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How much is YOUR tax refund going to be?
- Thread starter 125037
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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. 
~$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.
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.
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.
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.
The GOPers will be shaking their heads in dismay... freebies for education!
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.
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The GOPers will be shaking their heads in dismay... freebies for education!
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)
The GOPers will be shaking their heads in dismay... freebies for education!
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.
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.
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.
$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!
I made less money last year and paid more in taxes than in 2010 when I made about $1500 more!