Is mine bigger than yours? (tax refunds)

[Mike_Lowery]

Fed: 620
HI: 546


What's yours? Bumbucha?

[craigwatanabe]

Wayyy bigger...I'm a home owner with a home improvement mortgage and claiming a big fat ZERO on dependants.

People say to claim as much as possible but I'm one of those if I get it monthly I'll spend it, so I let Uncle Sam keep it until I need it then use that big refund to pay down my expenses I accrued over the year.

[DannyWilliams]

My Fed hit the thousand mark but dropped when I reported Unemployment for a brief stint ealier this year. My heart sank when I notice the amount dwindled thru TurboTax that I was doing it on. But at least it did not drop below $500. And state is a ok amount.

At least I am NOT owing. :rolleyes:

[blueyecicle]

4700.00 Federal Happy Camper this week.
350.00 state

[Mike_Lowery]

4700.00 Federal Happy Camper this week.
350.00 state

damn, I'ma go out and get me 10 foster kids this month.

[blueyecicle]

damn, I'ma go out and get me 10 foster kids this month.

HA! I have 3 kids. That is all.

[Pua'i Mana'o]

Not all of us with kids and a mortgage get refunds. And our exemptions < the number of dependents.

[blueyecicle]

A total income of 30K a year makes for better refunds.
Anything over 38K and you don't get the same deductions

[Konaguy]

185.00 State
869.00 Feds

[zff]

Wayyy bigger...I'm a home owner with a home improvement mortgage and claiming a big fat ZERO on dependants.

People say to claim as much as possible but I'm one of those if I get it monthly I'll spend it, so I let Uncle Sam keep it until I need it then use that big refund to pay down my expenses I accrued over the year.I'm the same way. I won't delude myself by underestimating how irresponsible I can be with money. :D

[Mike_Lowery]

767 feds
751 state

:cool:

[Konaguy]

2007 tax return

882.00 Feds
231.00 State

[Frankie's Market]

People say to claim as much as possible but I'm one of those if I get it monthly I'll spend it, so I let Uncle Sam keep it until I need it then use that big refund to pay down my expenses I accrued over the year.

If someone is the type who cannot stick to a budget and doesn't like to save, that's probably the way to go. For them.

For me, I don't like Uncle Sam hanging on to too much of my money during the year. Remember, the govt. doesn't pay you any interest on that money. But if it's in a bank, it would be.

I suppose it doesn't really matter a great deal if your anticipated income tax refund is a small amount. But if it's into the thousands, it's simply not being smart with your money.

[craigwatanabe]

You become smart with your budgeted monies. The tax return is simply icing on the cake because the prudent investor will figure out a way to keep their taxable income limited before taxes such as annuities, IRA's and employee matching pre-taxed 401k's. By getting a refund at the end you are only taxed for that as income by the State. Remember the Federal government doesn't tax your itemized return refunds.

That lump sum income at the end of the year can come in handy when those unexpected emergencies arise. And because they aren't tied to any investment vehicle, it's fairly liquidable at that point, but not too liquid where temptation takes it away for less than dire needs.

[Frankie's Market]

Remember the Federal government doesn't tax your itemized return refunds.

True. Which is why I specifically said "anticipated income tax refund," as that figure is controlled by the federal/state tax withheld from each paycheck.

I was not referring to monies refunded due to special exemptions, deductions, and tax credits.