Wow. Just did taxes. Getting a very much larger refund than I expected...

[CTyankee]

I am guessing that hubby and I got middle class tax cuts from Obama...it's such a bigger refund than last year...

As a matter of fact, I am a bit taken aback. I always try to keep my tax refunds low because I want to keep my money as long as I can. But I am impressed by this!

Hubby laid off last March, I lost income from GM collapse (senior note which was paying 7.5%), can anyone tell me what Obama did to help people like us? Our income fell by $9,000 last year over the year before...we're retirees, no kids to claim...we didn't trade in a clunker or buy a house...

Anybody have ideas as to how this could have happened THIS year...?

[blue neen]

1. Since your husband worked last year, he would have received a credit of $400 for that.

We got a refund this year for the first time in years...and yes, you can thank President Obama! :)

[CTyankee]

5. That is great! Thanks for the info! nt

[rhiannon55]

2. The Making Work Pay tax credit helped us

It reduced our taxes by $800. That credit was part of the Stimulus Package.

Thank you, President Obama!

[annabanana]

6. Us too . . . . . a big fat juicy suprise!

That whole "tax cuts for 90%" thing is just showing up now, I guess. It will be completely ignored by our corrupt "mainstream" media...

[CTyankee]

11. where are these middle class tax cuts hidden in the tax code?

I'd like to know where this windfall came from....

[marybourg]

16. A 0% capitol gains and qualified dividend rate for lower

income small investors, 10% for the next bracket (used to be 15% and 25%)a property tax deduction even for those who use the standard deduction, higher standard deduction, "making work pay", deduction for new car, not to mention no capitol gains distributions income for most small investors this year due to down market, carry-over capitol gains losses (for those who harvested them) from last year and this year, which can be deducted against up to $3000 of ordinary income. All in all, my tax liability this year was a big fat "0", down from about $4000 several years ago, with approximately the same income.

[Captain Hilts]

3. Say it loud - I'm a Dem and Proud!

[panader0]

Thanks a lot

My refund is almost gone.........

[Edweird]

4. Good for you. I have to pay for the first time in my life.

[CTyankee]

8. Oh, that must hurt! I know that feeling.

If it is any solace to you, at least you got the use of ALL your money last year...

[Edweird]

9. And, apparently, some of the government's as well.

I'm going to talk to a professional (I usually do them myself) and see what they can do for me. A friend at work is getting a refund, and we are similar tax wise.

[Lyric]

7. Ours was much bigger than usual, too.

I actually went back and re-did all of my calculations because I was scared that I'd messed up somehow, but no, it was legit. :)

[CTyankee]

10. And our charitable contributions went down. Hubby had some payroll deductions for

our local Domestic Violence shelter that went away whenhis salary went away...

My question is how much is going to be there next year in terms of tax breaks? I'd hate to plan on taking less withholding and then finding out I OWED money (surprise, surprise!) at the end of the year!

[kath]

22. There is a very good withholding calculator on the IRS website.

Adjust your withholding now (if necessary) according to that calculator, then check in again in a few months, and toward the end of the year, to see if you're still on track.

I checked the 2010 tax brackets and the personal exemption amounts, and "because there was no inflation" (cough cough) last year, the brackets have changed only very very little, and the personal exemption amount is unchanged.

No inflation, my ass.

[Fuzz]

12. Ours was too. We did put in new windows to get the tax break, and we

needed the windows. But I was shocked at the amount.

[CTyankee]

14. We did windows and got a rebate in 2006. So that wasn't it...nt

[jpak]

13. Yet another Obama failure - we're DOOOOMEd!!111

:evilgrin:

:hi:

:thumbsup:

[safeinOhio]

15. Did the personal

exemption go up a couple of hundred?

[annabanana]

20. I think it was in "make work pay" provisions.. also

there are some extended breaks for educational expenses.

[LWolf]

17. I owe the feds $600, which I'm frantically trying to find before 4/15.

I'll be 50 in a couple of weeks; I've never, in a lifetime of working, ever owed more money when I filed.

I've ALWAYS gotten a refund, until this year.

:(

[Hawkeye-X]

21. You can set upa payment plan

We've owed during Chimp years, and we owe about $2,000.

We haven't done our taxes this year, hopefully it will come out better for us this year, since we have a dependant for the first time.

[LWolf]

23. Good to know.

I've been working 7 days a week, some 12 hour days, some 14, for the last 3 weeks. Next week is spring break; I'll spend it trying to set up a payment plan.

[karynnj]

18. The withholding done for your husband for the three months he did work

was set at the rate that would have been about what was needed if he worked at that salary the whole year - as his income was lower - too much was withheld.

[3waygeek]

19. My refund was slightly larger than last year's...

even though my company cut my salary by 5% last spring.