, State, or local. When it comes to TSP contributions Determine your tax strategy The best option is to break even — don't receive a tax refund or owe money to the IRS. I was told by the LIT at that time that I would not receive a tax refund for 2022 or 2023 since I owed the CRA money. Sep 11, 2025 · large (comparative larger, superlative largest) Of considerable or relatively great size or extent. 00 Your pay will go down 20. The Where's My Refund tool is down. Here are fourkey signs that your tax refund is going to be too big (and what to do about it). Based on possible scenarios unless you m grossly under paid taxes somehow, about 10% federally from your bonus should be returned. The IRS is experiencing significant and extended delays in processing - everything. I have been checking since Wednesday and on Saturday my refund got approved but Saturday night, I started getting the check back in 24 hours after acknowledgment blah blah. I got my tax refund the 17th last year but my ddd was the 22nd of March. " A refund is just your "change" for having overpaid for the taxes from what was withheld from your paycheck. : r/personalfinance Gaming Sports Business Crypto Television Celebrity Go to personalfinance r/personalfinance r/personalfinance Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. Is there some huge list of tax deductions we can claim? It's hard to figure out what we can claim. Now chiefly U. The best we We would like to show you a description here but the site won’t allow us. That is what determines whether you get a refund or actually have to pay more at tax time. on a great scale: a large producer of kitchen equipment. For 2024, we expect that the earliest PATH Act tax refunds will arrive around February 19, but the bulk of earlier filers will see their refund the week of February 26 through March 1. Exemptions / rates etc might change when things are finalized for 2021 tax filings but this should give you a good estimate of you expected return. Is it worth it? Pro: A Financial ‘Windfall’ Many taxpayers who receive a large tax refund consider it an annual windfall or “forced savings. In certain situations, it is possible to not have federal income tax withheld. Don't post questions related to that here, please. Or, realize that owing $180 on a non-fixed income is about as good as it's going to get. I went from having a chump change refund to apparently owing almost $900 in taxes. A large thing or person is greater in size than usual or average. How much refund would you like? If you have just 1 job, put single, skip sections 1 and 2, then in section 4, line c, add the amount you want your employer to take out of your check, and send to the IRS, each pay period. It's completely free which is awesome and 2. TurboTax says we owe about $8,000. Anyone dealing with similar issues? This is also perpetuated by advertisements that proclaim - "It's tax refund season, so go spend your free money on [product]!" If anything, getting a tax refund is a sign that you've lost money. But I’m now filing my 2023 taxes and my estimated tax refund Your take-home will be more correct because more correct withholdings mean being closer to $0 tax owed and $0 tax refund. I already know Reddit. Any idea why this is? I'd like both to be as close to 0 as possible, but I don't think we can make adjustments to state withholdings alone? I went ahead and put in some numbers into this year's edition of SimpleTax and I got a big refund: ~$7,000. A tax return is the government refunding you money you overpaid them in taxes deducted from your paychecks throughout the year. Why YSK: I’ve seen a lot of post of people receiving smaller tax refunds than they expected. But when I use the Navy Fed app, it doesn't show up? Will it still go in there? I filed on January 23rd. They shut down on March 15 and re-opened on April 27. The end goal should be to be as close to $0 as possible with your taxes. I owe $9k on my federal return but I’m due $3k refund for my CA state return. I didn't know exactly how much taxable gross (gross income minus pretax deductions) you expect per year. e. 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. Context as to why I received such a large return: I worked full time for only half of the year, and I make a pretty high annual salary. , the government owes you money even if you withheld $0) but those particular credits don't usually to apply to people who can be claimed as dependents. Most states have a form separate from the We would like to show you a description here but the site won’t allow us. EITC for households that don't seem to match what they should be getting, or returns with very high reported income, starting at $500,000 annually. When one of my clients has a wide variance from year to year I review the "tax summary" page of their tax return, which allows me to give them at least a quick high-level understanding of what changed year-over-year. This usually happens within a few days of filing, and it's generally pretty easy to fix if you're using something like Turbo Tax. I owed court fines and property tax. Feb 13, 2024 · Every tax season, millions of Americans eagerly await their refund check. Nov 7, 2024 · Getting a big tax refund isn’t all it’s cracked up to be. Did your filed amendment include some additional refund you were owed, and how does that compare with the amount you received? I don't have the exact numbers, but I'm curious how is it possible for someone who get a high tax refund return back. This is extremely surprising to me, to the point where I'm kind of worried. I'm trying to figure out if there's something wrong with the form I was given or if not, should I just disregard the form entirely. Your tax obligation is how much the IRS decides you owe them based on your income, your deductions, your filing status, your credits, etc. Your Withholding Allowances Are Filed 1/19, accepted 1/24! I used H&R Block and chime for direct deposit! Can you all let me know when you receive your state income tax?!!