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I owe the mafia,...woops I mean Feds about a grand and the worst state of IL a couple hundo. I have a family member who consistently gets 12Gs back every year. I guess that's what happens when u make 120k, own a house, and claim 0. But it's still giving the Feds a free loan
I don't know if you're boring, but putting your tax refund into savings proves only that you are mature and sensible, which is not the same as boring. Congrats to you and to other posters in this thread who do not feel like they have to spend money just because they receive it.
However, I am not an old stick in the mud, and I am not saying it's wrong per se to spend one's tax refund. One poster said he and his wife had not had a vacation for three years - what a great use of their tax refund and I hope they enjoy their vacation.
i hadn't planned on getting a refund at all and i am normally a saver so its a nice treat. i know what you mean, though.
We got about $3100 back from federal and $400 back from state. Not sure what we are doing with it yet, in process of trying to refi our house. If appraisal comes in close to loan value then using the money to pay off a credit card, otherwise might need to bring to closing to get from our current 8.5% rate down to a better 4%.
How do people wind up owing? I never understood that - are you guys rich? lol
I'm getting about $3000 federal - going towards bills, I just had to max my credit cards to pay for my mothers funeral.
after the first couple years of marriage i've finally gotten it back to where my refund is only $900. i've owed quite a bit and gotten quite a bit back...as close to $0 as possible is my preference!
How do people wind up owing? I never understood that - are you guys rich? lol
I'm getting about $3000 federal - going towards bills, I just had to max my credit cards to pay for my mothers funeral.
I wind up owing because I am the opposite of rich. Thus I want as much as possible in each paycheck. I don't like loaning the gov my money via an interest free loan. I want my money working for me as much as possible.
Owing and receiving $0 is my preferred route. That is unlikely. It is quite easy to save up a small amount in case I end up owing the gov a bit.
I wind up owing because I am the opposite of rich. Thus I want as much as possible in each paycheck. I don't like loaning the gov my money via an interest free loan. I want my money working for me as much as possible.
Owing and receiving $0 is my preferred route. That is unlikely. It is quite easy to save up a small amount in case I end up owing the gov a bit.
oh ok - so you claim more during the year? I never really understood taxes. My mother did them for me since I was a kid. This is the first year I've done them myself. I guess I should start learning more about it.
oh ok - so you claim more during the year? I never really understood taxes. My mother did them for me since I was a kid. This is the first year I've done them myself. I guess I should start learning more about it.
I claim the deductions appropriate for a family of my size. Some people don't claim deductions so they end up getting a larger refund. I view it differently, not wanting a refund. Why should I be excited about getting back money that was already mine? More importantly: Why should I hand over more money than I need to from the start?
i can't believe i got back the most - between fed and state it's about $4500. doing nothing with it but saving. this is far less than previous years (and yes, i know about the free loan blah blah blah). i get my bonus in march too so it's officially my fav month of the year.
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