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U.S. Tax Returns - Refund, Or Do You Owe?  
User currently offlineEA CO AS From United States of America, joined Nov 2001, 13613 posts, RR: 62
Posted (6 years 7 months 4 weeks 1 day 18 hours ago) and read 1774 times:
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My wife and I just had our taxes done, and since we're used to living on what we make claiming "single" and 1 deduction, we've not changed our W-4s since we got married.

Consequently, we're getting a REALLY nice refund this year!  bigthumbsup 


So how 'bout it, American a.nutters - are you paying Uncle Sam this year, or is he writing you a check?











Disclaimer - I know it's like giving the government an interest-free loan, but I view it as a 'forced savings account' if you will, one that we can't just blow on frivolous stuff throughout the year (and we would) - so now each year we use our anticipated refund for home improvement projects.


"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan
39 replies: All unread, showing first 25:
 
User currently offlineHT From Germany, joined May 2005, 6525 posts, RR: 23
Reply 1, posted (6 years 7 months 4 weeks 1 day 18 hours ago) and read 1772 times:

Quoting EA CO AS (Thread starter):
are you paying Uncle Sam this year, or is he writing you a check?

While I have to make my income tax declaration over here in Germany, seeing the recent cutbacks in allowances, I suspect that I will have to pay my government a few € (lower 3-digit figure) apart from the €€€€€ they already had received throughout the year.

Statements from savings account usually come in March/April or so - so I will be able to make my income tax declaration only by then. Legally I have to submit it by end of May. Of course, my submission is done online, but some accompanying papers need to be sent by mail anyhow.
-HT

Edit: Added one "€" as the monthly income tax deduction sums up to a 5-digit figure.

[Edited 2008-02-05 03:23:31]


Carpe diem ! Life is too short to waste your time ! Keep in mind, that today is the first day of the rest of your life !
User currently offlineKC135TopBoom From United States of America, joined Jan 2005, 12150 posts, RR: 51
Reply 2, posted (6 years 7 months 4 weeks 1 day 17 hours ago) and read 1767 times:

Even though I am in the 28% tax bracket, I will be getting a refund from the IRS this year.

User currently offlineLH423 From Canada, joined Jul 1999, 6501 posts, RR: 54
Reply 3, posted (6 years 7 months 4 weeks 1 day 12 hours ago) and read 1746 times:

I'll be getting a small refund from the gov't, in the region of around $150 since I only worked over the summer. That's a bit of a change from the $450 I got the year before.

LH423



« On ne voit bien qu'avec le cœur. L'essentiel est invisible pour les yeux » Antoine de Saint-Exupéry
User currently offlineANCFlyer From , joined Dec 1969, posts, RR:
Reply 4, posted (6 years 7 months 4 weeks 1 day 12 hours ago) and read 1743 times:



Quoting EA CO AS (Thread starter):
Refund

 rotfl  rotfl  rotfl 

Quoting EA CO AS (Thread starter):
Do You Owe?

 yes 

Not much this year though, I generally break even through withholding and other payments. I'll owe @ US$116.00 this year, after paying in over US$25K in 2007.

Next year, that'll all be different. New Mortgage, new wife, new kids (read those: tax deducations  biggrin  )


User currently offlineAirCop From , joined Dec 1969, posts, RR:
Reply 5, posted (6 years 7 months 4 weeks 1 day 11 hours ago) and read 1729 times:

Well I was going to owe, but CALPERS just informed me, under Pension Protection Act of 2006, a retired public safety officer can exclude from federal gross income up to $3,000 annually for retirement plan benefits paid directly to an insurer as qualified health insurance or long-term insurance premium. So suddenly its a little bit of a refund time..  bigthumbsup 

Quoting ANCFlyer (Reply 4):
Not much this year though, I generally break even through withholding and other payments. I'll owe @ US$116.00 this year, after paying in over US$25K in 2007.

Did you pay back your loan shark (or would that be a polar bear) before he broke any bones?  box 


User currently offlineAirfoilsguy From , joined Dec 1969, posts, RR:
Reply 6, posted (6 years 7 months 4 weeks 1 day 10 hours ago) and read 1715 times:

I haven''t seen a refund in years and am going to owe a fortune. Around this time of year I get a little annoyed with the government.

User currently offlineMDorBust From , joined Dec 1969, posts, RR:
Reply 7, posted (6 years 7 months 4 weeks 1 day 10 hours ago) and read 1714 times:

Paying.... Oh am I paying...

User currently offlineIFEMaster From , joined Dec 1969, posts, RR:
Reply 8, posted (6 years 7 months 4 weeks 1 day 10 hours ago) and read 1710 times:

A healthy but complicated refund for me. And then I'm going on vacation.

