Joined: 13 Oct 2006 Location: United States
Online Status: Offline Posts: 44
Posted: 09 Feb 2009 at 12:56 | IP Logged
Hi Everyone, When I was filing this year's return,I discovered that my tax refund was exactly lower than last year's by the difference of the economic stimulus I received.I thought the economic stimulus money was free money.Why is my tax refund lower even though my income did not change in the two consecutive years? Your responses and input would be highly appreciated.
Joined: 13 Feb 2009 Location: United States
Online Status: Offline Posts: 5
Posted: 13 Feb 2009 at 16:22 | IP Logged
The stimulus money is free money. From the information you posted one can not deduce why the refund is less. Was the tax with holding less that last year. What about the AGI? the taxable income is AGI - (standard deduction or itemized deduction + the personal exemptions). Check those and you will find your answer.
Joined: 15 Feb 2009
Online Status: Offline Posts: 2
Posted: 15 Feb 2009 at 17:05 | IP Logged
It is mere coincidence!
The odds of you having exactly the same refund in 2 consecutive years regardless of whether or not you made the exact same amount of money is the same as if you bought a car with 34,234 miles on it last time, and this time you bought a car it, too, had 34,234 miles on it. In other words, just coincidence. Or Karma.
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Topic: Effect of Economic stimulus on returns
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