Tax Refunds: How much and what are you doing with it?

Around $3800, I think. Hooray for lifetime learning credits. It goes in the savings account, where it goes every year, to pay for school travel and books throughout the year. Sadly, it still doesn't cover it.

 

Paying $2k. Not real pleased about it.

 

I had a nice long list of things I was going to do with my return, but that damn 1099 from the catering company sucked up over $800 of what I was originally going to get back. So now...I'll probably spend it on the dogs. Vaccinations and such. Maybe one fun purchase from thinkgeek.

 

We got about $5000 back. Most of it went to paying off the credit card debt we'd accumulated throughout last year.

 

I OWE, not surprising....I'd rather have the use of MY MONEY and pay the F' ing Gummint, in APRIL...so I'll be sending a check...
Oh, and being retired for 21 years, collecting my PENSION F em all

 

This has to be as un-ideal as anything could be.
Unless the debt is at 0% this is the worst arbitrage possible. You're handing over money to the govt. at no charge over the course of the year, while accumulating expensive debt because you don't have the cash.
Why not use your money all year long and not take high interest debt while lending to the IRS for free?

 

I haven't done my taxes yet but I haven't owed in years.... If I get anything back, it usually goes into savings, I might throw in an extra mortgage payment if the amount is high enough to have a substantial amount left over for the savings account.

 

I'll be getting around 5200 back if my math was done correctly. /fingerscrossed The 1099 worked in my favor this year for the first time in a while. Half will go into commodities and the other half I haven't decided on just yet but I'm leaning towards helping paying off a medical debt for a friend.

 

It's funny this time of year the people complaining about paying too much in taxes eagerly await their refunds and stop complaining for a week or 2. It's easy to complain when you see the taxes taken out every week, but when you get the refund and see you are what the talking heads bitch about because you are getting money back and thus must not be in the 50% paying taxes for everyone else, it must sting just a bit.

 

Thanks cynthetiq, for bringing up this topic. It's so much easier to talk about money on a forum rather than-face-to-face. I like the idea of using an accountant too, as the things you'll learn about your money will most likely cancel the cost of the accountant. That said, we're not using one this year because my spouse would rather do it himself using TurboTax(sp) so of course the taxes are not done yet though I know that spouse's & my part-time job/incomes 'are killing us' (his words).

I keep asking to take over the finances but I am indeed terrible at math so he continues.
Where we get into trouble is that I'm on full Social Security Disability from which the government does not take tax but from which I must pay tax. My 'starving writer's' income isn't enough to hurt and can help with deductions but again, having an accountant sort through this would be my advice.
So, point blank I ask spouse last night...'Are the taxes done?' Nope. If it is anything like last year, we'll get a small refund. In truth, our 'splurge' money (bills, vacations, whathaveyou) comes from his yearly bonus which came last month.

For right now, I'm not in the driver's seat with my taxes and that is something I need to correct.

 

Well yes, with property taxes you want the best bang for your buck because it helps property values when you have good snow removal, parks, trash pick up, police, schools, etc.

 

In 2009-10 I was out of work for part of the year so I received refunds, but from 2004-08 I always owed a small amount and could manage it. I was hoping to get a small refund this year, maybe $100-200 and would have used it to help pay for new tires for my car. I owed $700 this year though, and it hurts really really bad when I'm barely making it as it is. Luckily I did my taxes back in January and knew about it so with the overtime I've been working I knew I had to set the extra money aside so I could pay it today.

 

I never get a tax refund here. I do, however, have to pay taxes. Singapore does not take them from your wages but rather bills you at the end of the year. At that time you have a choice of paying it off up front or paying it in installments (interest free) over the following year. After my first year here, where I put money aside to pay my taxes, I now choose to pay it monthly.

That said, if I received a refund, I suppose I would spend it on something. I am debt free and already have a pretty agressive savings plan, so any extra money (which I can't imagine would be much) would be frivolously spent on something to make me happy.

 

Did mine February, about 500. back. vacation fund.

I do taxes for friends, sometimes I just don't understand why a lot of folks don't want to get financial advice before pulling monies out of different places and don't know what the consequences will be in the end.
Never take a lump sum from a pension unless you intend to rollover into IRA or Annuities within 60 days. Does not matter if your over 65. You still have to pay taxes.