Tax refunds or the lack thereof

[hornadylnl]

The EIC is NOT Welfare. It's an exemption from paying a certain amount in income tax.

The point of the EIC is that people are getting more back in their "tax refund" than they have withheld from their income. If your return is greater than you paid out, someone else is making up the difference. What else would you call that but welfare?

 

[SavageEagle]

The point of the EIC is that people are getting more back in their "tax refund" than they have withheld from their income. If your return is greater than you paid out, someone else is making up the difference. What else would you call that but welfare?

Like I said. If you are getting more back on your return than you paid in taxes over the year you HAD to have cheated on you taxes or messed up. It's just not possible legally. I'd LOVE to go over someone's numbers who got back more in their return than they paid into it.

Look, if I've paid $50000 in taxes over the last 10 years and my returns only totaled $10k, why do you care if they give me a couple thousand extra back? Do you not agree that 90% of the taxes you pay are anyway? If they didn't give you back that EIC on your return it would just go to some welfare junkie who doesn't WANT to work and just sits home smoking crack collecting a REAL welfare check that you pay for anyway.

I'd rather see the hard working families of America get their money back than to see it go to someone who doesn't care about God, Family, Country, and most of all, being productive.

 

[40calPUNISHER]

I will be owing $1,590.oo

:fawk: ....the IRS for not taking enough of my hard earned money in 09'

You will now find me in the classifieds selling all my guns

Hard earned? Really? You think what we do is 'hard'?

 

[Glocker]

Last year I recieved a little over $200 and this year I will be getting $104 both Federal. Hell my State return is more than that but I was told its all the same. H&R Block told me I just recieve my money through out the year rather than waiting till the end of the year.

So whenever people give me that weird look like I just got ripped off I set them straight and tell them maybe they need to fix their "stuff" because they are overpaying on taxes. But some people like getting that lump sum though which I can understand.

 

[hornadylnl]

Like I said. If you are getting more back on your return than you paid in taxes over the year you HAD to have cheated on you taxes or messed up. It's just not possible legally. I'd LOVE to go over someone's numbers who got back more in their return than they paid into it.

This happens to millions of Americans each year. Every year, I see articles in the paper decrying rip off tax places for charging exorbitant interest rates on Single Suzie waitress with 4 kids. They'll say that she spent several hundred dollars in interest to get her $3-4k+ tax return.

I make $18.25 an hour. My income last year was the lowest it has been in many years due to some weeks that I was laid off. Even still, my total taxes were at less than $5k. For Single Suzie waitress to get back $3-4k in a FEDERAL INCOME TAX REFUND, she would have had to have at least $3-4k withheld if she didn't get back more than she owes. My with holdings for $35k was less than $3k. How in the world does Single Suzie waitress have that much withheld waitressing? SHE DOESN'T. I don't know that everyone who qualifies for EIC gets back more than they have withheld but I'm willing to bet a majority do. IF YOU GET BACK MORE THAN YOU HAVE WITHHELD, IT IS A WELFARE CHECK!

Look, if I've paid $50000 in taxes over the last 10 years and my returns only totaled $10k, why do you care if they give me a couple thousand extra back? Do you not agree that 90% of the taxes you pay are anyway? If they didn't give you back that EIC on your return it would just go to some welfare junkie who doesn't WANT to work and just sits home smoking crack collecting a REAL welfare check that you pay for anyway.

I'd love to see proof that you've paid $50k in any taxes combined in the last 15 years. For example, to spend $50k in sales taxes, you would have had to spend over $700,000 on non tax exempt goods.

I'd rather see the hard working families of America get their money back than to see it go to someone who doesn't care about God, Family, Country, and most of all, being productive.

Getting their money back is one thing. Using the government's gun to take money from others to supplement their tax return is quite another. Besides, why should some be able to use government for free while others are forced to pay?

 

[SavageEagle]

Hard earned? Really? You think what we do is 'hard'?

Harder than sitting on your couch selling dope to kids.... Besides, you guys like to sneak up on a fella when he's sleeping and only tell him about it later online....

 

[SavageEagle]

This happens to millions of Americans each year. Every year, I see articles in the paper decrying rip off tax places for charging exorbitant interest rates on Single Suzie waitress with 4 kids. They'll say that she spent several hundred dollars in interest to get her $3-4k+ tax return.

