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Old 08-12-2012, 11:59 PM
 
3,345 posts, read 5,899,003 times
Reputation: 1107

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I'm not complaing about it because I enjoy my refund but I don't see the purpose in it. They collect our income taxes, just to give it back? It seems like if we didn't do this, we could reduce debt pretty quickly.

So please explain why income taxes are refunded and what are your thoughts on this?

Thank you
-BMOREOBY

SN: I expect heat for using the word "give" in the title. lol
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Old 08-13-2012, 12:11 AM
 
Location: Lost in Texas
9,827 posts, read 6,426,573 times
Reputation: 3409
My question is, why would anyone overpay their taxes during the year and even recieve a refund?
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Old 08-13-2012, 04:47 AM
 
19,555 posts, read 11,090,722 times
Reputation: 7279
Quote:
Originally Posted by BMOREBOY View Post
I'm not complaing about it because I enjoy my refund but I don't see the purpose in it. They collect our income taxes, just to give it back? It seems like if we didn't do this, we could reduce debt pretty quickly.

So please explain why income taxes are refunded and what are your thoughts on this?

Thank you
-BMOREOBY

SN: I expect heat for using the word "give" in the title. lol


You must be one of the ones that gets it all back and maybe more on top of that to ask this qyestion.

I end up sending a little more than they'vve already taken each year.
No, I am not rich nor do I make a lot of money either.
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Old 08-13-2012, 04:52 AM
 
Location: Texas
44,255 posts, read 58,536,954 times
Reputation: 73663
Seriously?
Is this a serious question?

All year you try to estimate what your taxes will be given your income and other factors.
You pay this estimated amount.

If at the end of the year, it turns out you overpaid, you get a refund.
If you underpaid, you owe.

I mean, this is a serious question?
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Old 08-13-2012, 05:23 AM
 
1,922 posts, read 1,626,377 times
Reputation: 798
Quote:
Originally Posted by BMOREBOY View Post
I'm not complaing about it because I enjoy my refund but I don't see the purpose in it. They collect our income taxes, just to give it back? It seems like if we didn't do this, we could reduce debt pretty quickly.

So please explain why income taxes are refunded and what are your thoughts on this?

Thank you
-BMOREOBY

SN: I expect heat for using the word "give" in the title. lol
People that have jobs have to fill out form W-4. This determines how much your employer withholds from your check and sends to the IRS.

If too little is withheld throughout the year, you have to make up the difference and send a check to the IRS. If too much was withheld throughout the year, the IRS sends you a check for the amount you overpaid.

It would be difficult to have the exact amount withheld to pay your exact tax liability.
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Old 08-13-2012, 05:27 AM
 
Location: My beloved Bluegrass
18,299 posts, read 13,297,385 times
Reputation: 24833
If it is married filing joint and the spouses are in different income brackets, it is difficult for employers to take out the right amount so the government gives you back the amount you overpaid. If you have been unemployed or your hours are not stable on a regular basis, it is difficult for employers to take out the right amount.

If you are asking why a person or a couple would get a $4,000 refund when their employer/s only withheld $1,000, you've got me. It is income distribution and they need to call it what it is.
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Old 08-13-2012, 05:31 AM
 
1,922 posts, read 1,626,377 times
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You should look on your 1040 tax form to see the total amount that was withheld in taxes. Then subtract your refund from that amount. That is how much you paid in taxes for the year.

Too many people pay attention to how much their refund is, and have no idea what they paid in taxes.

Some people get more back than they paid in by claiming the earned income tax credit. It is like geting a welfare check.

If you want the federal government to keep your refund, I'm sure they will accept it. It will help make up for the tax cheating the federal employees do, including members of congress and the President's cabinet.
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Old 08-13-2012, 09:23 AM
 
Location: Jewel Lake (Sagle) Idaho
35,616 posts, read 21,928,109 times
Reputation: 22075
Quote:
Originally Posted by BMOREBOY View Post
I'm not complaing about it because I enjoy my refund but I don't see the purpose in it. They collect our income taxes, just to give it back? It seems like if we didn't do this, we could reduce debt pretty quickly.

So please explain why income taxes are refunded and what are your thoughts on this?

Thank you
-BMOREOBY

SN: I expect heat for using the word "give" in the title. lol
They mostly do so to people that aren't very bright and pay in more in taxes all year than they actually owe. Noting like providing an interest free loan to a bunch of deadbeats (politicians). For others, April 15 is just another day of paying extortion fees to the feds.

On the other hand, if you are referring to people getting back more than they paid in, tax day is a welfare check. And I agree with the OPs sentiment, it's foolish and insulting on the part of the government to steal from some people this way and provide handouts for others. Do away with this form of welfare and use it towards the deficit.
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Old 08-13-2012, 09:27 AM
 
19,555 posts, read 11,090,722 times
Reputation: 7279
[quote=Oldhag1;25610568]If it is married filing joint and the spouses are in different income brackets, it is difficult for employers to take out the right amount so the government gives you back the amount you overpaid. If you have been unemployed or your hours are not stable on a regular basis, it is difficult for employers to take out the right amount.

If you are asking why a person or a couple would get a $4,000 refund when their employer/s only withheld $1,000, you've got me. It is income distribution and they need to call it what it is.[/quote]

Quote:
Originally Posted by Greg_IA View Post
You should look on your 1040 tax form to see the total amount that was withheld in taxes. Then subtract your refund from that amount. That is how much you paid in taxes for the year.

Too many people pay attention to how much their refund is, and have no idea what they paid in taxes.

Some people get more back than they paid in by claiming the earned income tax credit. It is like geting a welfare check.

If you want the federal government to keep your refund, I'm sure they will accept it. It will help make up for the tax cheating the federal employees do, including members of congress and the President's cabinet.




Yes indeed.
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Old 08-13-2012, 09:32 AM
 
Location: Fort Worth Texas
12,481 posts, read 9,560,787 times
Reputation: 2532
Quote:
Originally Posted by BMOREBOY View Post
I'm not complaing about it because I enjoy my refund but I don't see the purpose in it. They collect our income taxes, just to give it back? It seems like if we didn't do this, we could reduce debt pretty quickly.

So please explain why income taxes are refunded and what are your thoughts on this?

Thank you
-BMOREOBY

SN: I expect heat for using the word "give" in the title. lol
Because its another sign of how messed up our system is
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