OH YEAH BABY!! My tax refund came in today!!

BooneRebel

Platinum Member
Mar 22, 2001
2,229
0
0


<< And it was well over $2000! w00t!!

/me does the happy dance! :D:D:D:D:D:D
>>



Just think - the government took a $2000 loan from you during 2001, and paid it back with 0% interest.

 

Fausto

Elite Member
Nov 29, 2000
26,521
2
0


<< Just think - the government took a $2000 loan from you during 2001, and paid it back with 0% interest >>



Right, but how many of us have the discipline to squirrel 2 grand away over the course of a year? I know I don't.

Fausto
 

AmigaMan

Diamond Member
Oct 12, 1999
3,644
1
0
that ain't the point. The point is that you could have used that money to pay back bills and other things for which you are paying 10-20% interest on throughout the year.

Yeah right... man I kill me!!! I'd never pay off my bills, I'd spend it on crap for my car or PC. I'm getting 6 grand back myself because I bought a house and just got married. I didn't get my W4's corrected to take the right amount of money out.
Next year, I hope to break even, because I really need the money each month now that I have two mouths to feed.
 

propellerhead

Golden Member
Apr 25, 2001
1,160
0
0


<< Just think - the government took a $2000 loan from you during 2001, and paid it back with 0% interest. >>



That is such a lame statement. Obviously a statement of envy.

1) Like the next few posts said, How many of us are actually disciplined enough to rathole a few bucks here and there to make $2000 in a year? If I'm gonna do my own savings plan, it won't be nickels and dimes to make $2000.

2) What interest are you expecting? A savings account at most banks don't pay out much. Specially on balances less than $2000.

3) Have you actually tried to forecast and adjust your W-4 throughout the year to break even at the end? I tried it once. It wasn't worth it.


PS. I'm getting $3,500 back and I'm happy about it, even if I have a lot more than that in savings already.
 

mithrandir2001

Diamond Member
May 1, 2001
6,545
1
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Wow, that's huge! I'd bump up your exemptions so you don't have such a large refund next year (presuming your financial situation is constant) and instead get some of it over the course of the year.

The largest refund I ever had was about $650. This year I'll owe about $500. Stupid 31% taxes on dividend income. :|
 

bunker

Lifer
Apr 23, 2001
10,572
0
71


<<

<< And it was well over $2000! w00t!!

/me does the happy dance! :D:D:D:D:D:D
>>



Just think - the government took a $2000 loan from you during 2001, and paid it back with 0% interest.
>>


How do you know he didn't just have an extraordinary amount of deductions?
 

BooneRebel

Platinum Member
Mar 22, 2001
2,229
0
0


<<

<< Just think - the government took a $2000 loan from you during 2001, and paid it back with 0% interest. >>



That is such a lame statement. Obviously a statement of envy.

1) Like the next few posts said, How many of us are actually disciplined enough to rathole a few bucks here and there to make $2000 in a year? If I'm gonna do my own savings plan, it won't be nickels and dimes to make $2000.

2) What interest are you expecting? A savings account at most banks don't pay out much. Specially on balances less than $2000.

3) Have you actually tried to forecast and adjust your W-4 throughout the year to break even at the end? I tried it once. It wasn't worth it.


PS. I'm getting $3,500 back and I'm happy about it, even if I have a lot more than that in savings already.
>>



It's not envy. In fact, I'm getting back a larger rebate. Because I screwed up and didn't have my deductions straightened out last year.

The point is that you could have had this money in hand throughout the course of the year during 2001. Instead, it was given to the government (needlessly) and now they're giving it back. I would rather have the extra $40 bucks a week. If you don't agree, send me a check for $40 each week this year and at the end of the year I promise to send you a whopping check for $2000, too.

And why do you say it's not worth forecasting your taxes? Isn't your money important to you? I work for mine...
 

lizardboy

Diamond Member
Dec 3, 2000
3,488
0
71
today must be transfer day - just checked my bank account & i got $700 back from uncle sam

no sign of the $400 i'm getting back from georgia - but i just submitted my taxes last week
 

911paramedic

Diamond Member
Jan 7, 2002
9,448
1
76
I have to agree that you should change your exemption rating so you have your money when you earn it, not as an interest free loan payback from the gov.

You should have titled it:

OH YEAH BABY!! The IRS just gave me back my money! Hey, where's the interest??? :Q
 

NFS4

No Lifer
Oct 9, 1999
72,636
46
91
Yep, getting back a large refund from the government is like wearing a T-Shirt that says:

"I was pounded in the ass by the government in 2001"

In the tax law class I'm taking right now, we have learned that it is always best to get back a small refund or have to pay out a little.
 

poopaskoopa

Diamond Member
Sep 12, 2000
4,836
1
81
While I don't want to let anyone borrow $2,000 at 0% interest, I also don't like having to pay $400 either(I owe :(). I just want a $2,000 check, I guess :D.
 

