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Are people getting smaller than usual tax refunds this year?

Posted on 1/31/24 at 1:05 pm
Posted by OysterPoBoy
City of St. George
Member since Jul 2013
37622 posts
Posted on 1/31/24 at 1:05 pm
I'm deep diving in some TikTok comments and I'm hearing "I usually get $3,000 back and this year it's $300" or similar stories. Are there changes this year that are making a big impact or is this just the usual idiots that have no idea what they're talking about?
Posted by AndyJ
Member since Jul 2008
2861 posts
Posted on 1/31/24 at 1:06 pm to
Usual idiots
Posted by lsu for the win
Member since Jun 2022
1078 posts
Posted on 1/31/24 at 1:06 pm to
Usual idiots. They never seem to compare apples to apples. My firm is not seeing anything of the sort.
Posted by Weekend Warrior79
Member since Aug 2014
17636 posts
Posted on 1/31/24 at 1:08 pm to
Just the ones that don’t know how to fill out a W4 and automatically thinks that correlates to the person in the WH
Posted by OysterPoBoy
City of St. George
Member since Jul 2013
37622 posts
Posted on 1/31/24 at 1:10 pm to
That's good to hear. I kind of figured it was people with drastic different situations only comparing their refund and nothing else.
Posted by VolSquatch
First Coast
Member since Sep 2023
3673 posts
Posted on 1/31/24 at 3:05 pm to
I expected to pay in and got money back. So I was pretty stoked
Posted by OysterPoBoy
City of St. George
Member since Jul 2013
37622 posts
Posted on 1/31/24 at 3:07 pm to
I’m gonna go burn those idiots in the TikTok comments.
Posted by Cowboyfan89
Member since Sep 2015
12849 posts
Posted on 1/31/24 at 5:03 pm to
I had more take home, a larger refund, and paid less federal taxes this year.

Our tax code is stupid, but I don't make the rules...
Posted by Rize
Spring Texas
Member since Sep 2011
16581 posts
Posted on 1/31/24 at 7:33 pm to
What’s a refund? Haven’t seen one of those in a long time
Posted by TigerinOkieHell
Oklahoma City
Member since Oct 2010
2806 posts
Posted on 1/31/24 at 7:43 pm to
It’s almost always due to a W4 issue. Especially if you are two income and one spouse is in a higher bracket.

In general, Tik tok is god awful for anything tax related. Some of what I see on there is straight up illegal.
Posted by Rize
Spring Texas
Member since Sep 2011
16581 posts
Posted on 1/31/24 at 7:50 pm to
quote:

It’s almost always due to a W4 issue. Especially if you are two income and one spouse is in a higher bracket. In general, Tik tok is god awful for anything tax related. Some of what I see on there is straight up illegal.


Yeah we owe federal every year and get a little back from state. No write offs and wife and I claim zero and none. We pay a CPA like $500 to do my taxes
Posted by Lsut81
Member since Jun 2005
81769 posts
Posted on 1/31/24 at 7:54 pm to
quote:

I'm deep diving in some TikTok comments and I'm hearing "I usually get $3,000 back and this year it's $300" or similar stories.


Let them believe that... Maybe the tik tok generation will vote with their wallets and not feelings in 2024.
Posted by fallguy_1978
Best States #50
Member since Feb 2018
50553 posts
Posted on 1/31/24 at 7:56 pm to
I don't ever get all of the paperwork to do ours until about the end of February. My goal is for it to be as close to $0 as I can get it.
Posted by lynxcat
Member since Jan 2008
24521 posts
Posted on 1/31/24 at 9:54 pm to
Tax code had minimal changes to it in 2023.
Posted by LSUFanHouston
NOLA
Member since Jul 2009
38097 posts
Posted on 1/31/24 at 10:36 pm to
There’s been a lot of tax rate changes in many states the last couple of years, and sometimes withholding tables are slow to update.

That would not explain a large difference though.

Anyone posting on tik tok on 1/31 about a tax refund is probably not good with money.
Posted by Billy Blanks
Member since Dec 2021
4137 posts
Posted on 1/31/24 at 10:50 pm to
God bless. It's wild to me how tax dumb our country is. I'm not talking about OP, I'm talking about the tiktok world is on this.

I consistenly see suggested mortgage fraud as a "house hack.'

Just random horrible ideas.

Tax season is simply settling up the tax bill either way.

I'm self employed and pay each quarter. There's no reason with google and youtube for so many to have NO idea how taxes work.
Posted by OceanMan
Member since Mar 2010
20734 posts
Posted on 1/31/24 at 10:52 pm to
Explosive wage growth
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