PDA

View Full Version : How much is YOUR tax refund going to be?


iMJustAGuy
Jan 22, 2010, 09:36 PM
If you don't mind me asking.

Mine will be around $1900 but I don't have any children, am single, and don't make Steve Jobs salary. :D


Also, will you be purchasing any Apple products with it?
New (first mac) 27 incher for me... ahhhHHH!!!

GoCubsGo
Jan 22, 2010, 09:38 PM
Negative. The feds bend me over, **** me up the rear and never say thanks.

MacMini2009
Jan 22, 2010, 09:41 PM
$1.50

iMJustAGuy
Jan 22, 2010, 09:44 PM
Negative. The feds bend me over, **** me up the rear and never say thanks.

DANG man, that stinks! (LOL btw) I have a friend who owes $3,000 this year but doesn't care. He said he'd rather pay at the end and get more throughout the year ! :eek: !

agbot
Jan 22, 2010, 09:50 PM
If my fixed withholding math works out correctly, I hope to find myself with a refund close to $0 without going "under". Uncle Sam makes a lot more than I do so I don't need to be lending him any money at 0% interest. :)

strider42
Jan 22, 2010, 09:52 PM
DANG man, that stinks! (LOL btw) I have a friend who owes $3,000 this year but doesn't care. He said he'd rather pay at the end and get more throughout the year ! :eek: !

If you manage your money, its way better to get as small a refund as possible, or owe money. You pay exactly the same amount of tax, but you can use that money throughout the year, and aren't giving the government an interest free loan. My ideal is to owe the government a small amount of money each year, and put money away in savings that earn interest.

jav6454
Jan 22, 2010, 09:53 PM
Like jessica. said before me. I always get bended over by the IRS.... although I think this year, it's going to be lower because I asked my employer to take an extra amount for taxes out of my check... still never enough for the IRS.

kellen
Jan 22, 2010, 09:59 PM
I am surprised, getting nearly 6,000 back. I just did it last night, very happy about this. Weird circumstances though, I only worked half the year and went back to school, so I qualified for some nice credits for education.

Now I know it was my money to begin with, but it feels like free money. Beats paying!

iMJustAGuy
Jan 22, 2010, 10:02 PM
If you manage your money, its way better to get as small a refund as possible, or owe money. You pay exactly the same amount of tax, but you can use that money throughout the year, and aren't giving the government an interest free loan. My ideal is to owe the government a small amount of money each year, and put money away in savings that earn interest.

Honestly it doesn't bother me that I'm lending at 0%. I think of it as a punishment so I won't spend so much during the year and then I get it all back at once... Then again, I just spend it all again anyway. It really doesn't matter to me, as long as I don't owe, I never want to owe.


Now I know it was my money to begin with, but it feels like free money. Beats paying!

It does feel like free money! lol.

yg17
Jan 22, 2010, 10:04 PM
$1600 from fed, $160 from state.

For a single person with one full time job, no dependents and not claimed as a dependent, how many allowances can you claim on a W4? The instructions on the form say 2, but that just never seemed right so I have one allowance which might be why my refund is so much. I'd rather get more out of each check and get a smaller refund.

agbot
Jan 22, 2010, 10:16 PM
$1600 from fed, $160 from state.

For a single person with one full time job, no dependents and not claimed as a dependent, how many allowances can you claim on a W4? The instructions on the form say 2, but that just never seemed right so I have one allowance which might be why my refund is so much. I'd rather get more out of each check and get a smaller refund.

You can claim any number of allowances you want - but you'll be stuck with a tax bill and possible underpayment penalties if you're overzealous. I claim 99 allowances and enter a fixed withholding amount on my W4 for state and federal, usually adding a bit of "slop" for a small refund just to be safe.

GoCubsGo
Jan 22, 2010, 10:19 PM
DANG man, that stinks! (LOL btw) I have a friend who owes $3,000 this year but doesn't care. He said he'd rather pay at the end and get more throughout the year ! :eek: !That's not why for me. I'm not an idiot who tries to get more per paycheck. It's about tax brackets.

And folks, don't be stupid and take tax advice from people on a mac forum. Just sayin'.

aethelbert
Jan 22, 2010, 10:24 PM
DANG man, that stinks! (LOL btw) I have a friend who owes $3,000 this year but doesn't care. He said he'd rather pay at the end and get more throughout the year ! :eek: !
Well if anyone has the self-control to set it aside and earn interest on that money during the year, it's not a bad idea. I've been doing that for a while, and though it doesn't end up earning me much, it's still a bit more that I wouldn't have otherwise.

iowamensan
Jan 22, 2010, 10:32 PM
right now sitting around $5500... still waiting for a few forms to come in (like student loan interest) but it shouldn't go down, only up. I fully understand the concept that I am "loaning" the IRS money, but if I had an extra few hundred bucks coming in each month, I'm sure I would blow it on something.
Having twins last March definitely helped the return this year, it isn't usually this big. I plan on putting about have of it in their Future Fund accounts, (since the are the reason for the sizeable return) and maybe putting the rest towards a trip to Vegas this summer.

Prof.
Jan 22, 2010, 10:44 PM
I think I claimed ONE, so I might end up owing money. :(

scotty96LSC
Jan 22, 2010, 11:22 PM
Negative $876. I'm pissed.

iMJustAGuy
Jan 24, 2010, 12:25 PM
Negative $876. I'm pissed.

Wow, dude. I would be too. At the same time, though, you must have gotten a bit more during the year.

Gregg2
Jan 24, 2010, 01:42 PM
Uncle Sam makes a lot more than I do so I don't need to be lending him any money at 0% interest.
Yep. +2

I am surprised, getting nearly 6,000 back. I just did it last night, very happy about this.
Now I know it was my money to begin with, but it feels like free money. Beats paying!
Actually, no it doesn't. If I owe $6 and you get $6,000 back, I win!

I think I claimed ONE, so I might end up owing money. :(
Good for you!

I have to claim TEN on my state W-4 just so they won't owe me more at the end of the year. I still get a small refund. Drat!

splitpea
Jan 24, 2010, 01:45 PM
Negative. I pay estimated taxes instead of withholding, and my income this year is more than last year.

steve2112
Jan 24, 2010, 02:01 PM
What is this refund of which you speak? I'm single, with no dependents. I get raked over the coals. It's really weird working for the feds, since I feel like I'm paying them for the right to work for them. Ah well, it comes out positive in the end.

