Jul 11 2010
Tax Weirdness
I am reasonably sure that my tax refund cannot be greater than the amount of taxes I actually paid. So, ummm, if I paid $1,400, I should NOT be getting a refund of $4,000, am I right? (Did some looking around online, and apparently, tax credits can indeed result in a refund that’s more than what I paid in taxes. Still, I am going to triple-check everything, because I don’t want to make any mistakes.) Also, how the hell do I end up owing taxes to the state of Wisconsin while getting a sizable refund from the feds? Color me even more confused. Also, color me NOT filing my taxes until I figure this mess out… *sigh*
6 Responses to “Tax Weirdness”
You might want to check the Federal return. But WI doesn’t surprise me. There was an article in the Journal business section this morning reminding us how out-of-sync Wisconsin tax practices are with Federal. Don’t expect Federal credits to hold (even in part) for WI.
WI doesn’t surprise me either. If we get a refund, it’s tiny, compared to the Federal.
Yeah, I usually end up getting a refund from one and paying the other. I’m happy if it comes out about even.
By the way, due to where I was employed, I paid NO federal tax, and still got a refund. Go figure.
Yeah, our state refund is always way smaller than the WI one. Due to some Federal Credits not applying in WI. Like HSA accounts (not that you have one). Deductible on the Fed, not deductible in WI. Talk about confusing my taxes for last year. I didn’t even know if I did it right!
Here’s another annoying fact: If the child is not a dependent on your taxes, you cannot claim the State credit for contributing to an EdVest account. So we pay Amy umpteen million dollars in child support, can’t claim Jenna on our taxes because she doesn’t live with us for at least half the year, and can’t even claim the deduction for giving her money for college. Is that stupid or what?
Wow, Shan, the stuff about Jenna doesn’t seem fair. I’d assume it’s so two people in separate households aren’t benefiting by both claiming her. At this point though, you’d could almost claim Amy herself as a dependent! I would think that you’d be able to claim the college money at the least.