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

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

    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...

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

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    Quote Originally Posted by roopi View Post
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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

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    Carbon Tax.

    Quote Originally Posted by 03ozwhip View Post
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    ... kind of broad and vague...
    Pic's of broad.

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    Quote Originally Posted by 03ozwhip View Post
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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.

    Quote Originally Posted by 03ozwhip View Post
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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.
    Last edited by Tik-Tok; 03-01-2024 at 01:39 PM.
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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.
    "The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."

    -H.P. Lovecraft

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    Quote Originally Posted by Darkane View Post
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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.

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    Household income versus personal income... It matters

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    I’m praying Pollievre brings back income splitting.
    "The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."

    -H.P. Lovecraft

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    Quote Originally Posted by tirebob View Post
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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.

    - - - Updated - - -

    Quote Originally Posted by Darkane View Post
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    I’m praying Pollievre brings back income splitting.
    That would be amazing.

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

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    Our tax code is way too complicated.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
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    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by Darkane View Post
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    I’m praying Pollievre brings back income splitting.
    I really doubt that would happen, but that would be unreal.

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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.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    If spending stayed flat it'd be a miracle.
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by killramos View Post
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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?
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    Once again another useless post by JRSCOOLDUDE.
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