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Its Tax Time again....Do you get a refund? We don't so we don't get in a hurry

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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:00 PM
Original message
Its Tax Time again....Do you get a refund? We don't so we don't get in a hurry
Most of my family gets huge refunds but we haven't gotten a refund in over 14 years. We usually owe state but get about the same amount back from Federal so for us it is a wash.

Many people get excited about their refund and all the extra money they get. We usually come out even no gain, no loss. Because of that we usually try to have them done by sometime in March.


My Sister has already gotten hers done and is waiting on her refund.
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TheCowsCameHome Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:02 PM
Response to Original message
1. If they get huge refunds, they are probably over-withholding
Free loans to the government? How is that a great idea?
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:03 PM
Response to Reply #1
2. they get the child credit or something
they don't make a lot of money
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TheCowsCameHome Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:07 PM
Response to Reply #2
6. Ah, I see.
Edited on Sun Jan-17-10 04:08 PM by TheCowsCameHome
I worked with a guy for years that did handstands every year at tax time because he was getting a huge refund.

One day he found out it was really his money in the first place, and then it wasn't so exciting after that.
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csziggy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:41 PM
Response to Reply #6
32. For some friends who make minimum wage, allowing extra witholding is their savings plan
It is the only way they can accumulate money that they will get back in a lump sum. If they have money taken out and put in a savings account, it will end up getting used for monthly needs. The witholding technique socks away the money where they have no access to it until it is refunded.

Sad, since they get no interest on the money, but it is the only thing that works for them. This means that every year they get one short period when they can "splurge" on more than the bare essentials.
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happy_liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:18 PM
Response to Reply #2
20. earned income credit?
It you don't make much $$ and have children especially, this can be a big boost whether you paid in or not.

Everyone should check it out if they haven't already.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:44 PM
Response to Reply #20
22. I believe that is what they get
thank you
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Edweird Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:21 PM
Response to Reply #1
11. I over withhold. I like it.
I like getting a little chunk of money. I don't have kids or anything so it's not a huge amount, but it's still a nice surprise. It's like my own little government piggy bank.
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:48 PM
Response to Reply #11
17. Yup like giving the govt an interest free loan. YAY!
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Edweird Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:52 PM
Response to Reply #17
23. Eh. I suck at saving. This is "out of sight, out of mind".
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Gormy Cuss Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:15 PM
Response to Reply #23
28. I've known a lot of people who use this strategy.
Maybe someday you'll develop the discipline to put it out of sight in an interest-bearing account but until then, enjoy your refund check.
:thumbsup:
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TZ Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 03:09 PM
Response to Reply #28
42. I do it too.
And really, the amount you would get in a bank these days is not that big.
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Kali Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 10:33 PM
Response to Reply #17
37. yeah like putting it in a bank is going to make you a ton of inerest
pshhh a few hundred bucks in the bank what are you going to clear, a quarter percent?
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VermeerLives Donating Member (287 posts) Send PM | Profile | Ignore Sun Jan-17-10 04:25 PM
Response to Reply #1
12. Really!
If you have a large refund, you need to adjust your withholding. It makes absolutely NO SENSE to loan your money to the government, which is taking far too much as it is. If you adjust your withholding, you can put that money in an interest-bearing account so that YOU, not the government, can benefit.
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CTyankee Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:43 PM
Response to Reply #1
16. I have asked people this and they say that it doesn't matter. They see it
as a "savings account." I do tellthem to get a real savings account that pays interest and they just look at me.

It's basically the line of least resistance, I think. They can't be bothered figuring this out and opening an account...they just overwithold.

They also do mention that they are afraid of having to OWE money at tax time. That seems to scare the bejesus out of them. They have weak planning skills and do not budget...how can you live that way?
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Codeine Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:04 PM
Response to Original message
3. Refunds mean poor accounting skills.
You've essentially made an interest-free loan to the feds. Silly.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:06 PM
Response to Reply #3
5. I don't know how the head of household or child tax credit works
and I think that is how they get more money.


Ours is almost always a wash so it really doesnt' matter to us. Just one more thing to do. No biggie to us, but my younger sister gets all excited about it.
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Hawkeye-X Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:05 PM
Response to Original message
4. I owe IRS about $5k because we're paying it down $75/month
but this is the first year we will actually get our debt significantly reduced thanks to the dependant clause.

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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:07 PM
Response to Reply #4
7. That is awesome. I am sure it will be a relief to you
I do not understand why people get excited about taxes but I do understand how people can get stressed by them
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:11 PM
Response to Original message
8. I'll get one this year
due to the "advantage" of being uninsured and needing 5 days in intensive care last summer.