I make $18.25 an hour. My income last year was the lowest it has been in many years due to some weeks that I was laid off. Even still, my total taxes were at less than $5k. For Single Suzie waitress to get back $3-4k in a FEDERAL INCOME TAX REFUND, she would have had to have at least $3-4k withheld if she didn't get back more than she owes. My with holdings for $35k was less than $3k. How in the world does Single Suzie waitress have that much withheld waitressing? SHE DOESN'T. I don't know that everyone who qualifies for EIC gets back more than they have withheld but I'm willing to bet a majority do. IF YOU GET BACK MORE THAN YOU HAVE WITHHELD, IT IS A WELFARE CHECK!



I'd love to see proof that you've paid $50k in any taxes combined in the last 15 years. For example, to spend $50k in sales taxes, you would have had to spend over $700,000 on non tax exempt goods.



Getting their money back is one thing. Using the government's gun to take money from others to supplement their tax return is quite another. Besides, why should some be able to use government for free while others are forced to pay?

My wife makes less than you do and paid over $12K in Federal and State taxes this year. That's ALL the taxes they took COMBINED because that's how normal people calculate how much comes out of their check. $12,000. give or take a couple bucks. I don't know how you get away with paying so little, but we didn't. However, including the EIC she got MOST of that back. Not all, but most.

At least we agree on one thing. That getting back more than you paid is . However, I still maintain that getting more back than you paid cannot be legal. I don't see how it can be. Even with the EIC. Just because you claim one child under the EIC doesn't me you automatically get the full $1k back. I do know that. My neighbor only got $400 of the EIC for her two sons combined.

Also, I never said I actually paid $50 in the last 10 years, but I've probably paid at least $30k in the last ten years. Just because I'm not working now doesn't mean that I've been unemployed all my life. It was just an example with a nice round number to make a point.

 

[ISHOOTHST'S]

 

[CountryBoy19]

I'm lost here. If you already paid for the tuition before the loan was granted, why didn't you just take the money from the loan and immediately pay it off?

13%? Really? Is that a normal rate for student loans?

That was my thought as well. But she thought it would be better to have that money around just in case we have any unexpected wedding expenses. It wasn't worth arguing about because I figured that I would be getting my refund check soon and I would just use that to pay it off. Here it is a month later and still waiting. She has used the money to pay her uncle for the honeymoon and I'm still waiting on the check.

Regarding the 13% thing, I flipped out when she said that. Certainly the forms had to have the interest rate on them when she signed them, but I guess she didn't pay attention (she probably doesn't even know what a good rate is). Let me just say that she is "less than attentive" to those details. I guess guys just have a way of focusing more on those sorts of things, but I'm working on her. Anyways, there is nothing we can do about it now besides pay it off asap. I would like to get all of our student loans paid off by summer, which shouldn't be a problem. (all of our student loans are higher interest than my mortgage on the house)

 

[samrothstein01]

My wife makes less than you do and paid over $12K in Federal and State taxes this year. That's ALL the taxes they took COMBINED because that's how normal people calculate how much comes out of their check. $12,000. give or take a couple bucks. I don't know how you get away with paying so little, but we didn't. However, including the EIC she got MOST of that back. Not all, but most.

I really don't want in the middle of this....but $12,000 in taxes last year on an income of less than $30-$35k is ABSURED! That is getting close to a 50% tax rate. Even if you are claiming zero exemptions, that is ridiculous and that needs to be checked out. Of course your going to get most of it back, you WAY OVERPAID. This income level would fall into the 15% tax bracket (Married Filing Jointly), which is a total of $1,670 owed to the government plus 15% of the amount over $16,700. So for examples sake......

$30,000 - 16,700 = 13,300 * 15% = $1,995 + the original $1,670 owed = Total Federal Income Tax owed to government of $3,665 for the year. That is before any itemizations, credits, deductions, etc. So if you paid $12,000, but only owe $4,000, then of course your going to get $8,000 back.

People that make $100k plus per year don't get $12,000 taken out on Federal Income tax...that is crazy.

Social Security and Medicare DO NOT qualify for returns and are not refundable and are not supposed to be included. FWIW....

(BTW, IANAL, IANAAccountant, CPA, or anything remotely close)

 

[hornadylnl]

$12k withheld would be $230 each week. That's over 30% of gross earnings at my $18.25 per hour.

I guess I don't have a clue what I'm talking about here even thought I've worked the same job with roughly the same income with the same lawyer figuring and filing my taxes for me for 10 years.

