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What are you doing with your tax refund this year?

amdhunter

amdhunter

Lifer
Just got my W2. I always get some sort of refund, and it's usually in the thousands. D: I am sure it won't be any different this year. I am probably going to blow the whole thing on a down payment for a new vehicle...but using the money to lease a new place is seeming like a nicer idea.

What about the rest of you guys? What are you guys going to do with your refunds? It's free money!
 
Planning on using a portion of it to go out to Vegas. The rest of it will probably be wasted on entertainment and paying bills
 
i already sent mine via efile and got about $400 more than normal. just waiting for the IRS to direct deposit it. i already bought some of the things i wanted to get 😀 i rebuilt my computer and bought a gigabyte EP45-DQ6 and Q9450 and put them in a cooler master HAF932 case. will pay my credit card off once i get the money. also got Dell 2408WFP in the for sale forums for great price. few more things to go once i get the money
 
you know it's not really free money right? it's just money you've loaned to the government at an interest free rate that they give back to you.

if we have a refund, it'll probably go to one of two places. kid's 529 fund or the pay off the mortgage fund.
 
Elbryn said:
you know it's not really free money right? it's just money you've loaned to the government at an interest free rate that they give back to you.
Click to expand...

Yeah yeah, someone always has to say this and guess what: everyone knows.

The point is that many of us make enough that we'll take the higher deduction for the higher return instead of running the chance of owing during tax time. I am not hurt in the slightest by having a larger hit every week. And I'm already investing a sizeable chunk of my income, so the argument that I could invest the money held by the IRS isn't that relevant to me. This money, based on my budget, accounts for discretionary spending since I've already got my investments sorted out far beyond what I need to retire handsomely. Because the refund is discretionary spending, I don't mind at all that it's being held and given back to me in a lump.
 
i need a car
my 1990 Mazda Protege is near death, the rear brakes are totally shot and when i tried to jack it up to check them, the frame started bending
 
This will probably be the first year in many that we either break even or even have to pay in money.

We refinanced in May from a 30 to a 15 year mortgage and cut our interest payments in half. My wife worked a fraction of overtime this year as in past so there weren't a lot of excess taxings withheld. And most importantly my wife bumped up her withholdings another notch or two and significantly cut back on her taxes withheld.
 
If I get a "refund" I will be annoyed. I try to make sure my involuntary withholding is set to a level where I owe a couple hundred when it is time to file.
 
amdhunter said:
Just got my W2. I always get some sort of refund, and it's usually in the thousands. D: I am sure it won't be any different this year. I am probably going to blow the whole thing on a down payment for a new vehicle...but using the money to lease a new place is seeming like a nicer idea.

What about the rest of you guys? What are you guys going to do with your refunds? It's free money!
Click to expand...

it's not free money; it's money that you earned throughout the year that you decided to let uncle sam borrow interest-free for 1 yr. Now he's paying you back, without interest.

Save it, and adjust your withholdings next year.
 
Likely not getting one this year. I made far more money than I had anticipated, and will likely end up paying in. Guess I need to have another kid...
 
I'll get a small refund federal but owe state, so I'm going to CUT BACK on spending to cover mah bills.
 
Well in the past, we had to pay but last year we had a kid and bought a house so I hoping we at least break even. The house is pro-rated but I don't think the kid is.

That's right I called him a kid.
 
Whatever I get will go towards paying off my house. It would be really nice to have no bills at all. The house is all that's left to pay off.
 
I drew unemployment for a couple of months and at my new job I lessened the tax withholdings. So I doubt I'll get any return. If I do, just like in past years it'll go to paying down my loans.
 
Paying off the last $1k I owe the IRS and whatever is left I am going to stash. My cash reserves are stupid low right now.
 
hclarkjr said:
i already sent mine via efile and got about $400 more than normal. just waiting for the IRS to direct deposit it. i already bought some of the things i wanted to get 😀 i rebuilt my computer and bought a gigabyte EP45-DQ6 and Q9450 and put them in a cooler master HAF932 case. will pay my credit card off once i get the money. also got Dell 2408WFP in the for sale forums for great price. few more things to go once i get the money
Click to expand...


You soooo stole that from me 🙁

jk
 
I will have:
1700 - Fed refund
350 - State refund
500 - Property tax refund.

1k to bills. the rest to savings.

I just got a house.. so I've never seen or changed my withholding thats why it's so large this year.

I'll adjust my W/H mid year this year.
 
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