… I worked more overtime this year then i normally do. Just be patient, hopefully they fix it soon! Jun 9, 2025 · IRS refund delays continue into June 2025. However, I don't know how to do it. The meaning of LARGE is exceeding most other things of like kind especially in quantity or size : big. 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. 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. It got sent to 'pre-assessment review. I recently graduated college and filed independently for the first time using FreeTaxUSA. Put aside children, massive deductions, but if you are a normal, non married person and you’re getting large refunds it’s not something to celebrate like many do. It is money they get at once to spend. Any thoughts on if this looks like it could be accurate? On my IRS tax transcript, It says my refund will be going into my account on 2/23. Recognize that a large refund isn't likely "free money", rather it's just money you over paid throughout the year. I did my 2022 taxes in February 2023. MembersOnline • beckyloowho MOD If you underpay, you might get a letter from the tax agency saying they think you should pay this much. They are forms of government assistance, and usually are how people in the situation you mentioned get refunds like that. And what you owe depends on your income/deductions/credits, and those will be different (well, not the income, but how that income is taxed) on federal vs. Fast forward to 2 feb 2022 I check my bank account and I see over $18k deposited from IRS totally unexpected. It means that you were off in your predictions of tax owed by $25k. At that point, you can re-check your tax returns and respond to it: You agree with their proposal, and pay what they say you owe, or You disagree, and provide proof why you are correct If you discover your mistake sooner, you can amend your tax return before they catch the mistake. It's not magic free money, you paid it to them, and you get back what you overpaid. When you get a refund you are getting back an overpayment of taxes. I never updated from processing last year either until after I received my money lol Reply reply more replyMore repliesMore repliesMore replies more replies more replies More replies Objective_Link_2900 • DDD 3/19 Chime Reply reply more replies more replies More replies more 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. I installed a pretty large solar job this year at my home and am due a large refund. Is it because there's a lot of taxes withheld initially? Explain to me like a beginner. I filed my 2020 tax return in April 2021. Refund amount is around $5k. I check my 2020 transcript and I see a $15k as code 766 credit to your account, plus interest Employees who get W-2's sometimes get refunds, but that's because their employer withheld MORE tax than they owed, so essentially a refund means they gave the government extra money, an interest free loan, for a few months. Synonyms: large, big, great These adjectives mean being notably above the average in size or magnitude: a large sum of money; a big red barn; a great ocean liner. Anybody receive any updates on the NJ income tax wmr site? Anybody receive their income tax yet? Probably comical asking so early cus NJ sucks when it comes to income tax refunds but just curious 👀 Format* I filed on 1/24, accepted on TurboTax on 1/31. Assuming no major life changes, take the amount of your refund this year, divide it by 26 (however many paychecks you get) and then ask your HR/Payroll department to adjust your withholdings so that your checks are that much smaller. You don't want to receive large refunds (loan the government your money interest free), and on the opposite side, no one likes to be hit with a surprise large tax bill. Do your parents support you at least 50% financially and can claim you as a dependent on their tax return? These credits do not need you to have paid anything in. There are some refunds that can cause you to have "negative" tax liability (i. state returns. If there is state tax and you’ve paid more than your states percent, you would get a refund. Taxes were filed electronically with TurboTax mid-February. ” But should it be? A refund is money that rightfully belonged to 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). your tax refund is the difference between how much you withhold throughout the year, and your tax obligation. Prior to 2020 the "default" withholding calculation tended to withholding too much, so people received very large refunds and started to expect that. As others have said, there are different ways that a mistake can be caught. I believe if you owed anything the state would take what is owed then send you a check and a letter of explanation instead of a direct deposit. Hi all, I was filing my taxes with Turbo Freedom and all went well until I input my 1098 T. He has a large collection of stamps. Although it's nice to get a big chunk of change in the form of an income tax refund, you can put that money to better use if it's available to you throughout the year. “For many First post on reddit, but as the title states, someone used my SSN and received a large refund. how much you