Got my W2, Just did my taxes...

[SWScorch]

I am getting $342 back from the government. That's about $700 more than last year

 

[tec699]

Originally posted by: classy

Originally posted by: jumpr
I owe $64 to George W. and $74 to Michigan Gov. Jennifer Granholm.

Got back $7000 last year, home owner. Probably about the same this year. But your governor is one sweet looking politician.

whew.. I thought you were talking about our NJ govenor.

 

[wischeez]

Fed. tax withheld = $519

Fed. Refund = $5117


State tax withheld = $601

State Refund = $1103


Total Refund = $6220

Did taxes online with CompleteTax..... $0 charged

 

[CrazyDe1]

I owe 35k...

 

[bamacre]

Technically, it is better to have to pay rather than get money back. If you are getting money back, the gov't borrowed that money from you interest-free. On the other hand, if you have to pay more, you borrowed that money from the gov't interest-free.

It's still nice to get money back.

In my case, $441 back to my wallet this year.

/heads to HOT Deals forum to splurge

 

[TrueBlueLS]

I'm getting back $299 from the Fed and $60 from Michigan.

 

[Engineer]

Originally posted by: allisolm

Originally posted by: gutharius
Just did my taxes, took a whole 5 minutes (1040A) and I ended up owing $128.20. Which is better than last year, $155 then.

Anyone who can do their taxes in 5 minutes on a 1040A doesn't even know the meaning of the word. :brokenheart:

I did mine on TurboTax.com and did the 1040 including itemized deductions in 15 minutes. Very easy since the information is automatically pulled in from last year.

I got back too much and may change my deductions to keep from loaning Uncle Bush the money (he borrows enough already). Problem is that I don't know what to expect from the tax cut situation for next year (less or more). Decisions, decisions.....

 

[moshquerade]

just did mine too, and i won't brag, but i'm getting some serious cash back. i need to adjust so i don't loan Uncle Sam so much of my money this year.

 

[mcvickj]

I'm getting $837 federal and 210 state (MI) I'm also getting about $20-ish back from 2 different cities. I work in one and live in the other and the both feel the need to tax me.

Originally posted by: classy

Originally posted by: jumpr
I owe $64 to George W. and $74 to Michigan Gov. Jennifer Granholm.

Got back $7000 last year, home owner. Probably about the same this year. But your governor is one sweet looking politician.

Uhh...you must be wearing some strong beer goggles.

 

[moshquerade]

Originally posted by: wischeez
Fed. tax withheld = $519

Fed. Refund = $5117


State tax withheld = $601

State Refund = $1103


Total Refund = $6220

Did taxes online with CompleteTax..... $0 charged

that's crazy. why are you giving the government so much of your money interest free for the year?

 

[iamwiz82]

Originally posted by: moshquerade

Originally posted by: wischeez
Fed. tax withheld = $519

Fed. Refund = $5117


State tax withheld = $601

State Refund = $1103


Total Refund = $6220

Did taxes online with CompleteTax..... $0 charged

that's crazy. why are you giving the government so much of your money interest free for the year?

Uhh... he is getting $6000 back afte paying only $1100. Sounds like the EIC at work.

 

[moshquerade]

Originally posted by: iamwiz82

Originally posted by: moshquerade

Originally posted by: wischeez
Fed. tax withheld = $519

Fed. Refund = $5117


State tax withheld = $601

State Refund = $1103


Total Refund = $6220

Did taxes online with CompleteTax..... $0 charged

that's crazy. why are you giving the government so much of your money interest free for the year?

Uhh... he is getting $6000 back afte paying only $1100. Sounds like the EIC at work.

thaz bullsh*t, too

 

[Engineer]

Originally posted by: moshquerade

Originally posted by: iamwiz82

Originally posted by: moshquerade

Originally posted by: wischeez
Fed. tax withheld = $519

Fed. Refund = $5117


State tax withheld = $601

State Refund = $1103


Total Refund = $6220

Did taxes online with CompleteTax..... $0 charged

that's crazy. why are you giving the government so much of your money interest free for the year?

Uhh... he is getting $6000 back afte paying only $1100. Sounds like the EIC at work.

thaz bullsh*t, too

:Q

Engineer is going to up his deductions tomorrow. Take the extra money and either pay the house or place in savings/investments. Maybe a little of both just in case I owe next year.

 

[coolred]

3385.00 federal, 115.00 state=3500 smackers in my pocket. Well not really its either going towards a car or my credit cards.

 

[Engineer]

Originally posted by: coolred
3385.00 federal, 115.00 state=3500 smackers in my pocket. Well not really its either going towards a car or my credit cards.

Unless you need a car, the credit cards first.

 

[EvilYoda]

first year of making any decent money, so I have about a grand coming back to me...and going directly to my CCs

 

[wischeez]

Originally posted by: moshquerade

Originally posted by: wischeez
Fed. tax withheld = $519

Fed. Refund = $5117


State tax withheld = $601

State Refund = $1103


Total Refund = $6220

Did taxes online with CompleteTax..... $0 charged

that's crazy. why are you giving the government so much of your money interest free for the year?

It's called "Earned Income Credit" and "Additional Child Tax Credit"

If you noticed, I only had $519 Federal Tax withheld all year.......