Zombie Acorn
Jan 24, 2010, 02:09 PM
Paying in.

swiftaw
Jan 24, 2010, 02:11 PM
About $400 due to the fact that they were withholding too much for the first half of 2009. Corrected that in the second half and put the difference in my savings account.

dukebound85
Jan 24, 2010, 02:20 PM
Hmm, wont be getting my W2 till like end of jan

However, should i expect to get a tax refund if I have 3 federal allownaces and 2 state?

I am single, living by myself and this was my first year of "a real job"

swiftaw
Jan 24, 2010, 02:24 PM
Hmm, wont be getting my W2 till like end of jan

However, should i expect to get a tax refund if I have 3 federal allownaces and 2 state?

I am single, living by myself and this was my first year of "a real job"

One Job, Single, Living Alone, the 'correct' number of allowances is 2. However, you also get a $400 back to work tax credit, so you might end up close to zero with that extra allowance.

jersey
Jan 24, 2010, 02:26 PM
Too scared to get mine done. Last year I owed over $4400. I'm sure this year will be the same or worse.

I have a small business income and my profits get taxed at 44% (Fed/State/NYC). Awesome!

chstr
Jan 24, 2010, 02:35 PM
havent done my taxes yet, but I better get a lot considering I was a half-time grad student all year and I had a good 30% taken out of my check. Sucks to live in NY

dukebound85
Jan 24, 2010, 02:37 PM
One Job, Single, Living Alone, the 'correct' number of allowances is 2. However, you also get a $400 back to work tax credit, so you might end up close to zero with that extra allowance.

damn, I initially said I was head of household as I well live by myself

Looking into it, I do not think I qualift for HoH right?

Are chances pretty good that I will owe money back?

swiftaw
Jan 24, 2010, 02:40 PM
damn, I initially said I was head of household as I well live by myself

Looking into it, I do not think I qualift for HoH right?

Are chances pretty good that I will owe money back?

You can't be head of household if it is just you, you need a dependent.

Normally, with 3 allowances you would owe, but since we got a $400 tax credit, that might be enough to cancel out the extra allowance.

dukebound85
Jan 24, 2010, 02:47 PM
You can't be head of household if it is just you, you need a dependent.

Normally, with 3 allowances you would owe, but since we got a $400 tax credit, that might be enough to cancel out the extra allowance.

Will that credit be automatically taken care of when I do taxes?

If not, would I be expecting to pay in the 1000's since I mistakingly classified my categories? Or is it a small penalty cash wise?

swiftaw
Jan 24, 2010, 02:54 PM
Will that credit be automatically taken care of when I do taxes?

If not, would I be expecting to pay in the 1000's since I mistakingly classified my categories? Or is it a small penalty cash wise?

There is a line on the tax form for the $400, so it'll be subtracted from your total tax liability (it is called the Making Work Pay Tax Credit).

I tried with my information, adding an extra federal allowance (going from 2 to 3) resulted in them withholding $45 less per month. It'll be different depending on your salary, but it wasn't hundreds of dollars.

yg17
Jan 24, 2010, 02:56 PM
Will that credit be automatically taken care of when I do taxes?

If not, would I be expecting to pay in the 1000's since I mistakingly classified my categories? Or is it a small penalty cash wise?

If you use something like Turbo Tax, it will automatically determine if you're eligible for the credit and apply it.

dukebound85
Jan 24, 2010, 02:57 PM
There is a line on the tax form for the $400, so it'll be subtracted from your total tax liability (it is called the Making Work Pay Tax Credit).

I tried with my information, adding an extra federal allowance (going from 2 to 3) resulted in them withholding $45 less per month. It'll be different depending on your salary, but it wasn't hundreds of dollars.

My salary is in the 50-60k mark if that makes a difference

So not a huge penalty correct?

Just need to make sure I file correctly once I get my W2's

swiftaw
Jan 24, 2010, 02:58 PM
If you use something like Turbo Tax, it will automatically determine if you're eligible for the credit and apply it.

Yes I did mine (filed last week) on Turbo Tax's website, e-filed and didn't cost me a penny.

swiftaw
Jan 24, 2010, 02:59 PM
My salary is in the 50-60k mark if that makes a difference

So not a huge penalty correct?

Just need to make sure I file correctly once I get my W2's

Did you move last year? Moving expenses are tax deductible.

dukebound85
Jan 24, 2010, 03:00 PM
Did you move last year? Moving expenses are tax deductible.

Yea, I moved Jan -Feb 2009. Had a lump sum given to me

While I realize its better to owe money back, it is nice to be expecting a refund lol

swiftaw
Jan 24, 2010, 03:02 PM
Yea, I moved Jan -Feb 2009. Had a lump sum given to me

While I realize its better to owe money back, it is nice to be expecting a refund lol

So you can't claim moving expenses since you didn't pay for the moving (unless it cost you more than the lump sum you received).

yg17
Jan 24, 2010, 03:04 PM
My salary is in the 50-60k mark if that makes a difference

So not a huge penalty correct?

Just need to make sure I file correctly once I get my W2's

It's hard to say what it'll be. You may owe a few hundred dollars.

Assuming single, non-dependent, no dependents, and one job, with one withholding, you're going to get a large refund. With two withholdings, you're probably about +/- $100, meaning you'll either owe or get a refund, probably no more than $100 either way. With 3 withholdings, I don't know. That may mean you'll have to pay quite a bit.

Also don't forget about deductions. I know you're a recent college grad, are you currently paying back a student loan? The interest (not the principal) you paid is deductible, up to $2,500, you'll get a 1098 form from your lender if you paid interest. This is in addition to the standard deduction, you don't have to itemize to get that deduction. I got to deduct all $2,500 from mine, which greatly lowered my total tax due and increased my refund.

Eidorian
Jan 24, 2010, 03:06 PM
Better than being unemployed. :D

dukebound85
Jan 24, 2010, 03:11 PM
It's hard to say what it'll be. You may owe a few hundred dollars.

Assuming single, non-dependent, no dependents, and one job, with one withholding, you're going to get a large refund. With two withholdings, you're probably about +/- $100, meaning you'll either owe or get a refund, probably no more than $100 either way. With 3 withholdings, I don't know. That may mean you'll have to pay quite a bit.

What is "quite a bit"?


Also don't forget about deductions. I know you're a recent college grad, are you currently paying back a student loan? The interest (not the principal) you paid is deductible, up to $2,500, you'll get a 1098 form from your lender if you paid interest. This is in addition to the standard deduction, you don't have to itemize to get that deduction. I got to deduct all $2,500 from mine, which greatly lowered my total tax due and increased my refund.


