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Question about taxes

Anonymous
Posted by Anonymous
  • 18 Replies
This tax season will be the first time my husband and I have filed our taxes without having been on any kind of PA. Last year he had been at his new job for only half a year, and with three kids we still qualified for the EIC. This year we don't qualify since he's been at the job for a little more than a year and a half.

Back when we were getting all kinds of PA, our "refunds" were always quite large. So it goes without saying that we expected our return this year to be drastically smaller. But after using a tax calculator, we are estimated to get back more than we ever have before. The only changes this past year other than a major increase in income, were an additional kid and we bought a house. But I thought with his income going up we would not get much back. I'm confused. Can someone explain this? My husband is stumped as well.
Posted by Anonymous on Jan. 20, 2015 at 4:29 PM
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Replies (1-10):
owl0210
by Sapphire Member on Jan. 20, 2015 at 4:31 PM
Go to an accountant.
Anonymous
by Anonymous 2 on Jan. 20, 2015 at 4:32 PM
How did you buy a house if you were on PA recently?
Anonymous
by Anonymous 1 - Original Poster on Jan. 20, 2015 at 4:36 PM
USDA loan.

Quoting Anonymous 2: How did you buy a house if you were on PA recently?
slb235
by Grammar Police on Jan. 20, 2015 at 4:36 PM

Go see a CPA or a tax consultant.  There are too many specific numbers to answer it on MC.

Anonymous
by Anonymous 3 on Jan. 20, 2015 at 4:37 PM
You probably don't make as much as you think. What's a lot?
Anonymous
by Anonymous 2 on Jan. 20, 2015 at 4:37 PM
How did you have a down payment?

Quoting Anonymous 1: USDA loan.

Quoting Anonymous 2: How did you buy a house if you were on PA recently?
bluebunnybabe
by kid crack dealer on Jan. 20, 2015 at 4:38 PM
I would assume on his W4 he didn't claim all the dependents.
Anonymous
by Anonymous 1 - Original Poster on Jan. 20, 2015 at 4:38 PM
You don't need a down payment with this type of loan. That's why we got it, lol.

Quoting Anonymous 2: How did you have a down payment?

Quoting Anonymous 1: USDA loan.

Quoting Anonymous 2: How did you buy a house if you were on PA recently?
.PinkSunshine.
by on Jan. 20, 2015 at 4:39 PM
Your child did it
Anonymous
by Anonymous 1 - Original Poster on Jan. 20, 2015 at 4:39 PM
Almost 50k more than 2 years ago.

Quoting Anonymous 3: You probably don't make as much as you think. What's a lot?
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