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JLeslie's avatar

What's the largest tax refund you have received?

Asked by JLeslie (65419points) April 13th, 2017 from iPhone

This year we had a very unusual year, our income was about half what it has been for several years now, I was self employed, and received wages as an employee, my husband was laid off, but received some severance, we bought a business, and we moved.

I had no feel for whether I would owe taxes, or get money back, for 2016. Turns out I am getting the largest return I ever have (assuming everything is done right).

It got me wondering the largest return other people have received, and did it make you wonder if something was done wrong? I just read over some rules about IRA deductions double checking my accountant. Making myself crazy as usual.

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5 Answers

Dutchess_III's avatar

Well, when I was claiming four kids, and my gross income was right at that break off point of about $13,000, I got about $7,000 back.

RedDeerGuy1's avatar

$900 and it was garnished to pay my student loans.

JLeslie's avatar

@Dutchess_III $7k is huge for a refund in my opinion. You say your income was $13k so was the refund EIC money? I don’t quite understand.

gondwanalon's avatar

This year is the first year in a couple decades that we don’t have to write a big check to Uncle Sugar (on top of paying quarterly and monthly). Took an 83 page tax report and a skilled CPA to make that happen! Big pay day. HA!

Dutchess_III's avatar

This was in 1994–1998. There is a tax break called Earned Income Credit. It’s still viable. My kids get it every year. They get more than I did.
It’s for working, low income adults with children. Up to a certain financial point, say, $13,000 gross and the closer you get to that number you get more and more of EIC. Off the top of my head, today it’s about $3,500 per child, up to 4 kids. As you move beyond that you get less and less of the EIC. When I hit that $13,000 just about right on the money I got the highest refund.
If you’ve never spent miserable years being poor you may not be aware of it. I know I sure wasn’t until after my divorce.

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