It's still cheaper than health insurance would have been even if a real company would write me a policy.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:14 PM
Response to Reply #8
9. I am glad you get a refund
I hope it helps! I am sure that hospital bill is horrendous
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:18 PM
Response to Reply #9
10. It didn't make my day
but I'd had the presence of mind to tell the ambulance guys to go to the county hospital (better ER), so it wasn't as bad as it could have been.

They got me through it, anyway, so it's a bargain, IMO.
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quiller4 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:33 PM
Response to Original message
13. We usually are within $50 one way or the other and I'm never
in any great hurry to file.
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tonysam Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:34 PM
Response to Original message
14. Nope. I owe about 1K because I didn't pay taxes on UI
Can't afford to have it taken out of the weekly check.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 06:52 PM
Response to Reply #14
24. I did not know you had to pay taxes on UI
I have been fortunate enough to have never been on UI. I don't think I would even know the first steps.

I will pray that things work out for you
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winyanstaz Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:39 PM
Response to Original message
15. I am a military widow...and therefor well under the poverty level....
I will get a whole $21.00 back out of the tax they keep.
If congress had not stole Military widows and orphans social security I would be getting a bit more....
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okieinpain Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 04:53 PM
Response to Original message
18. no kids, no refund, had a $2500 dollar bill last year between the
state and the fed. and believe me I'm not rich. expecting the same thing this year. taxed for working, great concept huh!
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Obamanaut Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:07 PM
Response to Original message
19. self delete, unnecessary snark. nt
Edited on Sun Jan-17-10 05:19 PM by Obamanaut
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 05:20 PM
Response to Reply #19
21. haha...he is GONE
finally

thank GOD
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cbdo2007 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:11 PM
Response to Original message
25. We'll get thousands back this year for medical expenses.
Unfortunatly I can't file right away because I also have some business interests I'm involved in that won't have all of my information to me until (hopefully) the beginning of April.
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vadawg Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:16 PM
Response to Reply #25
29. yup thats why i like to have more withheld just in case i have to cover any erroneous taxes
luckily a chunk of my income stream is tax free so i dont have to concern myself with that portion but its a pain trying to work out the rest..
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Mari333 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:12 PM
Response to Original message
26. I usually get it done early, but in honour of the taxes I pay for the illegal wars
I will wait til the last minute.
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vadawg Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:14 PM
Response to Original message
27. yup i always get a refund, i hate loaning the money to the government but its better to be safe than
sorry when it comes to taxes, for me its a bulwark incase i end up oweing some taxes, so i look at it as insurance, plus i use the rebate every year for some big gift for my kids...
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hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:17 PM
Response to Original message
30. I'm donating my refund to the Obama administration
at least as a loan. Line 74 on the form 1040. My refund will be applied to taxes in 2010, which I will not owe either (I don't expect to make enough money to pay taxes other than FICA.)
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madville Donating Member (743 posts) Send PM | Profile | Ignore Sun Jan-17-10 07:23 PM
Response to Original message
31. I usually have to pay some at tax time
Had to pay $9000 last year in income tax not counting SS/FICA/etc. Had about $7500 withheld and had to pay another $1500 at tax time. They're getting it one way or the other, I doubt I'll ever see another refund though unless I get back down below the EIC cutoff again.
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blonndee Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:44 PM
Response to Original message
33. This is GD, right?
Thought I was in the lounge for a minute, or had stumbled onto some random online journal.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:48 PM
Response to Reply #33
34. WTF are you rambling about? Taxes are General Discussion
or are you just shit stirring?
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blonndee Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 07:50 PM
Response to Reply #34
35. rambling?
heh.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-17-10 09:51 PM
Response to Original message
36. How is taxes NOT general discussion
is it because it is not a thread about Haiti?
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cemaphonic Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 12:31 AM
Response to Original message
38. I'll probably owe this year
I had our withholding set almost exactly last year, but we refinanced our mortgage, and I forgot to change it, so we should end up with a lower deduction.
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crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 12:36 AM
Response to Original message
39. I get a refund ever since I bought a house.
Interest. It drops down every year, though, so I haven't bothered readjusting my withholding. I think I'll use mine this year to pay down the mortgage.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 02:47 PM
Response to Reply #39
40. hubby was under the impression that house interest didn't count anymore
hum, that would be nice
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crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 02:50 PM
Response to Reply #40
41. It did last time I did taxes
of course, they may have changed things. that would be a rude surprise! :D
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JustABozoOnThisBus Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 03:52 PM
Response to Reply #40
43. I think only the primary dwelling counts
If you have a vacation cottage or hunting lodge, those probably don't count. But I'm not sure about that, one house is enough for me. Sometimes too much.

:hi:
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Broken_Hero Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-18-10 04:01 PM
Response to Original message
44. Yeah, my wife and I get a refund
we are probably going to file sometime this week.
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