Yes, I have paid 900 in interest in 2009

yg17
Jan 24, 2010, 03:14 PM
While I realize its better to owe money back, it is nice to be expecting a refund lol

Yeah, it doesn't make sense to try to have nothing withheld and pay taxes in April IMO.

For example, my total tax was $6806 in 2009. That would mean that I would have to set aside about $567 each month into a savings account. My HSBC Online savings has a 1.35% APY, so by doing that, I'm going to be making well under $100 in interest. Oh, and the interest I would earn on that is taxable. It's not worth it. I'd rather give Uncle Sam the interest free loan and not have to deal with it, and possibly screw up and owe money I don't have.

And, I can time events around my tax refund. I went to Europe in March last year knowing that I'd be getting a big tax refund in February. This year, I'm finally moving out of the parents house into my own apartment in either February or March, again, knowing that I have the tax refund coming. And even though I know it's my money that I earned, I don't feel guilty spending it because my mind thinks of it as free money that came out of nowhere rather than me spending money I already had in my savings account which I hate doing.

What is "quite a bit"?

I really couldn't tell you. If you have your last paycheck stub from 2009 handy, you can go here (http://www.hrblock.com/taxes/tax_tips_calculators/index.html), input your YTD salary and fed withholdings and get a rough estimate.

Also, go to your HR department ASAP and fill out a new W4 to change your withholdings to 2 or 1


Yes, I have paid 900 in interest in 2009
Yup, it's deductible. So if you do the above calculator, take your YTD salary minus $900. Your lender should either be mailing you a 1098 or putting it online.

Eidorian
Jan 24, 2010, 03:18 PM
And, I can time events around my tax refund. I went to Europe in March last year knowing that I'd be getting a big tax refund in February. This year, I'm finally moving out of the parents house into my own apartment in either February or March, again, knowing that I have the tax refund coming. And even though I know it's my money that I earned, I don't feel guilty spending it because my mind thinks of it as free money that came out of nowhere rather than me spending money I already had in my savings account which I hate doing.I still need to get my W-2 from work. I'm already planning on doing some car maintenance and getting a new larger computer display from my tax refund. Anything left goes into savings. I really, really hate taking anything out of my savings at all.

I've still managed to put around 33% of my pay into savings from every check.

I'll be vacationing in México later this year but that's on my mother's tab since she'll be going along too. It's nice to have family down there too. Now to get her to invest in some AMD stock if it keeps going down.

swiftaw
Jan 24, 2010, 03:19 PM
What is "quite a bit"?


Do you have you last 2009 paycheck, it should have a YTD section on it, so it should tell you how much federal tax you had withheld for the whole of 2009.

Now, if your taxible earnings (after all deductions etc) is 50K then you would owe about $8300, if your taxable earnings is 60K you would owe about $10800.

How does what was withheld compare to those numbers?

dukebound85
Jan 24, 2010, 03:24 PM
Do you have you last 2009 paycheck, it should have a YTD section on it, so it should tell you how much federal tax you had withheld for the whole of 2009.

Now, if your taxible earnings (after all deductions etc) is 50K then you would owe about $8300, if your taxable earnings is 60K you would owe about $10800.

How does what was withheld compare to those numbers?

Looking at my last 2009 paystub

Taxable YTD Wages: ~59,100.
Total Taxes: ~15,300
Total Deductions: ~1,100

swiftaw
Jan 24, 2010, 03:25 PM
Looking at my last 2009 paystub

Taxable YTD Wages: ~59,100.
Total Taxes: ~15,300
Total Deductions: ~1,100

Is that Total Taxes a combination of both Federal and State withholding?

Edit: The most federal tax you could owe (if you take the standard deduction, the personal exception and nothing else) is $8231

[Why? 59100 - standard deduction (5700) - personal exemption (3650) = 49750]

Tax Table says 49750 corresponds to 8631 in tax - 400 tax credit = 8231

dankybear
Jan 24, 2010, 03:30 PM
don't really pay any taxes now i work for the state... maybe like $10

chstr
Jan 24, 2010, 03:32 PM
Better than being unemployed. :D

true dat

Badandy
Jan 24, 2010, 03:34 PM
DANG man, that stinks! (LOL btw) I have a friend who owes $3,000 this year but doesn't care. He said he'd rather pay at the end and get more throughout the year ! :eek: !

As other posters have said, that's the best financial decision. In this economy people aren't getting that high of returns so it doesn't matter that much now, but it usually does.

dukebound85
Jan 24, 2010, 03:37 PM
Is that Total Taxes a combination of both Federal and State withholding?

Edit: The most federal tax you could owe (if you take the standard deduction, the personal exception and nothing else) is $8231

[Why? 59100 - standard deduction (5700) - personal exemption (3650) = 49750]

Tax Table says 49750 corresponds to 8631 in tax - 400 tax credit = 8231

Yes it does take into account state taxes. I have the following listed that summed up to the amt I gave in my last post
Fed Withholding
Fed MED/EE
Fed OASDI/EE
NY Withholding
NY OASDI/EE

Are you saying I get a refund of $8,231 whereabouts?

swiftaw
Jan 24, 2010, 03:41 PM
Yes it does take into account state taxes. I have the following listed that summed up to the amt I gave in my last post
Fed Withholding
Fed MED/EE
Fed OASDI/EE
NY Withholding
NY OASDI/EE

Are you saying I get a refund of $8,231 whereabouts?

No, I am saying that you owe a total of $8231 (or thereabouts) to the federal government. If your Fed Withholding is more than that you'll get a refund, else you still owe the difference.

dukebound85
Jan 24, 2010, 03:47 PM
No, I am saying that you owe a total of $8231 (or thereabouts) to the federal government. If your Fed Withholding is more than that you'll get a refund, else you still owe the difference.

Ok let me see if I have this right

For my values:

Fed Withholding: ~8100
Fed MED/EE: ~850
Fed OASDI/EE: ~3600

So I will owe about 131 (looking soley at the Fed Withholding)? or do I get a refund of ~4k (incorporating the other 2 values)?

I appreciate your explanation:)

yg17
Jan 24, 2010, 03:48 PM
Are you saying I get a refund of $8,231 whereabouts?

No, that's how much taxes you owe based off your income.

That's where what you owe/refund is calculated. If, in 2009, more than $8,231 was withheld for federal taxes, you get a refund for the difference. If less than $8,231 was held, you owe the difference.

The number on your paycheck you're concerned with is Fed Withholding. Ideally, that's as close to $8,231 as possible.

Same thing for state taxes, you'll either owe or be due a refund.

yg17
Jan 24, 2010, 03:49 PM
Ok let me see if I have this right

For my values:

Fed Withholding: ~8100
Fed MED/EE: ~850
Fed OASDI/EE: ~3600

So I will owe about 131 (looking soley at the Fed Withholding)? or do I get a refund of ~4k (incorporating the other 2 values)?

