Was your tax refund bigger this year? Was your tax refund bigger this year? - Talk of The Villages Florida

Was your tax refund bigger this year?

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Old 02-26-2022, 09:32 AM
Lottoguy Lottoguy is offline
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Default Was your tax refund bigger this year?

I didn't realize the big change the IRS made to the standard deduction for 2021. Because of that my refund was three times the normal amount. In 2022 tax year the standard deduction will be reduced by about $1,700.
Were you also surprised by your refund too?
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Old 02-26-2022, 10:36 AM
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For 2021 tax return, the standard deduction is now $12,550 for single filers (an increase of $150) and $25,100 for married couples filing jointly (an increase of $300). For heads of households, the standard deduction is now $18,800 (an increase of $150). These increases are inflation adjustments.
Not too much to make a big difference. Perhaps a change ib the tax brackets.
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Old 02-26-2022, 10:37 AM
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Probably like some in TV we have not yet filed our 2021 tax return We are waiting on a couple of tax pieces to reach us by “pony express”. Congratulations on your surprise refund. Thanks for sharing as perhaps we will be surprised too. Assuming you are correct about 2022, perhaps you better “save” this years windfall for next year taxes.
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Old 02-26-2022, 10:56 AM
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Quote:
Originally Posted by Chi-Town View Post
For 2021 tax return, the standard deduction is now $12,550 for single filers (an increase of $150) and $25,100 for married couples filing jointly (an increase of $300). For heads of households, the standard deduction is now $18,800 (an increase of $150). These increases are inflation adjustments.
Not too much to make a big difference. Perhaps a change ib the tax brackets.
Those deductions are for filers under 65 years old.

If 65 or older for 2021 tax year the standard deduction is :
single filer - $14250
married filing joint both over 65 - $27800 - for 2022 this number increases to $28700

Last edited by rustyp; 02-26-2022 at 01:42 PM.
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Old 02-26-2022, 11:07 AM
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Quote:
Originally Posted by Lottoguy View Post
I didn't realize the big change the IRS made to the standard deduction for 2021. Because of that my refund was three times the normal amount. In 2022 tax year the standard deduction will be reduced by about $1,700.
Were you also surprised by your refund too?
Did you or a spouse turn 65 between tax year filing of 2020 and 2021. That would account for your surprise. There are increased standard deductions for seniors incorporated in the recent past. Google IRS publication 501 and you will find the standard deduction tables by filing status and age.
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Old 02-26-2022, 11:31 AM
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Quote:
Originally Posted by Lottoguy View Post
I didn't realize the big change the IRS made to the standard deduction for 2021. Because of that my refund was three times the normal amount. In 2022 tax year the standard deduction will be reduced by about $1,700. Were you also surprised by your refund too?
Quote:
Originally Posted by rustyp View Post
Did you or a spouse turn 65 between tax year filing of 2020 and 2021. That would account for your surprise. There are increased standard deductions for seniors incorporated in the recent past. Google IRS publication 501 and you will find the standard deduction tables by filing status and age.
Lottoguy, maybe rustyp has explained what you see. I'm not sure.

I am sure that your statement about the standatd deduction change in 2022 is wrong. There will actually be a typical increase.
Kiplinger: What's the Standard Deduction for 2021 vs. 2022?
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Old 02-26-2022, 12:20 PM
Papa_lecki Papa_lecki is offline
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That wasn’t the IRS who made that change, it was the previous administration’s change to the tax code.
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Old 02-26-2022, 04:57 PM
Lottoguy Lottoguy is offline
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Yep, $27,800 for tax year 2021. For 2022 it drops by $1,800 a couple over 65.
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Old 02-26-2022, 05:49 PM
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refund??? what he hell is a refund?? if I have to pay less the 10,000 it's exciting.
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Old 02-26-2022, 06:16 PM
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Less, not as much in the way of depreciation on our rental properties.
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Old 02-26-2022, 07:17 PM
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Quote:
Originally Posted by Lottoguy View Post
Yep, $27,800 for tax year 2021. For 2022 it drops by $1,800 a couple over 65.
Please help we disagree - my research says 2022 goes up to $28700

Plus the original question - did one of you hit 65 as the explanation to the new found windfall
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Old 02-26-2022, 10:12 PM
Garywt Garywt is offline
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I have not even thought about taxes yet. I have not used the standard deduction in 40 years. My taxes went up when Trump made changes I lost deductions but still had more than the standard deduction. We will see what this year brings, hoping I have less to pay this year.
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Old 02-27-2022, 06:52 AM
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Quote:
Originally Posted by Lottoguy View Post
Yep, $27,800 for tax year 2021. For 2022 it drops by $1,800 a couple over 65.
I see what you did - You took the 2021 over 65 rate and subtracted the 2022 under 65 rate. For over 65 there will be an increase of $900 to the married filing joint both over 65 2022 standard deduction. Does this not please you ?
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Old 02-27-2022, 06:57 AM
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That increase in the std. deduction is going away in 25. Sunset clause I believe. Your vote counts
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Old 02-27-2022, 08:28 AM
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Quote:
Originally Posted by Lottoguy View Post
I didn't realize the big change the IRS made to the standard deduction for 2021. Because of that my refund was three times the normal amount. In 2022 tax year the standard deduction will be reduced by about $1,700.
Were you also surprised by your refund too?

Nope, we paid hundreds more in taxes this time.
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