How much is YOUR tax refund going to be?

Negative. The feds bend me over, **** me up the rear and never say thanks.

$1.50

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.

wdaleherring said:

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 ! !

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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.

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.

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!

$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.

yg17 said:

$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.

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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.

wdaleherring said:

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 ! !

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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'.

wdaleherring said:

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 ! !

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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.

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.

I think I claimed ONE, so I might end up owing money.

Negative $876. I'm pissed.

agbot said:

Uncle Sam makes a lot more than I do so I don't need to be lending him any money at 0% interest.

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Yep. +2

kellen said:

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!

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Actually, no it doesn't. If I owe $6 and you get $6,000 back, I win!

Prof. said:

I think I claimed ONE, so I might end up owing money.

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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!

Negative. I pay estimated taxes instead of withholding, and my income this year is more than last year.

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.

Paying in.

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.

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"

dukebound85 said:

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"

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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.

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!