Doing taxes, refund dropped by 60% what do you think?

[03ozwhip]

Put in my income, got a refund of about 6k. Put in my wife's income, now under 2k total.

Generally I wouldn't bat an eye, but I made 20k more than 2022 and she only made 2k more. The only difference from 2022 to 2023 is that I put in RRSPs for 2023.

For reference I got back about 4k last year and my wife got back about 700. This year about 1600 for me and about 400 for her.

I dont get how her income impacted us that much making only 2k more. Any insight on something like this before I file this? I'm sorry I know this is kind of broad and vague...

[roopi]

Don't enter your wife's income and collect the 6k.

[03ozwhip]

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Don't enter your wife's income and collect the 6k.

Haha ya I thought about that for a second lol

[ThePenIsMightier]

Carbon Tax.

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... kind of broad and vague...

Pic's of broad.

[Tik-Tok]

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Any insight on something like this before I file this? I'm sorry I know this is kind of broad and vague...

The difference is how much tax your employers retained on paycheques. It sounds like they did a piss poor job of it last year, so you were giving the government an interest free loan. This year they only did a half-assed job, and you still gave the interest free loan.

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Put in my income, got a refund of about 6k. Put in my wife's income, now under 2k total

Assuming your used Turbotax or the like, this is because before you entered your wife's data, the program considered her a dependent. After you fill in her slips (giggity), she was no longer one.

[Darkane]

Very similar situation here, too.

I did calculate everything out by hand using the forms feature to reference and double check.

One thing is if your combined is above like 156k or something, your federal tax credits are clawed back as well. Don’t know the exact workings there.

Yeah it doesn’t make sense to me either, lol.

[03ozwhip]

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Very similar situation here, too.

I did calculate everything out by hand using the forms feature to reference and double check.

One thing is if your combined is above like 156k or something, your federal tax credits are clawed back as well. Don’t know the exact workings there.

Yeah it doesn’t make sense to me either, lol.

Hmm ya i haven't heard anything about federal credits for over 156k, but I guess I don't pay attention to all that since this is my first year making more than that.

I'm assuming that what is stated is correct but im pretty bummed out about it and glad(sad?) To hear it happened to someone else lol fuck.

[tirebob]

Household income versus personal income... It matters

[Darkane]

I’m praying Pollievre brings back income splitting.

[03ozwhip]

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Household income versus personal income... It matters

Ya, like I said I don't usually bat an eye on it, it just seemed really excessive this time, because it was her income that impacted my return so much and the difference between her 2022 and 2023 is only 2k so how that cut me in half is beyond me.

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I’m praying Pollievre brings back income splitting.

That would be amazing.

[jwslam]

Did you compare how much taxes were withheld between her 2022/2023 T4's?

[killramos]

Our tax code is way too complicated.

[bjstare]

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I’m praying Pollievre brings back income splitting.

I really doubt that would happen, but that would be unreal.

[killramos]

Our federal government is too far in the soup for tax revenues to go down.

At this point we can only hope for spending cuts.

[ExtraSlow]

If spending stayed flat it'd be a miracle.

[JRSC00LUDE]

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Our federal government is too far in the soup for tax revenues to go down.

At this point we can only hope for spending cuts.

When does your comedy routine hit the casino circuit?