LuNoTiCK

Diamond Member
Jan 7, 2001
4,698
0
71
I guess no one likes paying money, everyone likes getting money back. Still, the government just pays you back with 0% interest.
 

SCSIfreek

Diamond Member
Mar 3, 2000
3,216
0
0
having $2000 back isn't so great. trust me cause by this time of next year, your money will be taxed on AGAIN it will be count as a income in you 2002 return. Chances are you're losing another 30+% from that $2000+ you earned in 2001. Best thing to have is to owe the government $20.00 or more :). Two flip side to a coin but if you could get it down to exactly the amount you owe that'll be perfect.


--Scsi
 

gopunk

Lifer
Jul 7, 2001
29,239
2
0
i think it'd odd that you all talk as if it's this horrible thing that the government gets a little extra money.

it's not like any extra money the government gets, goes into some sort of void, or the pockets of politicians, as it were... their salaries are already set, so the money goes towards government services, or in other words, services that benefit people, which will in some way, benefit you.

now granted, you don't want to just give your life to "the cause", but you people act as if it's some sort of horrible injustice. maybe it's just that i'm an asshole, so i feel it's just a way for me to give back to society....
 

Slap

Golden Member
Oct 9, 1999
1,097
0
0
I would rather the Gov hold my money for me. If I had access to it throughout the year I would spend it. I know, I have tried this before. My wife and I both claim married withholding at single rate with 0 dependents. Now, after receiving my return today, we will have plenty of money for our spring vacation. It works best this way for us. There are arguments for both sides. I can see how theoretically you can have that money during the year and use it to possibly make money.
 

NFS4

No Lifer
Oct 9, 1999
72,636
46
91


<< i think it'd odd that you all talk as if it's this horrible thing that the government gets a little extra money.

it's not like any extra money the government gets, goes into some sort of void, or the pockets of politicians, as it were... their salaries are already set, so the money goes towards government services, or in other words, services that benefit people, which will in some way, benefit you.

now granted, you don't want to just give your life to "the cause", but you people act as if it's some sort of horrible injustice. maybe it's just that i'm an asshole, so i feel it's just a way for me to give back to society....
>>


That's what you pay TAXES for in the first place...for the things you just stated. Why go above and beyond that and give them interest too?
 

gopunk

Lifer
Jul 7, 2001
29,239
2
0
That's what you pay TAXES for in the first place...for the things you just stated. Why go above and beyond that and give them interest too?

all i'm saying is that, i don't think it's as bad as some people are trying to make it out to be. maybe it's just that i really don't *need* that money.
 

Phil21

Golden Member
Dec 4, 2000
1,015
0
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SCSIfreak.. huh? What? Hello?

Uhm, tax refunds are *NOT* taxable income. Period. You were allready taxed on that income, if you recall.

If you mean by sales tax or something, well.. it would have been taxed anyways.


Ermf.

-Phil
 

bunker

Lifer
Apr 23, 2001
10,572
0
71
Since everyone ignored my first post, I'll state it again. How do you know that, without any deductions other than the standard, he didn't break even? It is very possible.

He could have had a huge amount of deductions that brought the refund up that much. I realize it's not all that probable, but it is possible.
 

rufruf44

Platinum Member
May 8, 2001
2,002
0
0
It aint as bad as some of you make it out. The most he can get from $2000 is about $60 (3% interest), and that with a full year to accumulate interest, not in 12 installment. Invest it in the stock market, and chances are that you're losing money like the majority of the stocks and funds. It'll be a different story if you carry a large balance in your credit card or loan, of course. Some people are just find it easier to get a refund instead of having to come out with money to cover for the tax comes April 15, partially depend on how tightly you plan and control your budget.
 

Thrillhou

Senior member
Jul 24, 2001
201
0
0


<< It'll be a different story if you carry a large balance in your credit card or loan, of course. Some people are just find it easier to get a refund instead of having to come out with money to cover for the tax comes April 15, partially depend on how tightly you plan and control your budget. >>



This is a good point, but most people that carry a large balance on their credit cards would not have the fiscal responsibility to put $40 each week into a savings account and not tap into those funds over an entire year. So getting back a large refund is a good thing for them.

I got my refund today and it was fairly large as well.
 

b0mbrman

Lifer
Jun 1, 2001
29,470
1
81


<< that ain't the point. The point is that you could have used that money to pay back bills and other things for which you are paying 10-20% interest on throughout the year.

Yeah right... man I kill me!!! I'd never pay off my bills, I'd spend it on crap for my car or PC. I'm getting 6 grand back myself because I bought a house and just got married. I didn't get my W4's corrected to take the right amount of money out.
Next year, I hope to break even, because I really need the money each month now that I have two mouths to feed.
>>



Yeah...if it's over the course of a year, I probably would have spent it on food or something...