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EA CO AS
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U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 11:13 am

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

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
HT
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 11:21 am

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 !
 
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kc135topboom
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 11:31 am

Even though I am in the 28% tax bracket, I will be getting a refund from the IRS this year.
 
LH423
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 4:51 pm

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
 
ANCFlyer
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 5:00 pm



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  )
FOR THOSE THAT FOUGHT FOR IT, FREEDOM HAS A FLAVOR THE PROTECTED WILL NEVER KNOW OR UNDERSTAND
 
AirCop
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 5:46 pm

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 
 
airfoilsguy
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 7:00 pm

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.
It's not a near miss it's a near hit!!
 
MDorBust
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 7:03 pm

Paying.... Oh am I paying...
"I KICKED BURNING TERRORIST SO HARD IN BALLS THAT I TORE A TENDON" - Alex McIlveen
 
IFEMaster
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 7:04 pm

A healthy but complicated refund for me. And then I'm going on vacation.
Delivering Anecdotes of Dubious Relevance Since 1978
 
desertjets
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 7:08 pm

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
 
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khelmDTW
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 9:40 pm

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 
"Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration"
 
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fxramper
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 05, 2008 9:45 pm

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 
 
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Aaron747
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Wed Feb 06, 2008 4:14 am

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
 
threeifbyair
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Wed Feb 06, 2008 4:58 am

$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.
 
SAN787
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Wed Feb 06, 2008 5:12 am

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.
 
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kc135topboom
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Wed Feb 06, 2008 10:14 am



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 
 
RW170
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Wed Feb 06, 2008 2:52 pm

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
 
RJdxer
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Wed Feb 06, 2008 6:03 pm

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.
Warm winds blowing, heating blue skies, and a road that goes forever. I'm going to Texas!
 
N174UA
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Thu Feb 07, 2008 4:14 am

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 
 
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RayChuang
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Thu Feb 07, 2008 4:30 am

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
 
AS737900
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Thu Feb 07, 2008 6:52 am

I'm getting $461 next week! Big grin Its all going to credit cards. Evil evil evil credit cards. I hate them.
 
steeler83
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Thu Feb 07, 2008 9:58 pm

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!
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SNCNtry32
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Fri Feb 08, 2008 2:43 am

Refund. Sing and claim a 0. Womp Womp.
Long Live Memphis!
 
asuflyer05
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Fri Feb 08, 2008 6:24 am

I usually owe. Which is fine I'd rather owe than have floated Uncle Sam an interest free loan for the year.
 
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EA CO AS
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Fri Feb 08, 2008 8:28 am



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

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
bablackpilot
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Fri Feb 08, 2008 9:27 am

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 almost paid off, only $2,500 to go.
What sucks is that if I was allowed to write off my daughter and her mother and file as HOH I would be getting a HUGE refund.....
All I can say every year around this time is....DAMN, DAMN, DAMN!
My arrogance is only an issue between you and your self-esteem!"
 
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EA CO AS
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Fri Feb 08, 2008 4:12 pm



Quoting Bablackpilot (Reply 25):
What sucks is that if I was allowed to write off my daughter

Why can't you? It seems logical that if you're paying child support you can claim her as a dependent...
"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
BCAInfoSys
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Fri Feb 08, 2008 4:45 pm



Quoting EA CO AS (Reply 26):
Quoting Bablackpilot (Reply 25):
What sucks is that if I was allowed to write off my daughter

Why can't you? It seems logical that if you're paying child support you can claim her as a dependent...

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 at the state level.
Militant Agnostic - I don't know and you don't either.
 
airfoilsguy
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Fri Feb 08, 2008 4:57 pm

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 our
taxes, it would go something like this:
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.

So, that's what they decided to do. The ten men drank in the bar
every day and seemed quite happy with the arrangement, until one
day, the owner threw them a curve. 'Since you are all such good
customers, he said, 'I'm going to reduce the cost of your daily beer
by $20. Drinks for the ten now cost just $80.

The group still wanted to pay their bill the way we pay our
taxes so the first four men were unaffected. They would still drink
for free. But what about the other six men - the paying customers?
How could they divide the $20 windfall so that everyone would
get his 'fair share?' They realized that $20 divided by six is $3.33.
But if they subtracted that from everybody's share, then the
fifth man and the sixth man would each end up being paid to drink
his beer. So, the bar owner suggested that it would be fair to reduce
each man's bill by roughly the same amount, and he proceeded
to work out the amounts each should pay.

