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Your tax return - 2 questions for you
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
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Re: Your tax return - 2 questions for you
We got a nice return back and we are using it to open roth IRAs for each of us. Next year, I would like to try and not get anything back. I am over giving the IRS a free loan. 
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Posted 4/5/11 11:22 AM  |
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bobby769
LIF Infant
Member since 7/10 253 total posts
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Re: Your tax return - 2 questions for you
we got a decent amount and will be using it for closing costs on a refi.
Generally I agree that it's best to owe the IRS but honestly, how many of those people who who get that extra money in their paychecks are using it to save for a rainy day or make that bug ticket purchase?
Getting bigger paychecks makes sense only if you have the financial discipline to make good use of that money.
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| Posted 4/5/11 4:56 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Your tax return - 2 questions for you
Posted by hazeleyes33
How much interest is the gov't actually making on the refund you get though?
I have never gotten an answer for this so I wonder if it is really that much.
In terms of precentage it's probably not very much but when you consider that you're talking about thousands of people 'loaning' the IRS thousands a year, it adds up.
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| Posted 4/5/11 4:58 PM |
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Re: Your tax return - 2 questions for you
1. I knew we had to pay taxes because I worked part time as a 1099 and it was a substantial amount of money I earned last year... but because of DH's mortgage and other deductions we qualify for, we only had to pay 3K less than what I originally anticipated.
2. That extra money I thought was going to the IRS - went to Sallie Mae instead to pay off as much of my student loans as possible.
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| Posted 4/5/11 10:00 PM |
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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
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Re: Your tax return - 2 questions for you
Posted by missfabulous
We ended up with more than we thought. We're putting it in savings since we're buying a house right now!
this
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| Posted 4/6/11 10:46 AM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Your tax return - 2 questions for you
I don't care if I give the government an interest free loan, I know if I had that money in my pocket I would burn through it.
And, I don't need a forced savings plan-we save plenty this is like getting another bonus every year and I like it.
What I don't like is having to take a chunk of my savings and send it to the gov't-I avoid that at all costs and over pay my taxes as much as possible so we get a nice chunk back.
You may not like it, but I am never miserable at tax time
ETA: to answer the original question, we got back more than expected. We are putting some of it towards a project for our house and the rest in savings.
Message edited 4/6/2011 12:18:02 PM.
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| Posted 4/6/11 12:17 PM |
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