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10 Dec

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Why do my coworkers who make less than me get a larger tax refund?

December 10, 2014 | By | No Comments

tax

Possibilities:

  1.  They have their W4 set up differently.  They may file single and 0 and you file single and 1 meaning more is taken from their paycheck than yours.

  2. If they had a refund from the prior year and had it applied to the current year taxes that would increase their refund this year dramatically.

  3. If they have investments that lost money they are able to write off up to $3,000 against other income decreasing their taxable income and taxes.

There are many possibilities.  Perhaps it is best not to compare your refund with others because their details are not known to you.

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