And so:
The fifth man, like the first four, now paid nothing (100%
savings).
The sixth now paid $2 instead of $3 (33%savings).
The seventh now pay $5 instead of $7 (28%savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 (22% savings).
The tenth now paid $49 instead of $59 (16% savings).
Each of the six was better off than before.
And the first four continued to drink for free.

But once outside the restaurant, the men began to compare their
savings.
'I only got a dollar out of the $20,'declared the sixth man.
He pointed to the tenth man,' but he got $10!'
'Yeah, that's right,' exclaimed the fifth man. 'I only saved a
dollar, too. It's unfair that he got ten times more than I!'
'That's true!!' shouted the seventh man.
'Why should he get $10 back when I got only two? The wealthy get all
the breaks!'
'Wait a minute,' yelled the first four men in unison. 'We didn't
get anything at all. The system exploits the poor!'

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks, so the
nine sat down and had beers without him. But when it came time to
pay the bill, they discovered something important. They didn't have
enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is
how our tax system works. The people who pay the highest taxes get
the most benefit from a tax reduction. Tax them too much, attack
them for being wealthy, and they just may not show up anymore. In
fact, they might start drinking overseas where t he atmosphere is
somewhat friendlier.

David R. Kamerschen, Ph.D.
Professor of Economics, University of Georgia
It's not a near miss it's a near hit!!
 
iflyatldl
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sat Feb 09, 2008 1:41 am

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 and send it in just like last year on Monday and have a check hanging out there for $87.00 for at least until mid May. And probably get Fed back first, but still....it SUCKS! I guess ya gotta give a little...  Wink
Ah, Summer, Fenway Park, Boston Red Sox and Beer.....
 
BR715-A1-30
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sat Feb 09, 2008 6:43 pm



Quoting IFEMaster (Reply 8):
And then I'm going on vacation.

That's what I'm doing with my $1,200.00 refund... Lake Geneva, WI HERE I COME!!!
Puhdiddle
 
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fxramper
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sat Feb 09, 2008 6:51 pm



Quoting BR715-A1-30 (Reply 31):

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.

 rotfl 
 
airtrainer
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sat Feb 09, 2008 10:01 pm

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 don't earn a fortune at all !). I really hate this country Sad
Life is short : eat dessert first !
 
DLPMMM
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sun Feb 10, 2008 12:51 am



Quoting Airfoilsguy (Reply 28):

 thumbsup 

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.
 
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STT757
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sun Feb 10, 2008 12:55 am

My Wife and I owe $6000, we got back $6,000 last year.
Eastern Air lines flt # 701, EWR-MCO Boeing 757
 
Duff44
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sun Feb 10, 2008 2:28 am

$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 exemptions and get an even bigger refund in 2009 Big grin
I'll rassle ya for a bowl of bacon!
 
Dougloid
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sun Feb 10, 2008 3:18 am

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 lower that down some. Probably won't get the federal stimulus payoff. I'd really like it if I could deduct all my student loan interest.
If you believe in coincidence, you haven't looked close enough-Joe Leaphorn
 
steeler83
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Sun Feb 10, 2008 5:33 am



Quoting Airtrainer (Reply 34):
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 don't earn a fortune at all !). I really hate this country

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 return -- something NOT pertaining to a request for more money!

Something is not kosher over there if they're pulling that stuff -- that's for sure...
Do not bring stranger girt into your room. The stranger girt is dangerous, it will hurt your life.
 
Dougloid
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Mon Feb 11, 2008 6:57 pm

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 going in the new car fund.

Whatta nice surprise.

I'm supposed to file quarterly returns but I never do because my income's irregular. When I stopped to figure it out the penalties for not filing quarterly was $46. Considering what my time is worth to me, I'd rather sit here with a box of carpet tacks and pound them into my head with a hammer than to do my taxes four times a year instead of once.

Just my opinion, mind ya.
If you believe in coincidence, you haven't looked close enough-Joe Leaphorn
 
garnetpalmetto
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RE: U.S. Tax Returns - Refund, Or Do You Owe?

Tue Feb 12, 2008 6:17 am

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 Turbotax before, what all, if anything do I need to mail to the IRS and the NC Department of Revenue if I e-filed?
South Carolina - too small to be its own country, too big to be a mental asylum.

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