 

[wischeez]

Originally posted by: moshquerade

Originally posted by: iamwiz82

Originally posted by: moshquerade

Originally posted by: wischeez
Fed. tax withheld = $519

Fed. Refund = $5117


State tax withheld = $601

State Refund = $1103


Total Refund = $6220

Did taxes online with CompleteTax..... $0 charged

that's crazy. why are you giving the government so much of your money interest free for the year?

Uhh... he is getting $6000 back afte paying only $1100. Sounds like the EIC at work.

thaz bullsh*t, too

No B.S , I've been doing my own taxes since 1973 and have never paid or had more than about $700 withheld every year by the Feds or the state. Always get refunds between $5000 and $7000.

 

[Mookow]

Originally posted by: wischeez

Originally posted by: moshquerade

Originally posted by: iamwiz82
Uhh... he is getting $6000 back afte paying only $1100. Sounds like the EIC at work.

thaz bullsh*t, too

No B.S , I've been doing my own taxes since 1973 and have never paid or had more than about $700 withheld every year by the Feds or the state. Always get refunds between $5000 and $7000.

I think she was saying that the EIC is "bullsh*t".

 

[Engineer]

Originally posted by: Mookow

Originally posted by: wischeez

Originally posted by: moshquerade

Originally posted by: iamwiz82
Uhh... he is getting $6000 back afte paying only $1100. Sounds like the EIC at work.

thaz bullsh*t, too

No B.S , I've been doing my own taxes since 1973 and have never paid or had more than about $700 withheld every year by the Feds or the state. Always get refunds between $5000 and $7000.

I think she was saying that the EIC is "bullsh*t".

That's exactly what was being said. The "Robin Hood" effect. :Q

 

[PrinceofWands]

Originally posted by: CrazyDe1
I owe 35k...

Wow dude, you owe more than I've ever grossed in a year.

 

[PrinceofWands]

Originally posted by: Engineer

Originally posted by: Mookow

Originally posted by: wischeez

Originally posted by: moshquerade

Originally posted by: iamwiz82
Uhh... he is getting $6000 back afte paying only $1100. Sounds like the EIC at work.

thaz bullsh*t, too

No B.S , I've been doing my own taxes since 1973 and have never paid or had more than about $700 withheld every year by the Feds or the state. Always get refunds between $5000 and $7000.

I think she was saying that the EIC is "bullsh*t".

That's exactly what was being said. The "Robin Hood" effect. :Q

Hey, I don't know too many people that would rather get EIC because they earned 18,000 that year (which is the most you can earn and still receive maximum EIC credit btw), than just make 36k a year. The PROBLEM is that our society makes it near frigging impossible to earn that kind of money without a combination of location, luck, timing, and sacrifice...sometimes of things that should never be sacrificed. How much money a person makes has NOTHING to do with their intelligence, morals, work ethic, dedication, or anything else. It's a combination of them and society, and often it doesn't work out favorably.

Look at military people. You can be in a war zone, fighting for your country, and making so little that your family needs EIC and welfare assistance. How is that the fault of the soldier and not the government/society? Hell, up until a few years ago teachers in this state made so little each year that they earned EIC. So, they are incredibly bright, they care enormously about kids and society, they get a freaking Masters degree (at least), and they suck because they earn so little???

Meanwhile a bunch of drug using rapists get 30m a year for playing with their balls??? Or self-serving exploiters and criminals extort millions in government contracts to earn 10million while paying their employees so little that they are eligible for EIC. Just who do you think the bad guy is in those scenerios? It ain't the people earning the EIC, let me tell you.

 

[imthebadguy]

i dont do my taxes.....i think my dad does, i have no ideaaaa

 

[AdamK47]

I owe $226. Which isn't bad considering I had no taxes taken out when I was on unemployment for 5 months in 2004. I got a good job after that which made up for it.

 

[DrPizza]

Originally posted by: mugs

Originally posted by: Rickten

Originally posted by: OZEE

Originally posted by: codeyf
Last year we got $3300 back, but it should be less this year, as I claimed 1 more exemption in '04 (eligible to claim 4, claimed 2 on '03, claimed 3 in '04). Mainly cuz, as much as I like the big return, I could use the little bit extra on the paycheck. I'm guessing in the $2000-2500 range for this years return.

Dude - your withholdings are all screwed up if you're that far off... You're giving the government an interest-free loan of 2-3k every year. You want a little extra in your paycheck - fix your withholdings so you come out nearly even at the end of the year!

its better to get the big lump sum at the end of the year than 200 bucks extra every month that would probably just get blown on food or something. I love the interest free loan argument everyone uses. How much interest do you think you are missing out on. 40 bucks.

For people who a. have the self-discipline to set aside any extra money and not spend it and b. actually invest the money in an interest-bearing account, it's obviously better to get the smallest refund possible (or even owe the gov't money). But most Americans have no self-discipline and live above their means.

Forgive me for my naivity, but, coming from a math perspective, wouldn't it be better to OWE money at the end of the year? Thus, you could invest even more in an interest bearing account. It'll be a while before I find out. I absolutely hate owing. This year we're getting back $5300 federal and almost $1000 state. However, calculating how much to have withheld varies widely each year... my deductions have varied widely the past few years with either my wife or me or both of us going to school, etc.