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How much is YOUR tax refund going to be?

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.
 
quadG5guy said:
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.
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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.

it5five said:
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".
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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.
 
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.
 
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

quadG5guy said:
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).
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HOW IN GOD'S NAME DOES SOMEBODY GET THAT KIND OF REFUND!? :eek:
 
cantthinkofone said:
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:
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anybody can if u write off enough bogus stuff...its all good and well until the IRS audits you.
 
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.
 
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.
 
cantthinkofone said:
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.
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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.
 
"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.
 
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.
 
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.
 
GSMiller said:
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.
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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!
 
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
 
mstrze said:
So, you REALLY couldn't use an extra $1500-$2000+ a month?:confused:
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quadG5guy said:
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. :(
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Prof. said:
I'm so glad you have the luxury to complain about an $18,000 tax return. :rolleyes:
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dukebound85 said:
i know, pretty tacky
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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.
 
cantthinkofone said:
HOW IN GOD'S NAME DOES SOMEBODY GET THAT KIND OF REFUND!? :eek:
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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....
 
/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:
 
AdamA9 said:
/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:
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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.
 
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