User currently offlineDesertJets From United States of America, joined Feb 2000, 7780 posts, RR: 16
Reply 9, posted (6 years 7 months 4 weeks 1 day 10 hours ago) and read 1708 times:

I've been getting back more or less the same amount every year, roughly $500 so my withholdings on my payroll were more or less right. But now that I am back in school again I was able to qualify for the $2000 Lifelong Learning Credit which gave me a healthier than average return. Guess I will spend the $2k on educational expenses.  Wink


Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
User currently offlineKhelmDTW From United States of America, joined Jun 2007, 269 posts, RR: 0
Reply 10, posted (6 years 7 months 4 weeks 1 day 7 hours ago) and read 1682 times:

Refund.

For me, it was about 7% of what I make. No deductions, no donations on record. All in all, not too bad. However, I would like some deductions, maybe I should call that chica I met in Mexico  Wink

I did manage to not have to pay taxes on my computer that I purchased out of state, God its nice having a relative thats a CPA.

Next year should be really good. More income and student loan interest.  bouncy 



In Thrust We Trust
User currently offlineFXramper From United States of America, joined Dec 2005, 7305 posts, RR: 85
Reply 11, posted (6 years 7 months 4 weeks 1 day 7 hours ago) and read 1679 times:
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I do owe, but my Super Bowl winnings will just about cover it. I'll be in the plus once Uncle Sam sends me that $600 stimulus check.

 rotfl 


User currently onlineAaron747 From Japan, joined Aug 2003, 8165 posts, RR: 26
Reply 12, posted (6 years 7 months 4 weeks 1 day 1 hour ago) and read 1646 times:

Owing to living overseas and making under 80K, I'm happy to report I owe Uncle Sam absolutely nothing. And I received a refund for $2200 from the Japanese government last December.


If you need someone to blame / throw a rock in the air / you'll hit someone guilty
User currently offlineThreeIfByAir From United States of America, joined Aug 2007, 686 posts, RR: 1
Reply 13, posted (6 years 7 months 4 weeks 1 day ago) and read 1632 times:

$311 refund on the way! I always use direct deposit, so the money is mine within 2 weeks usually (I can't imagine why anyone would take a check, unless you don't have a bank account, in which case I can't imagine why you don't have a bank account). I'll "stimulate" the economy by using it for my last set of textbooks in March.

User currently offlineSAN787 From United States of America, joined Jun 2007, 616 posts, RR: 1
Reply 14, posted (6 years 7 months 4 weeks 1 day ago) and read 1625 times:

5 Feb...and still waiting on my 1099-MISC. However, Sammy's got a few Gs with my name on it. Saving it for grad school.


those who don't get carried away should be.
User currently offlineKC135TopBoom From United States of America, joined Jan 2005, 12150 posts, RR: 51
Reply 15, posted (6 years 7 months 4 weeks 19 hours ago) and read 1615 times:



Quoting ANCFlyer (Reply 4):
I'll owe @ US$116.00 this year, after paying in over US$25K in 2007.

You da' man  bigthumbsup 

Quoting ANCFlyer (Reply 4):
Next year, that'll all be different. New Mortgage, new wife, new kids (read those: tax deducations )

No, No, Don't do it There are better ways to reduce your taxes, cheat.  banghead 

Or just say the IRS cannot tax you, Wesley Snips did (of course he is getting 3 to 5 years in an all expenses paid US Government "resort")
 ashamed 

Quoting FXramper (Reply 11):
I'll be in the plus once Uncle Sam sends me that $600 stimulus check.

Your "Uncle" is sending you your own money.  blockhead 


User currently offlineRW170 From United States of America, joined Sep 2007, 430 posts, RR: 0
Reply 16, posted (6 years 7 months 4 weeks 14 hours ago) and read 1605 times:

Refund of approximately $5,000


319/320/321/712/733/734/735/73G/738/752/753/763/CR2/CR9/DH8/135/145/170/175/190/D9S/D94/D95/M82/M83/M88
User currently offlineRJdxer From , joined Dec 1969, posts, RR:
Reply 17, posted (6 years 7 months 4 weeks 11 hours ago) and read 1597 times:

Sold my bank stocks before they took a dive and used that money to finance some around the house projects and my daughters college so this year, owing to captial gains, we will have to pay.

User currently offlineN174UA From United States of America, joined Jun 2006, 994 posts, RR: 0
Reply 18, posted (6 years 7 months 4 weeks 1 hour ago) and read 1581 times:

I did mine and filed about a week ago. $3500 on the way to me, should see it on the 15th. Between mortgage interest, school loan interest, 401k contribution, real estate taxes, education deduction ($4k) I'm sitting pretty.

I'll be banking the whole thing. I've been wanting to have 3 months of living expenses put away in an emergency, so I'll be about halfway at that point.

