Will I get a tax refund next year?

Question

Is there any way to know for sure if or how much I can expect to receive in a tax refund this coming year? I live in New York, and I currently have the most taxes possible (no voluntary deductions) taken out of my weekly paycheck.

Answer 1

Did you get a refund based on 2007 taxes?  That should give you a clue

Answer 2

No there isn't without knowing more information like how many withholding exemptions you put down when you were first employed.

By the way, you shouldn't get a tax refund because that is an interest free loan to the US Government. If you get your refund back in a monthly amount that will increase your cash flow so you can invest or put money into savings. Much better than a lump sum once a year!

Answer 3

If your income and withholdings are similar to what they were last year you'll most likely be looking at a refund similar to what you had on your 2007 tax returns.

Having the most tax withheld is not a smart strategy though.  Any excess withholdings are refunded but all you are doing is giving the government an interest-free loan for up to 16 months.  You'd be much better off with the money in each paycheck instead of letting it waste away in the government's hands.