I appreciate your explanation:)

MED is Medicare and I think OSADI is social security. You'll get those back when you're in your 60s ;)

Foreign Feeling
Jan 24, 2010, 03:49 PM
37$

swiftaw
Jan 24, 2010, 03:50 PM
Ok let me see if I have this right

For my values:

Fed Withholding: ~8100
Fed MED/EE: ~850
Fed OASDI/EE: ~3600

So I will owe about 131 (looking soley at the Fed Withholding)? or do I get a refund of ~4k (incorporating the other 2 values)?

I appreciate your explanation:)

You'll owe about 131. The other two are Medicare and Social Security and have nothing (as far as it matters) to do with federal income tax.

swiftaw
Jan 24, 2010, 03:50 PM
MED is Medicare and I think OSADI is social security. You'll get those back when you're in your 60s ;)

Haha, that's funny.

dukebound85
Jan 24, 2010, 03:51 PM
You'll owe about 131. The other two are Medicare and Social Security and have nothing (as far as it matters) to do with federal income tax.

NVM

swiftaw
Jan 24, 2010, 03:53 PM
But that 400 credit will net me about 270 right?

No, the $400 credit was factored into the $8231 (it's $8631 from the tax table).

dukebound85
Jan 24, 2010, 03:53 PM
No, the $400 credit was factored into the $8231 (it's $8631 from the tax table).

Gotcha

But with student loan interest and what not, I could owe less correct?

swiftaw
Jan 24, 2010, 03:55 PM
Gotcha

But with student loan interest and what not, I could owe less correct?

Yes.

Also, since you moved last year, did you live in 2 different states? If so, you'll have to file as a part-year resident in each state which is a PITA. This doesn't affect your Federal tax filing though.

yg17
Jan 24, 2010, 03:55 PM
Gotcha

But with student loan interest and what not, I could owe less correct?

Yeah. I'm not sure how much the $900 deduction will get you, but it will be less than $131.

You may also owe New York state taxes too if enough weren't withheld. I know nothing about NY taxes though (hell, I barely know anything about Fed taxes).

timerollson
Jan 24, 2010, 03:55 PM
Not sure yet. I'm still waiting on my W-2 at the end of the month.

dukebound85
Jan 24, 2010, 04:00 PM
Yes.

Also, since you moved last year, did you live in 2 different states? If so, you'll have to file as a part-year resident in each state which is a PITA. This doesn't affect your Federal tax filing though.

I did, but only had income in one

Now my work gave me a lump sum (3k) that they will "gross up" to pay for taxes for certain expenses. That amt was included when I gave my YTD wages

Will that help out much?

Yeah. I'm not sure how much the $900 deduction will get you, but it will be less than $131.

You may also owe New York state taxes too if enough weren't withheld. I know nothing about NY taxes though (hell, I barely know anything about Fed taxes).

Dang, forgot about that one

abijnk
Jan 24, 2010, 04:07 PM
$7584 this year. Got married, filing jointly, and we both claim 0. Add to that tuition and fees deductions and a new car purchase.

I prefer to have more taken out each check, even if it equates to a 0% interest loan, because it is much much easier for me to get something back from the government than to owe.

MattG
Jan 24, 2010, 04:19 PM
Haven't gotten all my forms in the mail yet, but looks like $2150ish at this point. Single guy, no kids, wife, or other potential dependents. Going to pay off the credit card, and put some towards a cruise I'm taking in June :D

macfan881
Jan 24, 2010, 05:11 PM
Geting about 1k Saving most of it and gonna buy a Season Pass of MLB.Tv Perhaps get Roku Since you can now watch MLB.tv through Roku as well.

Gregg2
Jan 25, 2010, 08:35 AM
don't really pay any taxes now i work for the state... maybe like $10
How's that?!! You only owe about $10 or what? You still have taxes taken from your check. Someone said that's better than being unemployed. But, they tax unemployment checks too! Now that makes no sense.

... it is much much easier for me to get something back from the government than to owe.
Easier? What do you mean, easier?

yg17
Jan 25, 2010, 08:37 AM
Easier? What do you mean, easier?

Simple. If you opt not to have enough withheld, you have to keep close track of your paycheck and put enough away to pay what you owe in April. Having more withheld basically guarantees you'll get a refund and won't have to come up with a few thousand dollars.

SLC Flyfishing
Jan 25, 2010, 10:05 AM
Did my taxes last night, I'm getting ~$8K in my refund.

SLC

maflynn
Jan 25, 2010, 10:18 AM
If I don't have to pay or if my tax bill < 1,000 I'll be estatic. Personally I'm really hoping not needing to pay.

I had made some decision this year that affected my tax liability, and my wife was on unemployment the whole year. They don't take taxes out by default but you need to count the money as income. I'm waiting for that 1099-G to see if and how much I'm going to get hammered.

Melrose
Jan 25, 2010, 11:17 AM
$773 from Teh Fed and $120 from Teh Not So Fed.

Not bad. Not too bad at all. I try to adjust my deductions every year so I have more to work with, but oh well.

:) :) :)

spacemanps
Jan 25, 2010, 11:22 AM
2-3k!!!!! what what!! cant wait for that shizzz!!! i paid for my last year of education!!! soo i get a nice fatty check.. and i work in NY live in NJ so i am also getting a lot of overpaid taxes back!

Plutonius
Jan 25, 2010, 11:35 AM
What's a refund :) ? I have never gotten money back and probably never will. I do however always buy something for myself when I file my taxes.

bamaworks
Jan 30, 2010, 09:43 AM
I got married this year so my wife and I are filing jointly after we paid in previously all year as single at a higher tax rate, so we're getting back $2700 federal, $3 state (wtf?). Using it to pay off a credit card and some extraneous student loans.

Gregg2
Jan 30, 2010, 10:01 AM
Simple. If you opt not to have enough withheld, you have to keep close track of your paycheck and put enough away to pay what you owe in April. Having more withheld basically guarantees you'll get a refund and won't have to come up with a few thousand dollars.

Well, I guess - if you're living paycheck to paycheck and have no liquid savings. You don't want to end up owing a few thousand, because you'll probably have to pay extra for that. They penalize you. But, owing 100 or even a few hundred isn't bad.

