How much is YOUR tax refund going to be?

iMJustAGuy

macrumors 68020
Original poster
Sep 10, 2007
2,121
0
Beach, FL
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!!!
 
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GoCubsGo

macrumors Nehalem
Feb 19, 2005
35,743
141
Negative. The feds bend me over, **** me up the rear and never say thanks.
 

iMJustAGuy

macrumors 68020
Original poster
Sep 10, 2007
2,121
0
Beach, FL
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

macrumors regular
Jun 11, 2007
143
0
Silicon Valley
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

macrumors 65816
Feb 1, 2002
1,460
6
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

macrumors P6
Nov 14, 2007
16,864
1,480
1 Geostationary Tower Plaza
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

macrumors 68020
Aug 11, 2006
2,362
55
Seattle, WA
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

macrumors 68020
Original poster
Sep 10, 2007
2,121
0
Beach, FL
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

macrumors G5
Aug 1, 2004
14,888
2,480
St. Louis, MO
$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

macrumors regular
Jun 11, 2007
143
0
Silicon Valley
$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

macrumors Nehalem
Feb 19, 2005
35,743
141
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

macrumors 601
Jun 1, 2007
4,284
0
Chicago, IL, USA
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

macrumors 6502
Feb 19, 2006
312
0
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.
 

Gregg2

macrumors 603
May 22, 2008
5,809
344
Milwaukee, WI
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!
 

steve2112

macrumors 68040
Feb 20, 2009
3,023
6
East of Lyra, Northwest of Pegasus
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.
 

swiftaw

macrumors 603
Jan 31, 2005
6,309
20
Omaha, NE, USA
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

macrumors P6
Jul 17, 2005
18,052
1,183
5045 feet above sea level
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

macrumors 603
Jan 31, 2005
6,309
20
Omaha, NE, USA
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

macrumors regular
Jul 9, 2007
218
0
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!