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Bigger Tax Refund

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?

 

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1 Reply
CatinaT1
Expert Alumni

Bigger Tax Refund

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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