In Wisconsin, the state wants a interest free loan from every citizen. The withholding rate is in outer space somewhere! Married filing jointly, and we claim 0 exemptions for Federal, and 10 for State. We usually end up owing Uncle Sam, and pay him from the State refund. Yes, we still get some back from those Cheeseheads in Madison, and we usually have a little left over.

it5five
Jan 30, 2010, 02:39 PM
Well, I guess - if you're living paycheck to paycheck and have no liquid savings.



I think you just described a large percentage of Americans, including me.

I do not make enough money to put a lot into savings. It's pretty difficult for me to put aside even $200 a month.

I would rather give more to the feds every year and get a nice return rather than face potential financial ruin if I end up owing anything.

This year I'll be getting a little over $2,000 back, but most of that is thanks to an education credit. It will all be used to move later this year.

CaptMurdock
Jan 30, 2010, 06:34 PM
~$4,800. Boy, do I love TurboTax e-file!

Gotta replace the iBook G4 with something a little less primitive, I'm thinking. :cool:

iMJustAGuy
Jan 30, 2010, 07:34 PM
UPDATE: I live in FL and I have a brightfutures scholarship. For some reason I am getting an additional 900 back from them and I don't know why! Bringing me somewhere around $3200! Being 19 Filing single and 0; Im impressed!!!


$1.50

Were you being serious?

Gregg2
Jan 31, 2010, 01:33 PM
I would rather give more to the feds every year and get a nice return rather than face potential financial ruin if I end up owing anything.

But you don't have to end up owing anything! Getting a substantial refund removes the opportunity to save the money, and earn interest on it at least. You should be able to tweak your withholdings so that you get a smaller refund without having to pay. What you seem to be saying is that if you had more, you'd spend it, not save any. But, you're not spending what the government is borrowing from you, so you really should be able to save some. Yeah, the government is saving it for you, but you don't get the interest. You don't come out ahead.

King Mook Mook
Jan 31, 2010, 05:54 PM
$0. Well, I don't pay taxes so I can't really expect a refund (or should I)? :p

iMJustAGuy
Jan 31, 2010, 06:23 PM
UPDATE:

Apparently, I'm in a new tax bracket so they took some from me :(

My final and (for sure) return is $2508. :( Oh well.

dmr727
Jan 31, 2010, 06:27 PM
When I get a big refund, I kind of feel like an idiot for not managing my finances properly.

But boy does it feel good otherwise. :)

steve2112
Jan 31, 2010, 06:41 PM
I finally broke down and did mine. $92 federal, but I owe a whopping $14 to the state. All in all, not too bad.

GnarleyMarley
Jan 31, 2010, 11:32 PM
+$460 Fed
+$177 State

:)

zioxide
Jan 31, 2010, 11:48 PM
$125 :/

Counterfit
Feb 1, 2010, 12:11 AM
$6 wooo!

I haven't done the state yet though.

GP1138
Feb 2, 2010, 07:35 AM
We're getting upwards of $5k thanks to our son, and our mortgage taxes. Since I just got a promotion at work, and I sold my 2008 Penryn MacBook Pro, I'm going to splurge a little and get a 2.8ghz MacBook Pro. I'm very disappointed they didn't announce Core i7 MBP's at the iPad event, but I guess that's just the nature of the beast. The MBP will last me a good while. I'm waiting with bated breath for the refund to deposit!!

Melrose
Feb 2, 2010, 09:42 AM
$6 wooo!

I haven't done the state yet though.

Don't spend it all in one place...

RawBert
Feb 2, 2010, 10:10 AM
$1500 for me.

I've thought long and hard about how to spend it.

I'm blowing it all on drugs and hookers!:D

theITGuy
Feb 2, 2010, 10:19 AM
Slightly more than the 8K with the first time home buyer credit I qualified for :D

-J.-

ucfgrad93
Feb 2, 2010, 11:10 AM
No refund for me this year, I owe.:(

mstrze
Feb 2, 2010, 11:13 AM
We're getting upwards of $5k thanks to our son, and our mortgage taxes. Since I just got a promotion at work, and I sold my 2008 Penryn MacBook Pro, I'm going to splurge a little and get a 2.8ghz MacBook Pro.


Did you include the proceeds from the sale of the MBP as part of your income?

quadG5guy
Feb 2, 2010, 12:06 PM
Only about $18k this year. Damn sour economy. :( Refund was $25k two years ago, I bought my wife a new car with it (her birthday is around that time).

iMJustAGuy
Feb 2, 2010, 12:34 PM
Only about $18k this year.

Showboat. :(

Gregg2
Feb 2, 2010, 12:35 PM
$1500 for me. Wow!

We're getting upwards of $5k !!Amazing!


Slightly more than the 8K More amazing!

Only about $18k this year. :( Refund was $25k two years ago, I bought my wife a new car with it (her birthday is around that time).I'm speechless.

My condolences to all of you. Wish I just had the interest the government got from taxpayers like you!

mstrze
Feb 2, 2010, 02:35 PM
Only about $18k this year. Damn sour economy. :( Refund was $25k two years ago, I bought my wife a new car with it (her birthday is around that time).

So, you REALLY couldn't use an extra $1500-$2000+ a month?:confused:

quadG5guy
Feb 2, 2010, 02:59 PM
So, you REALLY couldn't use an extra $1500-$2000+ a month?:confused:
Absolutely I could. My Virginia personal property tax bill is due in May, and will be around $7k. So basically I have to immediately deduct that from my return to pay that bill. That leaves $11k left over for this year. 100% of that will go into my 401k for the year (otherwise I'll have to pay income tax on that $11k next year).

So no, I don't get a shopping spree or extra pocket money from my return.

Being self employed, I'm paying DOUBLE the percentage of federal and state taxes than the average worker (your employer pays half and you pay half. In my case, I pay both halves). Taxes aren't fun. :(

Prof.
Feb 2, 2010, 05:12 PM
Only about $18k this year. Damn sour economy. :( Refund was $25k two years ago, I bought my wife a new car with it (her birthday is around that time).
I'm so glad you have the luxury to complain about an $18,000 tax return. :rolleyes:

Mr. McMac
Feb 2, 2010, 05:13 PM
Sad to say, I owe Uncle Sam a few thousand :(

dukebound85
Feb 2, 2010, 05:14 PM
I'm so glad you have the luxury to complain about an $18,000 tax return. :rolleyes:

i know, pretty tacky

it5five
Feb 2, 2010, 05:16 PM
My condolences to all of you. Wish I just had the interest the government got from taxpayers like you!

Who cares? Not everyone is an anti-government zealot like you. It doesn't bother me at all if I get back a large refund and happened to give the feds an "interest free loan".

