My tax return for 2022

[Woodznutz]

If you people are getting a tax return of more than 100 dollars you all need to adjust your withholdings

The ideal withholding amounts would result in a zero dollar tax return. Why do you like to give interest free loans to the crooks in the fucking government?

Most employees aren't able to make that adjustment on their withholding. I can and I generally have to pay the IRS, but I earn 'beer money' interest on the money, so I'm quite happy to pay.

 

[Dogmaphobe]

You first.

Moonglow is just a troll seemingly intent on running up his post count by responding with inanity in order to irritate.

 

[KissMy]

If you people are getting a tax return of more than 100 dollars you all need to adjust your withholdings

The ideal withholding amounts would result in a zero dollar tax return. Why do you like to give interest free loans to the crooks in the fucking government?

Refunds are to pay off the debt from the holidays.

 

[rightwinger]

I've always been a single tax filer, with no assets of any kind.
Total income has never been over $40k. So you'd think I'd get pretty much everything back, right?

I've RARELY ever gotten a tax return over $500.00.
Starting with Clinton in office, that went down to $300.00.
Under Obozo, it went down to ZERO!! Yes, for EIGHT horrific years of Communism, I never got anything back!
Even when I was out of work for several months!!

Under Trump though, my tax returns were $1,100.00 EVERY YEAR Trump was in office!!!!

And with the shitstain pedophile thats been installed in the White House, my return has been cut almost in half........$700.00.
I suppose I'm "lucky" the fuckers didn't steal it ALL!!

With the increase in taxes, shouldn't the refunds also increase? Or is that just for Demonicreeps??

Depends on your withholding

 

[JoeMoma]

You are better off paying in $100 than getting $1000 back

Not enough better for me to care about. Sometimes the psychological advantage trumps the mathematical advantage.

 

[DGS49]

Your income tax refund is the combination of two numbers, (1) what you paid (through FIT witholdings) versus (2) what your total tax is. Judging your tax status by the amount of your refund is illogical and, not to be unkind, but might explain why you've never earned more than forty grand.

The real number to look at is how much you paid in FIT. The refund will be more if your withholdings were greater, less if your withholdings were less). Look again.

Are you paying more in FIT now than you were 10-12 years ago? I doubt it. But your withholdings have changed.

 

[odanny]

I've owed money for the past two years, so I've withheld an extra $75 from each check to help cover my debt during tax time. You can add extra withholding of any amount, and you'll get that money back at tax time. It's like putting your earnings in a savings account.

 

[Blues Man]

Most employees aren't able to make that adjustment on their withholding. I can and I generally have to pay the IRS, but I earn 'beer money' interest on the money, so I'm quite happy to pay.

Yes they can all they have to do is fill out the W4 and hand it to their or the payroll person. You can do this as many times as you want.

 

[Blues Man]

I've owed money for the past two years, so I've withheld an extra $75 from each check to help cover my debt during tax time. You can add extra withholding of any amount, and you'll get that money back at tax time. It's like putting your earnings in a savings account.

No it isn't

It is giving the government an interest free loan.

 

[Flash]

I've always been a single tax filer, with no assets of any kind.
Total income has never been over $40k. So you'd think I'd get pretty much everything back, right?

I've RARELY ever gotten a tax return over $500.00.
Starting with Clinton in office, that went down to $300.00.
Under Obozo, it went down to ZERO!! Yes, for EIGHT horrific years of Communism, I never got anything back!
Even when I was out of work for several months!!

Under Trump though, my tax returns were $1,100.00 EVERY YEAR Trump was in office!!!!

And with the shitstain pedophile thats been installed in the White House, my return has been cut almost in half........$700.00.
I suppose I'm "lucky" the fuckers didn't steal it ALL!!

With the increase in taxes, shouldn't the refunds also increase? Or is that just for Demonicreeps??

All Americans were better off when Trump was President.

This Potatohead clown that stole the 2020 election has been a disaster for this country.

 

[Woodznutz]

All Americans were better off when Trump was President.

This Potatohead clown that stole the 2020 election has been a disaster for this country.

Higher interest rates have been good for me.

 

[Mr Natural]

A tax refund is not some kind of bonus! What it is, is an interest free loan you give to the feds.

 

[Flash]

Higher interest rates have been good for me.

Higher interest rates can benefit those people collecting interest rates but generally most people benefit from lower interest. It makes the cost of housing, vehicles and consumer loans more affordable.

 

[Woodznutz]

Higher interest rates can benefit those people collecting interest rates but generally most people benefit from lower interest. It makes the cost of housing, vehicles and consumer loans more affordable.

As a snapshot in time yes, but the expansion of credit generally has made stuff more expensive. My dentist grants a 5 percent reduction if I pay in cash. Full price if I use a credit card.

 

[Flash]

As a snapshot in time yes, but the expansion of credit generally has made stuff more expensive. My dentist grants a 5 percent reduction if I pay in cash. Full price if I use a credit card.

Easy credit can be a two edge sword.

Lower interest rates certainly hurts some investments. For instance, I have some of my 401K in CDs. I use to get 5-7%interest on it. The last few years it was more like 1-2%.

However, getting a new vehicle financed for zero percent interest is a good thing or my son having a mortgage at 2.9% was great.

 

[evenflow1969]

I agree except I would put that amount at more like 1000 dollars. I would rather aim to the side of getting a refund than having to pay for not having withheld enough and the interest on $1000 for a year is probably not enough to fret about.

On the other hand, one could argue that the best thing to do is not to have any money withheld..... I mean sent early.. and have all that money invested so that it can earn interest. Then send all the taxes as one lump sum at the latest possible due date. Then keep the money earned from the interest invested.

Yep, you are an idiot if you get a return. That money can be working for you.

 

[leftwinger]

Last few times I have submitted "W4" input.....it has been different? I do not remember like in the old days.....6 dependents or whatever?
I cut/paste what it is like nowdays. No, I don't have the explanations for the boxes like Allowance? Other income is like SS? who knows.
It has been like this for the last two years at the HR site.

 

[odanny]

No it isn't

It is giving the government an interest free loan.

It's worth it every February.

 

[Likkmee]

When are their going to be more COVID bonus checks. Damn. Dontcha miss planned demicz ?

 

[Blues Man]

It's worth it every February.

No it isn't