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-   -   Taxes for large familes (http://www.diaperswappers.com/forum/showthread.php?t=1505127)

Sarah-B 04-01-2013 04:02 PM

Taxes for large familes
 
DH says that if you have a large family that you cannot get back a return more than what you paid in for Taxes.

Is this true? Anyone have like $7,000 taken out in taxes and get like $10,000 back?

Just curious.

Jen's_4 04-01-2013 04:04 PM

Re: Taxes for large familes
 
It depends on your income level. We get more back then we pay in taxes, we are a family of five. (Six next year!)

TwinKristi 04-01-2013 04:23 PM

I don't get this? This is completely dependent upon how much they have taken out of their paycheck. If they claim 7 on their exemptions for work and when they file their taxes they only have 4, you could owe. But if you take out for 4 and you have 7 then you'd most likely get everything back you paid plus quite a bit. It's not cut and dry. If you have your taxes adjusted to what you file you shouldn't owe or get a very large refund. That's the way the system is designed not for large refunds.

Katie Mae 04-01-2013 04:26 PM

Re: Taxes for large familes
 
I don't know why you couldn't if you've filled out your taxes correctly/legally and thats what it says you'll get. We don't really make enough to actually end up paying anything come tax season, and we've been getting a nice amount back the last few years. We then use that money to keep our budget in check for the next year. My sister in law's husband has a well paying job and always says they pay taxes so we can get a refund, so it must have to do with income level because they have more kids than us.

Oh, and when I say we get money "back" I mean we just qualify for certain tax credits that give us a nice amount. We aren't having them actually pull excess out all year.

cbreeding 04-01-2013 04:41 PM

Re: Taxes for large familes
 
The child tax credit is a refundable credit which means that if the tax credit exceeds your tax liability, you get the difference. EIC is like that as well. Most of these are AGI dependent and are phased out when income reaches a certain threshold.

sisu 04-01-2013 05:06 PM

Re: Taxes for large familes
 
^ Yes, that. If you qualify for refundable tax credits, it's definitely possible to get back more than you pay in (which really has nothing to do with your withholdings).

mamatoclaire 04-01-2013 05:11 PM

Well your refund depends on your income, your withholding, and whether you qualify for credits (among other things). If you take two married couples with the same income, and one has no kids and the other has four, the couple with kids will have lower tax and possibly higher refund. Each kid adds an exemption which decreases your taxable income, and possibly qualifies you for child tax credit and earned income credit. In my experience those are the credits that give people big refunds.

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7 for now 04-01-2013 05:15 PM

Quote:

Originally Posted by mamatoclaire
Each kid adds an exemption which decreases your taxable income, and possibly qualifies you for child tax credit and earned income credit. In my experience those are the credits that give people big refunds.

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We have 9 kids and don't get the child tax credit for them.... So they don't help us on our taxes:-(. It only applies under a certain income limit.

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Sarah-B 04-01-2013 05:53 PM

So here is another question

What if you are a single mom of 3 kids and do not work and have $0 income besides child support ($10,000 per year). (You eat off of food stamps and wic) would she get a refund for the 3 kids?

I know a lady who has this situation I have described. And dh says if you don't work you don't get $ back.
He also says if a mom were single (say she has 3 kids) and made $20,000 in a year. If she had $4,000 withheld from her check she is only eligible to receive $4,000 back although she has 3 children. I think she would get $3,300 per child. What are your thoughts on these 2 situations I have described?

Thanks

Sarah-B 04-01-2013 05:53 PM

Quote:

Originally Posted by 7 for now

We have 9 kids and don't get the child tax credit for them.... So they don't help us on our taxes:-(. It only applies under a certain income limit.

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9 blessings that is wonderful and must be a blast at your house!!!


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