eddysnake wrote: JeffDFD wrote:
eddysnake wrote:7500 back, I think I need to readjust some things, but for the first time in a long time, we are debt free! (minus mortgage)
Ha...wow. Your paycheck can get a lot bigger! If you get paid bi-weekly, that's around $250 extra per pay. Most people have to get a nice promotion for that!
How did you get that big of a refund? One time things or just not claiming anything?
I had to question myself that I did them correctly. I do know that having 3 kids helped out a lot. My wife also stopped working all together to stay at home with them. Between giving to charities, goodwill, and home improvements, etc - that helped a lot too. I was thinking the $250 extra per pay would be great, but when you factor these things in previously, I bet it's around $4000 that would factor in which is around $150 per pay and after taxes who knows what. I really should probably go talk to a professional and see what can be done, but that huge paycheck is pretty awesome in April.
The kids change a lot. The W-4 has changed since when I first started working at my job. May want to go through that worksheet portion again. Originally, it was just an extra dependent you can claim which would shelter a few thousand of your earnings netting you (based on tax bracket) around 900 dollars. Now, there is a new section on the W4 that has to do with the child credit or whatever it is called which (based on earnings) is another 1000. So a kid nowadays gets you around 1900...per kid (up to a certain # of kids though I think)
If it was home improvements and one time things that you will not be doing again, that is different. If you got X amount of dollars for a green credit or something else you did to your house, for example. But if you regularly give to those charities about the same amount each year, then look to change those withholding...I would love that pay raise! Some people like that lump sum at the end of the year though. You can always round against yourself to make sure you still get 1-2 thousand if that is what you want.