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2011 Income Tax Refund - How much did you get?

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I will probably owe around $15K. It is hard for me to gauge my quarterly payments as my side business is somewhat unpredictable. I will have to squirrel away about $40K into a SEP-IRA which will drop my tax liability and save me $10K.

People - let me reiterate that the money you are getting back was yours to begin with. The name of the game is to get to as close to $0 in a refund as possible. Paying $1 is better than getting $5,000 refund because you loaned the government that money interest free.

Although I hate how our government spends money, I am proud to be a tax paying citizen, the likes of which this country wouldn't be as great as it is.
 
amddude said:
My income was $38k (after FICA, etc) and I got it. My refund is about $5800 and would have been almost $6k but I cashed out a tiny 401k.
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Pulled that from EIC table single 1 kid, which rudeguy is. Married 3 kids is up to $483623. I don't know where you fall. Also, it's based on your adjusted gross, iirc.
 
Zivic said:
the fact you get a refund has no reflection your salary or your kids... just means you are dumb enough to let the government have an interest free loan from you for the past yr. If you were smart enough, get your withholding correct and owe nothing and get nothing back at the end of the yr
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BAAAHAHAHAHAHAHAHHAHAHAHAHAHAH!!!!

The $179 withholding was from a bonus check earlier this year which is automatically taxed at the highest rate regardless of your expemptions. I claim 14 (yes, that's FOURTEEN) on my withholdings, meaning I have exactly $0 taken out of every paycheck I get for federal withholdings. And yet I still get money back at the end of the year.

Who's the dumb one now? :whiste:
 
Love threads on this forum. Question guys.. How many federal allowances should a 27 year old who is single with no kids claim so at the end of the year i owe nothing and get nothing back?
 
Castiel said:
Love threads on this forum. Question guys.. How many federal allowances should a 27 year old who is single with no kids claim so at the end of the year i owe nothing and get nothing back?
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Probably 5 or 6. Would depend on your income. There are calculators on the web that tell you exactly.
 
I'll probably have to pay a million dollars because that's just my luck the past year.

I paid $1,100 last year and I am a single college student, but my parents claimed me...I think that fucked me. I really don't know.

I feel like I am doing my taxes wrong all of the time. But how is that possible...TurboTax and 1040EZ is about as easy as it gets. Any easier and it'd be a crime.

Kcuf.
 
did mine January 5th and efiled them to IRS. getting back $2135 next Friday. buying sandy bridge setup with it and paying off credit card
 
spidey07 said:
LOL at interest free loan to the government. Adjust your witholdings people. You didn't "get" any money, that was your money to begin with.
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But its money my wife doesnt "see" 😉

Its like a forced savings account that I dont miss. Gives me the opportunity to make some home improvements each year.
 
I haven't file mine. I'm expecting at least 3K back. I will be buying 30K worth of RRSP to bring down my income tax bracket. Hopefully an additional 9~10K return. It could mean that I have to move 15K out of my trading account, or take out a bank loan (kinda sux).
 
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First can't file until all documents are in and that won't be until late Feb or mid March for me.

Second, I expect to write a check to "Eternal Revenue Service"
or as some prefer "Infernal Revenue Service"

Third, please fix topic title as it is the Year 2010 Return / Refund you are
filing come Apr 15, 2011
 
Apple Of Sodom said:
People - let me reiterate that the money you are getting back was yours to begin with. The name of the game is to get to as close to $0 in a refund as possible. Paying $1 is better than getting $5,000 refund because you loaned the government that money interest free.

Although I hate how our government spends money, I am proud to be a tax paying citizen, the likes of which this country wouldn't be as great as it is.
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+1 and please fix the title of the thread...it is 2010 income taxes not 2011.
 
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