Average tax refund in 2014 is $3000. What is yours?

[lorraineb]

I just read that the average tax refund for this year so far is just over $3000 -- $3,034 to be exact. What is your opinion on getting back a large tax refund? Do you think it's better to have less taken out during the year or is this a legitimate way for people to save money? I always try to get my tax refund to be as close to zero as possible, but I know a lot of people who depend on a large refund each year.

How much is your refund this year?

[JoeP]

We're getting a touch over 1900, which will go directly into our EF. We have a lot of changes every year, so it is difficult guessing the deductions necessary to get this closer to zero.

[Eagle]

This was a good reminder. Spoke to our accountant today and we're getting about $3200. We're paying the CPA $175 so that'll be about 3k! Wohoo! Probably going to use this to invest some money in a new mutual fund... Or possibly just put it into the E-fund.

[creditcardfree]

I'd rather pay than get large refunds back, and we will owe about $400. This means we get larger paychecks throughout the year because we aren't sending our money to the government to hold for us until tax return time. I have things I want to do with that money now.

A $3000 refund would be like getting an extra $115+ in your paycheck, if someone was paid every two weeks.

[ua_guy]

My individual return is just over $6500, and my s/o (unmarried) is coming up with almost the exact same for his return. It's the product of buying/selling a home in 2013 as well as other tax deductible expenses and also very heavy retirement contributions. Next year should be much more normal. The good part is that we aren't dependent on the money coming in and will be either writing a big check to our mortgage, or splitting it between extra mortgage payments and bolstering our EF.

[corn18]

I got a $1,795 refund but only because I had unplanned large charitable donations. Was expecting to pay $5,600. For next year, I am planning to owe $22,000 (without penalty due to safe harbor rules). I don't like getting a refund.

Tom

[autoxer]

$7,400 I went through some big changes with a baby and the wife working less and I didn't react in time. I've since drastically lowered my withholding. I'm hoping to owe a little bit at the end of this year.

[Genevieve66]

Ours was several thousand. We already have next to nothing withheld from his pay, but credits for having several children and earning a low income result in a large refund.

We use that refund each year to stock up on groceries, the children's school clothes, the husbands work clothes, pre-paying auto insurance, medical care, and a small savings.

[Weird Tolkienish Figure]

Mine was withheld because my wife's student loans were in default (little known to me).

So I had to fill out an injured spouse form and send it in.

[feh]

We owe 5 figures.

[97guns]

i get nothing back but i put nothing in

[JoeP]

We owe 5 figures.

Ouch! If you do not budget for this, how do you come up with the scratch?

[feh]

Ouch! If you do not budget for this, how do you come up with the scratch?

Emergency fund.

It was a very unusual year...our income from sources other than W-2s was actually greater than our earned income. I had extra withheld from each paycheck, but clearly underestimated.

[Inigo_Montoya]

I got $85 back from federal, owed the state $46, and had a filing fee of $15, so I have a net return of $24. DF got $1,086 back. Without itemizing the house or adding in her non W2 work, she got $283 back. We were happy that we were able to get as accurate as we were, given that the non W2 work isn't very predictable.

[dawnwes]

Last year we about broke even. I think we got back $250 from federal and owed state $180 or something......

This year, no idea. Ask me in October!