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re: How many of you get a big tax refund check?
Posted on 3/27/24 at 4:56 pm to Jmcc64
Posted on 3/27/24 at 4:56 pm to Jmcc64
Some get large tax refunds because they are required to pay quarterly estimated taxes based on the previous year’s tax liability. For those over $150,000 in income, you need to withhold 110% of the previous tax bill. For some retirees, a large part of their income is based on investments, specifically dividends and capital gains. A down year in the market can result in larger refunds because of the quarterly requirements by the IRS.
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