Average US Income Tax Refunds down 8%

[IndyPoolPlayer]

And cue the boo-birds who don't understand that income tax refunds are nothing more than a return of the interest free loan you've made to Uncle Sam all year long.

 

https://edition.cnn.com/2019/02/09/politics/tax-code-early-returns-data/index.html

 

and from the IRS itself:

 

https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-february-1-2019

 

ADJUST YOUR W-4 IN 2019 AND PUT THE DIFFERENCE INTO AN HSA OR YOUR 401K/IRA. YOU WILL THANK YOURSELF LATER!

[Kat58]

👍

 

[TheVig]

I over adjusted some how. Getting back a sizable amount from Uncle Sam. However I about got it right with the state. I had to pay them a whopping $23. 

[cv91915]

I am hoping to see our refund drop by at least 115%.

[Krish]

My tax burden went up without any change between 2017 vs 2018. So much for the tax cuts..  smh again and again...

[centex]

Somehow, I am getting about $6K back this year...no special or unusual medical or other deductions and no EIC.  Most years, I either pay a few hundred or get back some nominal number of pennies.  Time will tell whether this is a one-time anomaly...as such, I am actually holding off on adjusting the withholding.  If it happens again next year, then adjustments will be made.

 

In the meantime...it covers a couple of the lower buy-in events at the WSOP this year...

[hegemony]

our liability will be about the same as last year. will owe a little. also, no state income tax

[IndyPoolPlayer]

And if the Peanut Gallery still thinks we're wrong ....

 

https://www.cnbc.com/2019/02/11/why-you-shouldnt-celebrate-that-big-tax-refund.html

[IndyPoolPlayer]

Chicago Tribune editorial column - "Tax Scam"

 

https://www.chicagotribune.com/news/opinion/commentary/ct-perspec-tax-refunds-irs-republicans-reform-cuts-0225-20190222-story.html