We filed our taxes already and basically got a $600(ish) credit for daycare, but didn't really seem to get that much more back than previous years. Hubs thought we'd be getting an extra $2K+ back since we had a baby in 2013. Did I totally mess up our taxes and miss a section or something???
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Did you guys change your with holdings when your baby was born to include another dependent? If so less money was probably withheld so you got a similar return.
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@Beyond2: We did not change our withholdings.
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We got back about $1500 more with the new dependent, but my maternity leave also fell in 2013, so there were 3 months of wages that weren't factored in. Both of us withhold at the higher single rate.
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@avivoca: Fudge... this makes me think I really messed up our taxes. We really didn't seem to get anything back just because we had a baby. We got money back for having him in daycare, but that's it (as far as I can tell)...
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@Adira: hmm, that odd assuming pretty much everything else is still the same for you guys...
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@Adira: well if it's bc you didn't increase your withholdings, I think that's a good thing that you didn't "loan" money to the government!
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@Adira: doesn't H&R block or similar review your taxes for free?
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@Adira: We got almost exactly the same amount back as last year, even with the daycare credit. But, Hubs did change his W4, so that probably has something to do with it. You could get it checked for free by H&R Block, I think?
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Compare your tax withholdings for both years and your taxable income.
Our refund has decreased because my taxable income decreased. I now do dependent care flex ($5K), which is taken out pre-tax, making my taxable income and tax withholdings lower.
Our tax refund is about 1/3 of what it was pre-child. And we did not change our withholdings (I still do Married/1).
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@Beyond2: @runnerd: @littlebug: @MamaG: So I just compared 2013's taxes to 2012 and our taxable income is more in 2013... could this be why we got basically the same amount back??
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Okay, I just looked up the info on the Child Tax Credit (which I think is what Hubs was thinking we'd get back) and apparently we make a LITTLE too much to qualify (what a nice problem to have). So now it all makes sense to me!
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