Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-16-2010, 09:39 PM
Junior Member
 
Join Date: Feb 2010
Posts: 1
Frustrated

I'm sorry I don't have a lot of details for you here, all of my paperwork is elsewhere. Last year my wife and I received a federal tax refund of approximately $2100. This year our refund is more around $400. Nothing changed for us from last year to this year other than I have $15 less being deducted from my weekly paycheck for federal. We have 1 child, our gross income is approximately 91k, we donated approximately $750 to Goodwill and paid approximately 6k in interest on our home loan. Why could our refund go down so dramatically? Please any feedback would be greatly appreciated.

Thank you



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-16-2010, 11:59 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
One of the reasons was as that "the American Recovery and Reinvestment Act of 2009 (commonly referred to as the Recovery Act), which was signed into law on February 17, 2009, creates new federal withholding tax tables that decrease the amount of federal tax withheld effective from July 1, 2009. Thus, both you and your spouse had less federal income taxes withheld in 2009 and hence your tax refund would be lower!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning