Mon 12 Mar 2007
1. My designation is “1″ in my Tax deduction form (W4…I believe). 2. I was contributing at least 6% pretax to my 401K. 3. Earned a good consideration of Overtime (exact figure unknown momentarily). However, I understood that it got taxed at a higher percentage. Nonetheless itwould be adjusted accordingly.
4. Filed my Taxes through H&R Block tax program (my first year utilizingprogram; last year TaxCut was utilized). After all was said an done I received a refund of $99 Federal…which waspositive consequence of my Student Loan intrest and Telephone credit of $30;otherwise, I was in the red with the IRS. Does $99 Federal Refund sound reasonable with excessive Overtime and Pretax 401Contribution? And, how many licks does it take to get to the center of aTootsie-Roll Pop?
Sincerely, LIB
Without seeing the details of your tax return, it’s difficult for me to comment since I don’t know how much in taxes were deducted. However, just on a sniff test, I’m surprised that you only got $99 refund. I would expect a higher refund, but that’s mere opinion rather than anything based in solid fact. It really depends how much was deducted which I don’t know. I’d be willing to reveal the details of your tax return if you so desire.
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