Bigger Tax Refund

webmb — Wed, 31 Mar 2021 12:58:34 GMT

My wife and I are retired, our home is paid off, our current income is primarily from investments and one small pension, and deductions are minor contributions which result in using standard deductions. This year my wife will take Social Security benefits however I am waiting until age 70 (5 more years) to take Social Security benefits. How can we plan to get a bigger refund next year and going forward?

Re: Bigger Tax Refund

CatinaT1 — Wed, 31 Mar 2021 13:09:50 GMT

Since you are using the standard deduction and do not have children you are claiming, the only way to receive a larger refund is by having additional withholdings taken out of your pension. You can also have withholdings taken out of your social security if you request it.

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Bigger Tax Refund

Re: Bigger Tax Refund