Now, my refund for the economic stimulus will be buying me a Wii and Guitar Hero! It should be here in early June, right about the time I finish my Masters degree. Oh what fun summer will be!  biggrin 


User currently offlineRayChuang From United States of America, joined Jun 2000, 8018 posts, RR: 5
Reply 19, posted (6 years 7 months 4 weeks ago) and read 1574 times:

I'm getting US$827 back from IRS and California FTB refunds.  bigthumbsup  Thinking about getting a clock radio/iPod docking station and banking the rest.  Smile

User currently offlineAS737900 From United States of America, joined Oct 2000, 343 posts, RR: 0
Reply 20, posted (6 years 7 months 3 weeks 6 days 22 hours ago) and read 1555 times:

I'm getting $461 next week! Big grin Its all going to credit cards. Evil evil evil credit cards. I hate them.

User currently offlineSteeler83 From United States of America, joined Feb 2006, 9217 posts, RR: 21
Reply 21, posted (6 years 7 months 3 weeks 6 days 7 hours ago) and read 1531 times:

I hope I get a refund this year. For the last few years I have gotten refunds. For 2007, I made over $7 grand from my internship and the Eden Resort collectively. Then I finished school, then closed out 2007 by braking my ankle. Right now, I have no means of income. I am trying to find a job. The last thing I need right now is to find out that I still owe Uncle Sam money I don't even have.


I am worth less than dirt!



Do not bring stranger girt into your room. The stranger girt is dangerous, it will hurt your life.
User currently offlineSNCntry32 From United States of America, joined Jan 2007, 1519 posts, RR: 0
Reply 22, posted (6 years 7 months 3 weeks 6 days 2 hours ago) and read 1514 times:

Refund. Sing and claim a 0. Womp Womp.


Long Live Memphis!
User currently offlineAsuflyer05 From United States of America, joined Feb 2004, 2373 posts, RR: 3
Reply 23, posted (6 years 7 months 3 weeks 5 days 23 hours ago) and read 1503 times:

I usually owe. Which is fine I'd rather owe than have floated Uncle Sam an interest free loan for the year.

User currently offlineEA CO AS From United States of America, joined Nov 2001, 13613 posts, RR: 62
Reply 24, posted (6 years 7 months 3 weeks 5 days 20 hours ago) and read 1495 times:
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Quoting Asuflyer05 (Reply 23):
I'd rather owe than have floated Uncle Sam an interest free loan for the year.

Uncle Sam's giving me back nearly $8,300 and I'm perfectly okay with that.  bigthumbsup 



"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan
25 Bablackpilot : I haven't done mine yet but I know I owe....Come to think of it, it's not the government that takes my money, it's back child support. At least I'm al
26 EA CO AS : Why can't you? It seems logical that if you're paying child support you can claim her as a dependent...
27 BCAInfoSys : Usually the parent with primary custody is the only one that gets to claim the child. It's becoming a major source of audits/fraud checking, at least
28 Airfoilsguy : My dad sent me this. Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay ou
29 Post contains images Iflyatldl : I did a rough draft today of mine-the usual, around $475.00 Fed refund and an annoying $ 87.00 pay to state. And I'll go ahead and crunch it, fix it a
30 BR715-A1-30 : That's what I'm doing with my $1,200.00 refund... Lake Geneva, WI HERE I COME!!!
31 Post contains images FXramper : My girlfriend is a 1st grade teacher and is getting a nice return back. She wants to take us on a trip - who am I to argue.
32 Post contains images Airtrainer : Here in Belgium I "give" more than 40% of my monthly income but it isn't enough as I had to pay an extra € 1600 at the end of the year (and no, I do
33 Post contains images DLPMMM : Looks like I am going to owe another $10,000 or so. Maybe it is time for me to look for a drinking hole somewhere overseas.
34 STT757 : My Wife and I owe $6000, we got back $6,000 last year.
35 Post contains images Duff44 : $399 back from the feds, $342 back from the state of CT. Hopefully if I get a raise/promotion later this year, I'll be able to go back to claiming no
36 Dougloid : I did the preliminary run through today and it looks like I owe about $6,500. I've got two side businesses that have ot be tweaked so I expect to lowe
37 Steeler83 : Aw man, that is rough! If you give that much (and I imagine that it's way more than what is required) then you should be entitled to something in ret
38 Dougloid : Update....got what I owe down to $4,412 and I'm going to file tomorrow. And me and the Dragon Lady do get the Federal Stimulizer package which is goin
39 Garnetpalmetto : Just filed with Turbotax and I'm looking to get $2,340 back from the Feds and $467 back from North Carolina. Out of curiosity - anybody who's used Tur
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