Sideonecincy
Feb 2, 2010, 05:51 PM
Federal: $830
State: Owe $105

I am buying a bluetooth adapter for my car stereo so I can have really loud awkward conversations at red lights.

Gregg2
Feb 2, 2010, 06:09 PM
Absolutely I could. My Virginia personal property tax bill is due in May, and will be around $7k. So basically I have to immediately deduct that from my return to pay that bill. That leaves $11k left over for this year. 100% of that will go into my 401k for the year (otherwise I'll have to pay income tax on that $11k next year).

So no, I don't get a shopping spree or extra pocket money from my return.
I think you're missing the point, made in several of the posts above. Perhaps you just "jumped in" here. Bank the money monthly, get interest from it, and pay those big bills when they're due.

Who cares? Not everyone is an anti-government zealot like you. It doesn't bother me at all if I get back a large refund and happened to give the feds an "interest free loan".That's a hoot! My motivation is what's best for me, financially. It has nothing to do with my opinion of the government. It would bother me to give my Uncle Joe an interest free loan instead of getting the interest myself. Now, if old Uncle Joe was really in a pinch, I'd just give him some money.

Elixer
Feb 2, 2010, 06:31 PM
I don't know for sure yet the guy that did my taxes sucked. He messed everything up so now I have to submit an amendment to fix everything.

cantthinkofone
Feb 2, 2010, 06:37 PM
3098 fed
231 state

Could have claimed my kid's mom but it would have messed up her FASA.

I took 2300 of it and opened a CD account. Will use it as back bone to get a loan to pay off my credit card. Hoping they will settle for 1800 (i owe them 2296).

So it's gone already until October 11th 2011. Then i will have my money back :D

Only about $18k this year. Damn sour economy. :( Refund was $25k two years ago, I bought my wife a new car with it (her birthday is around that time).

HOW IN GOD'S NAME DOES SOMEBODY GET THAT KIND OF REFUND!? :eek:

joeybuckets
Feb 2, 2010, 06:45 PM
3098 fed
231 state

Could have claimed my kid's mom but it would have messed up her FASA.

I took 2300 of it and opened a CD account. Will use it as back bone to get a loan to pay off my credit card. Hoping they will settle for 1800 (i owe them 2296).

So it's gone already until October 11th 2011. Then i will have my money back :D



HOW IN GOD'S NAME DOES SOMEBODY GET THAT KIND OF REFUND!? :eek:

anybody can if u write off enough bogus stuff...its all good and well until the IRS audits you.

Badandy
Feb 2, 2010, 06:50 PM
HOW IN GOD'S NAME DOES SOMEBODY GET THAT KIND OF REFUND!? :eek:

If you're bad at managing money or you like missing out on the opportunity to invest.

cantthinkofone
Feb 2, 2010, 07:38 PM
I will have to take my time next year and write off all the dumb things i guess. Wish i could have taken part in the first time home owner's tax thingy.

GP1138
Feb 5, 2010, 05:47 PM
So, today the refund deposited. Went down to the local Mac shop and picked up (with $200 educational discount!!) my new MacBook Pro 2.8ghz!! LOVE IT so far, backed up my old Penryn with Time Machine right before it shipped out, and restored it today... it's like I'm using my old machine right where I left off. This is why I pay extra. Windows machines just don't run this smooth. Even Avid opens properly without any fuss, just as it should, and Avid is a PICKY program.

timerollson
Feb 11, 2010, 09:36 AM
$1645 for me. :)

mstrze
Feb 11, 2010, 09:41 AM
I will have to take my time next year and write off all the dumb things i guess. Wish i could have taken part in the first time home owner's tax thingy.

There is a long-time homebuyer's credit too I noticed: If you bought in 2009 and you lived in your previous home for at least 5 years.

Sdashiki
Feb 11, 2010, 10:25 AM
"We owed the IRS over $2million dollars, but settled for less than $1million"
(youve seen these commercials)

Seriously? You effed the govt out of $2million dollars and can still afford, easily cuz I dont see no bindles on their shoulders, a $1million settlement!?


Same as the guy quoting $18k refund...wtf is your income that allows such an amount to be given back?

The only thing I can think of is you have 10 kids.

GSMiller
Feb 11, 2010, 10:30 AM
I'm getting back around $550 from federal (which is roughly what I paid in) and $43 from the state and had to pay my tax guy $40. I'm taking all of it to pay on a credit card.

stonyc
Feb 11, 2010, 01:16 PM
Wife and I are getting back just north of $5000 federal, we owe $82 to the state.

I only worked for half the year before going back to school, she was just finishing up her fellowship so has 1/2 year of fellowship salary plus 1/2 year actual job salary. The big credits came from buying a hybrid, sales tax deduction on the hybrid, mortgage interest deduction, education/work expenses (she had to take her board exams, I went back to school).

Next year when she has a full year of actual job salary, should go down a lot from this year... but she'll be making by herself a little bit more than what we made together when I had a full-time job. So we should still get some back next year, this year will be the exception.

We'll be putting the large majority of this year's refund into retirement savings with the remainder paying off the odd debt or two.

Gregg2
Feb 12, 2010, 09:01 AM
I'm getting back around $550 from federal (which is roughly what I paid in) and $43 from the state and had to pay my tax guy $40. I'm taking all of it to pay on a credit card.

You have a continuing credit card balance? I'm hoping your goal is to get to where you just pay it in full each month. That interest rate is a killer!

chstr
Feb 12, 2010, 06:56 PM
surprised to find I got 2300 back from fed and 600 from state

bzollinger
Feb 12, 2010, 07:38 PM
I'm not sure yet, but I know it's spent!

I just bought a Canon 7d and the 24-105mm IS L f/4 lens!:D

Jaro65
Feb 15, 2010, 02:40 AM
Negative. The feds bend me over, **** me up the rear and never say thanks.

Well, as long as they use a lubricant and kiss you beforehand. :)

But anyway, I'm also way down the negative side this year. Really not looking forward to it.

chstr
Feb 15, 2010, 08:57 AM
So, you REALLY couldn't use an extra $1500-$2000+ a month?:confused:

Absolutely I could. My Virginia personal property tax bill is due in May, and will be around $7k. So basically I have to immediately deduct that from my return to pay that bill. That leaves $11k left over for this year. 100% of that will go into my 401k for the year (otherwise I'll have to pay income tax on that $11k next year).

So no, I don't get a shopping spree or extra pocket money from my return.

