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Anyone get their tax refund (Rube) yet?
- Thread starter Slopho
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Piobaire
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Didn't you get back like $17K last year? How do you get it back,teach me dude.Originally Posted by forex
Zero deductions, hold back an extra $150 per pay cheque, turn up your state withholding, give a bunch of money and donations to charity, have a mortgage.
w.o.e.is.me.
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how do you married guys handle the refund?
assuming that you file jointly and get the refund back in a lump sum going to your mutual account?
in my world, that seems to spell out "no party with these funds for me!"
more specifically, no spending spree.
good for a vacation with the missus though.
assuming that you file jointly and get the refund back in a lump sum going to your mutual account?
in my world, that seems to spell out "no party with these funds for me!"
more specifically, no spending spree.
good for a vacation with the missus though.
runner-guy
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My friend ended up owing about $1700. No idea how he managed that.Originally Posted by Jodum5
It's definitely possible. My wife and I owed about $1000 last year because for some idiotic reason my work didn't take out enough. Even though my withholding was at 0 it still wasn't enough, so I deducted an additional $75 per paycheck for this year. I also increased my 401(k) contribution to lower my taxable income and we had a ton of donations. Hopefully it's enough. Went to accountant on Saturday so I won't find out for a few weeks.
runner-guy
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how do you married guys handle the refund?Originally Posted by w.o.e.is.me.
assuming that you file jointly and get the refund back in a lump sum going to your mutual account?
in my world, that seems to spell out "no party with these funds for me!"
more specifically, no spending spree.
good for a vacation with the missus though.
We just have the refund deposited to a joint account. Vacation won't be happening for us this year with a newborn.
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Zero deductions, hold back an extra $150 per pay cheque, turn up your state withholding, give a bunch of money and donations to charity, have a mortgage.Originally Posted by Piobaire
Yeah, I just took out a mortgage in October. I am going to be looking forward to my refund next year for sure.
Slopho
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Zero deductions, hold back an extra $150 per pay cheque, turn up your state withholding, give a bunch of money and donations to charity, have a mortgage.Originally Posted by Piobaire
Susie Orman (SP?) talked about this once on her show. She said (and I'm not endorsing one school of thought over the other) that you short change yourself through out the year for one big score at the end of the year. She was trying to make the point that the extra X amount could be used to pay off bills or to put into something that will generate you interest.
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It's definitely possible. My wife and I owed about $1000 last year because for some idiotic reason my work didn't take out enough. Even though my withholding was at 0 it still wasn't enough, so I deducted an additional $75 per paycheck for this year. I also increased my 401(k) contribution to lower my taxable income and we had a ton of donations. Hopefully it's enough. Went to accountant on Saturday so I won't find out for a few weeks.Originally Posted by runner-guy
When you increase your 401k contributions doesn't that automatically scale back your taxes? As in, it doesn't mean a refund because your monthly taxes will already reflect the lower taxable income?
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Susie Orman (SP?) talked about this once on her show. She said (and I'm not endorsing one school of thought over the other) that you short change yourself through out the year for one big score at the end of the year. She was trying to make the point that the extra X amount could be used to pay off bills or to put into something that will generate you interest.Originally Posted by Slopho
Yeah, but having the 150 upfront you could invest, or do something with that will generate yourself more interest. 150 today is worth more than it is tomorrow. I would rather have it accumulating interest in a savings account than accumulating interest for the government.
Piobaire
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Susie Orman (SP?) talked about this once on her show. She said (and I'm not endorsing one school of thought over the other) that you short change yourself through out the year for one big score at the end of the year. She was trying to make the point that the extra X amount could be used to pay off bills or to put into something that will generate you interest.Originally Posted by Slopho
Indeed, that's one school of thought. If you carry consumer debt, I would not withhold extra and pay off the consumer debt. In lieu of having any, and in lieu of what the current interest rates are (on top of which I'd pay my top marginal tax rate on any interest) I prefer the big chunk back every spring. I totally understand how other people don't like this but it works well for an (additional) forced savings for me and I can now buy us his/her iPad 2.0 without guilt and still plop a big pile of cash into the bank
http://www.money-rates.com/savings.htm
A whooping 1%, upon which let's deduct say, 40% in taxes. Just to make the math easy, let's say that $150 per pay is actually one lump sum, 26 x 150 = 3.9k x .01 = $39 - 40% = $21.60. Wow, one extra valet tip per year!
Piobaire
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I will end up owing about 10 times this amount. Talk about an unpleasant ******* surprise.Originally Posted by gnatty8
Ugh, sorry to hear this. Probably a penalty too, for underwithholding? Happened to me once, which is partially why I make sure I get a huge refund now.
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