Here's the 2009 tax rate for married, filing jointly.
2009 Tax Rate Schedules: Marginal Ordinary Income Tax Rates for 2009
(Tax Rate Schedule Y-1)

• 10% on the income between $0 and $16,700
• 15% on the income between $16,700 and $67,900; plus $1,670
• 25% on the income between $67,900 and $137,050; plus $9,350
• 28% on the income between $137,050 and $208,850; plus $26,637.50
• 33% on the income between $208,850 and $372,950; plus $46,741.50
• 35% on the income over $372,950; plus $100,894.50

The way that works is that if you make $50k, you pay
10% on your first $16,700.
You pay 15% on the rest of your income above $16,700\

Thus, you pay $16,700 x 10% = $1670
$50,000 - $16,700 x 15% = $4,995

$1,670 + $4,995 = $6,665

That doesn't include any Adjusted Gross Income figures, child tax credits, etc. Social Security is a flat 6.2% (unless you own your own business). So, at $50k, your Social Security with holdings would be $3,100. The Employee contribution for Medicare taxes is 1.45% so at $50k, it would be $725. Indiana Income tax is 3.4% so at $50k, it would be $1,700.

So let's take all the above taxes and total them up. $6,665 + $3,100 + $725 + $1,700 = $12,190.

So at $50k, taxes would be $12,190 (keep in mind, this is percentage rates and doesn't account for Adjusted Gross Income) . How could you possibly have $12,000 withheld on an income of less than $35k?

 

[IndianasFinest]

I know I got screwed this year on my taxes. I have gotten back $2000 plus for the last 10 years. I paid in over $6000 this year, filed head of household, one dependant, and got back $335 damn dollars. A friend of mine makes less then $25k per year, and is getting back $6800. Theres no way in hell he payed in more federal taxes then I did making half of what I make. I don't understand one freggin bit !!

 

[hornadylnl]

I know I got screwed this year on my taxes. I have gotten back $2000 plus for the last 10 years. I paid in over $6000 this year, filed head of household, one dependant, and got back $335 damn dollars. A friend of mine makes less then $25k per year, and is getting back $6800. Theres no way in hell he payed in more federal taxes then I did making half of what I make. I don't understand one freggin bit !!

We still have someone arguing that your friend isn't getting a welfare check.

 

[IndianasFinest]

Call it whatever the hell you want.... I know where my money is going, and it's not back in my pocket where it belongs.

 

[misconfig]

Call it whatever the hell you want.... I know where my money is going, and it's not back in my pocket where it belongs.

The income tax you're paying is going towards repaying the interest drawn from the Federal Reserve that "loans" our government money. The Federal Reserve is neither Federal, nor a Reserve.

Essentially, they get paid for printing money out of thin air, the entire operation is a farce.

Generally speaking; your tax liability equates to 3 months of your total 12 month salary, nice eh?

Bottom line, income tax is unconstitutional, and the IRS should be shut down.

 

[hornadylnl]

Call it whatever the hell you want.... I know where my money is going, and it's not back in my pocket where it belongs.

I'm not saying your refund was a welfare check, your friend's was. Like you said, you had over $6k withheld on a salary double your friends. How can he get back more than you paid in on half of your salary? He's getting back more than he paid out. IE, a welfare check.

 

[IndianasFinest]

Yea, I understood yah... I was just softening the wordage for some others that don't think getting back more then yah paid in is complete bs.

 

[SavageEagle]

We still have someone arguing that your friend isn't getting a welfare check.

See, that's you're whole problem. That's not what I'm arguing at all. You completely missed the whole point of my posts. I guess that's what close minded gets you.

You don't have any clue what that guy's friend PAID in taxes to get that much back. Yet in your mind he's getting welfare back. Ok, I'm done. Have fun with this thread.

BTW, yes, my wife's tax prepper was just as amazed at our taxes as we were. Of course she thought that maybe because we got married this time had something to do with it.

 

[IndianasFinest]

Well, I can tell yah what he paid in was right at $2500. His refund check is certainly NOT a refund. His check is from earned income credit, and I'm sorry, but that is BS.

 

[misconfig]

Well, I can tell yah what he paid in was right at $2500. His refund check is certainly NOT a refund. His check is from earned income credit, and I'm sorry, but that is BS.

If I'm not mistaken, the max earned income credit is $800; you have to make less than $47k; I don't qualify for that crap =/.