Being self employed, I'm paying DOUBLE the percentage of federal and state taxes than the average worker (your employer pays half and you pay half. In my case, I pay both halves). Taxes aren't fun. :(

I'm so glad you have the luxury to complain about an $18,000 tax return. :rolleyes:

i know, pretty tacky

I dont see why everyone got on this guy's case. He wasnt bragging. He is self employed, which means he pays higher taxes. And since his return was less this year he made less money than usual, that was the point of the post.

macbook yes
Feb 15, 2010, 07:31 PM
Fed= 0
State= $9

And it's costing me $15 to file them.

jav6454
Feb 15, 2010, 08:38 PM
HOW IN GOD'S NAME DOES SOMEBODY GET THAT KIND OF REFUND!? :eek:

Anyone can write off that amount in deductions and dependents. Not funny once the IRS throws an auditor at you.

However, it could be the case he makes a fair bit and his employer takes out a bit too mic from his paycheck.

Edit - After further review, apparently my employer did something good/bad for me.

They took out more taxes than they should (bad part during the year) and as a result (following is the good part) I will be getting $1.5k back from the Feds. State is only $24, but still, better than owing.

So just filed last week, check should come in or be in around the 19th....

yg17
Feb 15, 2010, 10:36 PM
Fed= 0
State= $9

And it's costing me $15 to file them.

Just print it out and mail it in for the cost of a stamp. e-file isn't worth it for something that small IMO.

AdamA9
Feb 24, 2010, 07:27 AM
/me runs off to find out how the American tax system works

This all sounds very confusing... I'm guessing you don't just pay a basic rate to the Government each month and be done with it :confused:

Gregg2
Feb 24, 2010, 08:44 AM
/me runs off to find out how the American tax system works

This all sounds very confusing... I'm guessing you don't just pay a basic rate to the Government each month and be done with it :confused:

We have Income Tax, Sales Tax, Property Tax, Thumb Tacks, Tic Tacs, and lots of fees, for Auto License/Tags, Driver's License, Fishing License, Hunting License, Garbage pick-up, Snow removal, etc.

This topic is about the Income Tax. You choose from a specified range, (via a formula tied to "exemptions") the amount to be withheld from each paycheck. The employer sends that to the governments (state and federal) along with their matching "donations". At the end of the year, the employer sends you a form telling how much you made, and how much was withheld. You report that information, and other stuff, on your tax return. If you overpaid, you get a refund. If you underpaid, you pay up. If it's a large amount, you may owe a penalty for not having enough withheld.

Prof.
Mar 8, 2010, 09:10 PM
Turbo Tax says mine is going to be $265. I'm amazed cuz I was expecting around $40.:eek:

ChicoWeb
Mar 9, 2010, 02:19 AM
Payin' in. Have for the last 6 years. Gotta love being self employed :)

iMJustAGuy
Feb 1, 2011, 07:24 PM
Resurrection!

Haha. I filed about 3 hours ago and am pleased to say that the government has already accepted my return. I'm only getting $1388 (Federal, as we have no state tax here) this year as opposed to the $2600 I got last year. (:() How about you?

Single & 1 exemption.

heehee
Feb 1, 2011, 10:42 PM
Not getting a refund, have to pay lots.

jav6454
Feb 1, 2011, 11:27 PM
Expecting $600.... huge drop from $1600 last year :(

anubis
Feb 1, 2011, 11:32 PM
About 10 grand

Had solar panels installed on my house and I get a 30% federal tax rebate (among other incentives).

einmusiker
Feb 1, 2011, 11:40 PM
my income doubled this year and my return went way down. I'm getting 900 fed and owe 225 state :/

iCandii
Feb 2, 2011, 12:00 AM
half im buying some mac stuff, including a mbp finally! & the other half is going into savings :)

wvuwhat
Feb 2, 2011, 01:23 AM
Semi-unemployed at the moment. Mostly unemployed throughout the year. But, I'm getting 1,523 back at the moment. Seeing as how I'm struggling for cash at the moment, I'm looking forward to it.

While I was working for the school's football team my junior year at college I got 4900 back. I was so happy to get that, I wish I had that every year.

Gregg2
Feb 2, 2011, 11:16 AM
The nearest library branch did not have 1040 instructions or Schedule A. I can't even fill out the forms yet! Gotta check at the Post Office nearby, when I can get there. Stranded today by snow.

GoCubsGo
Feb 2, 2011, 11:19 AM
The nearest library branch did not have 1040 instructions or Schedule A. I can't even fill out the forms yet! Gotta check at the Post Office nearby, when I can get there. Stranded today by snow.

Standard IRS forms are found online at IRS.gov, why bother going anywhere for them?

ender land
Feb 2, 2011, 11:51 AM
I'm getting back $1,400 more for federal than I paid in as a result of refundable credits.

Perks of being a student making a fair bit but paying a ton for school I guess.

iMJustAGuy
Feb 2, 2011, 12:20 PM
I'm getting back $1,400 more for federal than I paid in as a result of refundable credits.

Perks of being a student making a fair bit but paying a ton for school I guess.

Same here, but I have a scholarship and also the hospital pays half of tuition so all that money that they pay goes in to pocket. I have no idea why I get back so much when I don't have to pay for school. I got $2600 back last year.

Gregg2
Feb 2, 2011, 04:04 PM
Standard IRS forms are found online at IRS.gov, why bother going anywhere for them?

I don't want to read the instructions for the 1040 on my computer screen. I also don't have to use my printer when the gov't has already printed the forms for me. And, my printer won't do 2-sided printing. Besides that, I'm not sure if Schedule A is available online yet. (haven't checked) The reason the Library didn't have it is because the IRS was making last minute changes to it. It wasn't available anywhere, still might not be. Stopping at the Library or Post Office is not a bother. I'm not a hermit.

OutThere
Feb 2, 2011, 09:20 PM
I'll probably owe a *********. I've always had everything done by a trustworthy accountant my family has used for years, and so most of this stuff goes over my head. Urgh.

iMJustAGuy
Feb 2, 2011, 10:54 PM
I'll probably owe a *********. I've always had everything done by a trustworthy accountant my family has used for years, and so most of this stuff goes over my head. Urgh.

If you owe a shtload "as usual", maybe you need a new accountant, lol. How many exemptions do you claim?

EazyWeazy3
Feb 16, 2011, 06:07 PM
I think I'm gonna owe this year. :mad:

Prof.
Feb 17, 2011, 05:07 PM
I was going to get $504, but TurboTax took $100 for "processing fees" so now I'm getting $404.:mad::rolleyes:

Plutonius
Feb 17, 2011, 05:14 PM
What's this refund thing that you are talking about. I have never seen one in all my years of working so it must not exist :D .

Plutonius
Feb 17, 2011, 05:19 PM
I'm getting back $1,400 more for federal than I paid in as a result of refundable credits.

