Posted on 02/16/2024 7:42:38 AM PST by ChicagoConservative27
Tax refunds so far this year are noticeably smaller than they were at the same time last year, according to early data published by the IRS. The average refund check so far this year is worth $1,395 as of Feb. 2, about 29% lower compared to the $1,963 average recorded last year. That is based on nearly 2.6 million tax refunds collectively worth about $3.65 billion. However, the IRS has cautioned taxpayers the average refund amount will likely change in the coming months as more returns are processed.
(Excerpt) Read more at nypost.com ...
Cut all refunds and put it towards the debt. I especially hate those that don’t pay taxes and get a check anyway. That equates to about 40 percent of the workers.
Americans making smaller interest free loans to the government.
> It’s NOT a refund..
Given the various credits for children and such, many people count on it as a large lump sum each year to put down on some necessity such as a running used car or large screen TV.
“It’s NOT a refund”
Correct.....it’s an intrest free loan to the fed gov.
Rush always said, if atcall possible, manage your withholdings so you owe the IRS $100 or less, or they owe you $100 or less.
Ditto. IT'S NOT A REFUND! You overpaid, and gave the government an interest-free loan for a year. STOP IT. My taxes are a nightmare because I pay quarterly. However, I still manage to keep it within a few hundred bucks one way or another at the end of the year. And, I try to set it up where I pay in a few hundred instead of loaning the government money for free for a year.
I want my over-payment to be as close to zero as possible.
Those aren’t refunds. Those are overpayments of taxes. You can do that all you want. I’ll pass.
Thank you! Educating the masses is such a losing proposition.
It's just getting change from the $100 bill you used to by $50 worth of groceries.
Only you get the change 6 months later.
ummm, why???
It is a good thing when people better estimate their tax liability and don't OVERPAY the gov't!!!
I work for a tax prep company. People come in all day to get the EIC and child credits. They have a measley W2 3 kids on Medicaid and walk out of here with 11,000 dollars after all their refundable credits With 0 tax liability. They also file head of household cause baby daddy skipped town.
APPARENTLY YOU DO NOT UNDERSTAND “REFUNDS”.
THIS IS MONEY THAT THE TAXPAYER OVERPAID ON EVERY SINGLE PAYCHECK FOR THE YEAR.
IT IS NOT FREE MONEY FROM THE GOVERNMENT.
QUITE THE CONTRARY-—THE FED GOVERNMENT GOT THE USE OF THAT $$$$$$$ FOR A WHOLE YEAR WITHOUT PAYING ANY INTEREST.
IF YOU HAVE NEVER WORKED-—OR YOU NEVER PAID ATTENTION TO THE WITH HOLDING STRUCTURE-—
PLEASE CONTACT H R BLOCK FOR AN EXPLANATION
OF SOMEONE is getting $1300 back-—they over paid their taxes by about $100/month—or about $25 a week.
I understand earned income credit just fine. It’s a BS thing that many Americans get. It’s bankrupting the country.
Bingo.
The withholding tables are better at matching them to liability.
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