owe. [edit: I didn't have the jobs concurrently, one ended and the other began. Here’s why… 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. To provide a general timeline, I waited until the… I know that for people with modest refunds and little deductions it's taking the normal two weeks. ; exceeding that which is common to a kind or class; big; great: a large house; in large measure; to a large extent. I filed using TurboTax in February. I got my federal refund last week already, but no sign of my state refund. I want to finally get rid of this large refund and put it back in my bi-weekly checks. It is NOT a tax preparer's job to confirm or audit that information. of great scope or range; extensive; broad. Getting a refund at the end of the year means you’ve been giving the government more of your paycheck each pay period than you needed to. I filed a consumer proposal on January 11th 2023 which included about $4000 to the CRA. Unless your commissions are that high every month you will likely get a large tax refund. I literally track and scrutinize my tax liability in real time during the year and I'm still going to owe a little in April. One day later I amended my tax return as I found a small mistake in my return. Mar 6, 2025 · Here are the pros and cons of getting a large tax refund. to live large: to live in a luxurious or extravagant manner; (hence) to be very successful, popular, or wealthy, esp. Still no updates on state site. But why? Isn't the point of tax withholding to withhold close to the exact amount? The important question is "what did they change?" and if the answer is "lying" then, yes, that's fraud and not legitimate "found money. MembersOnline • Kyrcat ADMIN MOD We would like to show you a description here but the site won’t allow us. Last year, we had $155,145 in combined income, $28,000 in deductions, and a total of ~$20,000 was withheld, and we got a $1,000 refund. Your refund should flow into your RRSP and FHSA to offset the tax you’ll pay when you withdraw. I have filed and received my direct deposit both with Cashapp for the last 2 tax seasons now (so last year and again this year). For the past few years, while my fed return seems to be accurate (usually less than 100$ off, either refund or owed), I've always gotten a 2-3k refund from the state (3k+ in the last 2 years). Why does having a kid entitle such a large sum of tax return income each year? I find it unfair because I pay $20k a year in taxes and always owe at tax time, but breeders who often pay less in taxes get around $8k to $10k or more in returns. i noticed some changes on my dc tax account page so i anticipate getting the refund sometime this week. If they had a higher deduction and got the money earlier, they would have spent it on something small and would not have the money to make a larger purchase. ” “It may be tempting to use the refund for large purchases or a family vacation,” said Joe Buhrmann, a senior financial planning consultant at Fidelity’s eMoney Advisor. Y'all going to say it's fraud blah blah for tax prep business to even be doing these kinds of returns It is literally a tax preparer's JOB to take the information a client has provided and prepare a return based on that information. 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. What has happened is that, the refund they said you were going to receive on the 4th is the quarterly gst payment. If you have a good employer you should get $0 back as they are deducting the correct amount of tax out. Is this something I should be concerned about? Large refunds are typically the result of over-withholding (claiming too few allowances). Apparently I owe $4,000 from my 2020 tax return?! Half of it is in interest too even though they never notified me that I owed anything or that interest was accruing. I've met so many sales people that sand bag a deal because they're under the impression that they'll make less money after taxes if that deal closed on a certain pay . g. Some background: This is only my third year filing taxes. Believe it or not, jail. A large tax refund is more money than many people have in their bank accounts at any given moment. Your refund in one year has no impact on your refund in another year. But I am expecting a large refund and I filed in early March. quotations Russia is a large country. Not even an advice on how to proceed. Large means the size of an item, such as clothing, that falls between medium and extra-large. I got a pretty large tax refund because of the child tax credit (had our kid in the fall) and because my wife made less than the government expected when the stimulus checks went out earlier in the year. 00 a Good, that means you're paying closer to the appropriate amount of tax during the year. Your withholdings are driven primarily by the number of dependents you declare on your W-9. I'd rather pay on my own time than have a refund get stuck in the IRS machine. I think you're conflating deductions and credits as the same thing. Th cash you receive back is called a "refund". This is a way of saying they overpaid throughout the year. 