Perks of being a student making a fair bit but paying a ton for school I guess.

50% - 60% end up paying no Federal taxes or actually get more back then they put in. The rest work and pay taxes so the majority can freeload :D.

pnehls
Feb 17, 2011, 08:41 PM
Absolutely nothing, in fact I owe them money. Boo.

Melrose
Feb 17, 2011, 09:16 PM
Did my taxes a few weeks ago. Got $700 back from the Fed. I need to trim down my payments through the year so I can be using that money in the meantime.

Ryy
Feb 17, 2011, 09:25 PM
Absolutely nothing, in fact I owe them money. Boo.

I'm right there with you on that. Very depressing! :(

SwitchFX
Feb 17, 2011, 09:41 PM
About $9,000. I've been getting money for years now. It usually goes to improve the house. I can only recommend finding a fantastic tax specialist. It also helps if they worked for the IRS for years. :D

Mousse
Mar 5, 2012, 04:44 PM
Da Gub'ment tells me they're giving me back $4,002. After the wife and kids tax, I'm hoping to pocket a cool $2.

splitpea
Mar 5, 2012, 04:50 PM
Significantly negative. :( Self-employed, and income was much higher this year than last, so estimated taxes didn't cover it.

Although fully funding an IRA and HSA should help a bit.

Shouldn't complain, though. I know my taxes fund stuff I value, and while I do have to be frugal they don't make the difference between eating and starving, or whether I can afford somewhere to lay my head at night.

MultiM
Mar 6, 2012, 10:33 AM
Wife and I are getting about 11 grand back. Put quite a bit into RRSP's this year; not enough, but a start...

yg17
Mar 6, 2012, 10:43 AM
Three fitty.

Lanarae
Mar 6, 2012, 10:54 AM
Tax refund, only in my dreams.:D

acidfast7
Mar 6, 2012, 11:10 AM
just got 3.5k€ back.

Happybunny
Mar 6, 2012, 11:16 AM
Because of tax code changes, I'll receive € 4600 this year.

dmr727
Mar 6, 2012, 11:18 AM
We got a bunch back this year, but much of that is because of the house purchase. We're dialing back our withholdings as a result.

bobr1952
Mar 6, 2012, 11:19 AM
I owe about $300 this year--which is good news in a way because it means I paid almost half as much in loan interest since I refinanced my home the end of 2010. :)

thatoneguy82
Mar 6, 2012, 06:08 PM
~$8000 combined federal and state (CA). Down from last year's $10K. And yes, it's all legit. I had a lot of medical expenses in 2011 that were tax deductible.

smithrh
Mar 6, 2012, 06:40 PM
Tax refund != taxes...

For those of you getting big refunds - why? Forced savings plan at 0% interest?

Typically I have my deductions set so that I owe an additional few hundred bucks come filing time. This was Uncle Sam is giving me a 0% interest "loan" instead of the other way around.

Of course, this is totally separate from tax reduction strategies.

Xavier
Mar 6, 2012, 07:06 PM
~$25

JagsFan829
Mar 6, 2012, 10:44 PM
close to $400.. and it's only that high because we bought 2 new cars last year

zioxide
Mar 7, 2012, 11:10 AM
Over $900 combined federal and state.

I got every single dollar I paid in to federal taxes back thanks to education deductions.

For a 23 year old who's graduating in May, almost a grand is a ton of money. :D

Huntn
Mar 7, 2012, 11:44 AM
Over $900 combined federal and state.

I got every single dollar I paid in to federal taxes back thanks to education deductions.

For a 23 year old who's graduating in May, almost a grand is a ton of money. :D

The GOPers will be shaking their heads in dismay... freebies for education! :eek:

ender land
Mar 7, 2012, 11:57 AM
For those of you getting big refunds - why? Forced savings plan at 0% interest?

Typically I have my deductions set so that I owe an additional few hundred bucks come filing time. This was Uncle Sam is giving me a 0% interest "loan" instead of the other way around.

Of course, this is totally separate from tax reduction strategies.


Yes, this is actually one of the reasons I do this. If I have a smaller "amount" in my bank account I tend to spend less (regardless of how much is in there or what else I plan to do with it).

Additionally, I have enough in savings where the "loan" is not a huge deal to me. I can afford to loan the government about $2000 each year (roughly my refund this year) since that money would not be immediately useful to me elsewhere.

If I had a house/car payment/investments or something else to put the money towards (other than a trivial savings rate) you better believe I'd be paying less in taxes from my paycheck and taking advantage of the 0% loan from the gov :)

One of the drawbacks being a student, I guess, in that considering I do not have a guaranteed job after graduation having a more stable "cash account" helps. Once I end up with a fulltime job it'll make a lot more sense to load up on deductions and minimize how much I have taken out for taxes. But for the time being it's not really a big deal.

----------

The GOPers will be shaking their heads in dismay... freebies for education! :eek:


Last year because of the hope credit and stimulus I got back $1400 more in taxes than I paid (at least federal).

I'm selfishly sad the stimulus "making work pay" credit is gone - that's $400 less I got this year!

(not really sad though)

zioxide
Mar 7, 2012, 11:59 AM
The GOPers will be shaking their heads in dismay... freebies for education! :eek:

FREE? I went to public university, it still cost over $10,000 a year. I still have 15,000 in loans that I have to pay back over the next 10 years. That $900 is barely anything to the government. They would have given me back more if I had earned more money and paid more taxes.

Huntn
Mar 7, 2012, 12:19 PM
FREE? I went to public university, it still cost over $10,000 a year. I still have 15,000 in loans that I have to pay back over the next 10 years. That $900 is barely anything to the government. They would have given me back more if I had earned more money and paid more taxes.

As in tax freebies. Ok, so I was trying to be funny. ;)

ericrwalker
Mar 7, 2012, 12:38 PM
If you don't mind me asking.

Mine will be around $1900 but I don't have any children, am single, and don't make Steve Jobs salary. :D


Also, will you be purchasing any Apple products with it?
New (first mac) 27 incher for me... ahhhHHH!!!


This thread is a little old, but...

Instead of a dollar amount, I'd rather say what's your effective tax rate. I think people should know what rate they are paying. Depending on what you claim on your w4 you might be paying in our receiving a refund.

This year my effective federal tax rate was 6.5%, I had a child in 2011 so finally I am at a decent rate. I got $68 back federal.

chordate68
Mar 7, 2012, 12:42 PM
$300+ from the federal government and I owe the state $38.

I made less money last year and paid more in taxes than in 2010 when I made about $1500 more!