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A question

December 22nd, 2008 at 10:55 am

How accurate is H&R tax calculator in estimating your refund? I plugged in all my info. and I know it's accurate and it is telling me we are getting a 9k refund!!!

We have never received so much, but, M. got a bonus of 26,500 (not all at once, half at a time) and I was convinced at the time that we overpaid in taxes. Together with our state and federal income taxes we have paid almost 35k in taxes!

Does anyone out there have any info? Am I missing something, I took into account our mortgage interest, real estate taxes, student loan interest, charity, IRA contributions.

This seems too good to be true so that means it probably is!

Posted in Uncategorized | 3 Comments »

3 Responses to “A question”

  1. Amber Says:
    December 22nd, 2008 at 02:07 pm 1229954861
    1229954861

    hmmm I have never used H&R block but I would think that the bonus should increase your income in which you may have paid too little taxes (not sure)but I'll take the $9k Oh try another estimator and see if it's similar

  2. creditcardfree Says:
    December 22nd, 2008 at 02:13 pm 1229955209
    1229955209

    It could be correct. Often when a bonus is paid out they take out near 40% in taxes. So, just like you thought...you probably did over pay based on your income. I would also try another calculator.

    What will you do with 9K? Time to have a plan if it does come to fruition!

  3. North Georgia Gal Says:
    December 22nd, 2008 at 04:19 pm 1229962775
    1229962775

    WOW!!! That is great! Like credit card free said, most of the time they withhold more from bonuses. So it is very possibly might be correct! That would be awesome for you! Definately time for a plan!

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