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. It is simply your change from paying your tax bill. In the largest room about a dozen children and seven adults are sitting on the carpet. It honesty is not a good thing to get such a large refund. I am not sure if that is what threw my return in review or if it was because I switched banks this year, but my main question is will the IRS pay me interest for holding my money? I am at day 45 now with return still not processed on WMR and Transcripts. Feb 24, 2023 · Getting a big tax return isn't always good for you, but there are a few reasons why it's not as bad as experts say. The online estimators have me getting around $1000 refunded. You can take the standard deduction + credits towards you're assumed tax burden which means you owe the government less for the year and likely get a bigger refund Reply reply more replyMore replies more repliesMore replies Iz-kan-reddit • Reply reply Dinolord05 • Reply reply more repliesMore repliesMore repliesMore A tax return is what you file to get the refund. That commission in the new tax bracket just gets taxed at a higher rate, not your overall earnings. The easiest way to get a large tax deduction has always been to claim 5000 KM of travel expenses. People receiving large refunds are withholding or paying in too much providing the government with interest free loans. 00 on this line, and are paid every other week, that would mean a refund of about 520. Understand that you’re getting a big refund because you’ve deferred tax on a significant amount of income. Here’s what that tax refund really means and what it’s costing you. A small refund means Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. This year, we have $204,864 in combined income, about $34,000 in deductions, and about $27,000 was withheld. They may be having trouble with document matching if one of your employers or 1099 issuers did not correctly file their forms with NJ, or if the state is behind in getting those processed. Your withholding during the year minus your tax liability equals your refund. Also, some get up to $1,000 in a similar way because of college under the American Opportunity Tax Credit. If you realize your size has changed from medium to large, it might be time to cut back on the cupcakes. I have lived in the same location since then and have never received any mail about this. If you put 20. Tax withholdings are not taxes paid. How much you withhold is based on your income, and the W-4 that you fill out. Edit: was comparing wrong bracket. Today I learned that because I had a large income tax due for last year, I have to pay next year's estimated payment early! I don't have the money to do that. Family gets 50k and 70k in w2. 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. Is this normal? We would like to show you a description here but the site won’t allow us. So - you may have neglected to file previous tax returns, and that's a problem. I have officially received my federal and state refund and wanted to share my experience. How the tax system works is complex; small changes in your income, deductions and credits can affect large changes in your taxes. For example, instead of receiving a large tax refund all at once, you could set aside that money throughout the i filed 1/31 and got my federal quickly but dc hasn’t come in yet. Hopefully the check will arrive by the 6th. If you filed one of those two forms, you may be waiting over 4 months. Here's what’s causing the holdup and when you might get your money. I had $28,852 in Federal Tax held, $11,541 in state income tax (California) and FED MED / EE $2,818 (withheld) So in total, my pay stub is showing $43,212 in total taxes Anyway i can see how much return i would get in coming tax season? This is the first time I’m getting a return refund from the state (PA) since I paid estimated taxes due to a rental property sale in 2023. I will say that 1. That’s not something you can adjust your withholdings to account for. Since you get a large federal refund, you might want to consider shifting some federal withholding to state. The situations that are most likely to generate audits these days are either returns with very large deductions or tax credits, e. The fruit-fly has large eyes for its body size. Check you last paystub for taxes withheld YTD. I check the IRS tracker again and, sure enough, it lists my refund amount as $1,429. I was expecting $2700 refund. Someone please help me figure out what I’m doing wrong with my W4. For the last few years I've seen a trend, either a small amount in return or owed in Federal taxes, but a HUGE refund from New York State taxes. Just to clarify a few things. Or it could just be your refund for your 2019 tax return. If it's something obvious, your tax return will be rejected when you submit it, and you'll get a chance to fix whatever mistakes you have. Mortgage 250k at 3-4% interest purchased in 2018, 15 year loan 1 child This is in NYS. MembersOnline • SmartMeasurement9595 ADMIN MOD When you enter both W2s your tax liability is calculated correctly, the correct tax liability is compared to the total withholding on both W2s, and you're getting a refund for the difference. My wife and I just worked on our taxes in TurboTax and to our surprise, we owe $8,000 in federal taxes. For most people in the US taxes are taken every time you get your paycheck. So I'm thinking I essentially paid double of what I was Married filing jointly with 2 dependents. Reply reply Meadhead81 • A tax refund is based on how much you sent to the government in taxes (or credits the government gives you) minus how much your tax liability for the year is. Assume your YTD earnings flatline and check the tax tables from the IRS. MembersOnline • Real-Display6915 ADMIN MOD The $2500 you heard about may be referring to the American Opportunity Tax Credit (AOTC) which allows people to get an 100% tax credit on the first $2000 of qualified educational expenses and 25% tax credit on the next $2000 of edu expenses. rbyt dwq kydck rfnc zfapqv itwcvd hfvm regcmi efn hkagz