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What are you doing with your tax refund this year?

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vi edit said:
Blah blah blah blah blah

I already have 20% taken out for a 401k. $5000 a year taken out for child care credit. Once it gets to my bank account I've got a Roth IRA and an Education IRA getting autotransferred to Vanguard. Plus with each paycheck I've got auto transferrs to savings accounts.

I know how to save. Do save. And have saved a lot.

I can't predict how many overtime shifts my wife is going to work. I don't know what sort of other deductions we are going to encounter throughout the year. And have no desire to try to micromanage that.

Right now savings are going for a whopping .75%. Yes less than one percent. Whoopdeefreakingdoo. Any money back is just fun money or project money for my wife and I to do stuff around the house.
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I meant to reply to this earlier but never got around to it..

Assuming you aren't self employed or subject to AMT (which I say only because I don't know if or how it would make a difference), you're going about it all wrong. There is nothing to micromanage. You make one change on your W4, your payroll and the IRS does the rest. It doesn't matter then if your wife pulls in $80k or $150k or $5M.
 
It should come just in time to pay property taxes, and then a trip to Vegas or a cruise, and maybe a new laptop.
 
brought my car in for service today

brakes all around, transmission flush, stabilizer link broken, etc etc

over $1700 with taxes and labour

so anything i get back will be going towards that
 
Somehow... even though I earned about $30k more this year from a bonus(which was taxed about 42&#37😉 this put my wife and I at a rather weak $110k for the year. Well according to Turbo Tax we are netting a whopping $200 return... we got back like $6000 last year, only thing that changed was how much I made. I am still looking into it, but an accountant told me that once you go over $69000 you go from %15 tax to essentially %25, anyone have any thoughts on this?
 
Going to use some of it to pay the excise taxes for our cars. /grumbles/ Stupid Taxachusetts. I just love paying taxes to drive my car every single year, even though I already paid sales tax at the time of purchase.

Rest is covering our new home media server, and we are treating ourselves to a few local concerts. 🙂
 
allthatisman said:
Somehow... even though I earned about $30k more this year from a bonus(which was taxed about 42%) this put my wife and I at a rather weak $110k for the year. Well according to Turbo Tax we are netting a whopping $200 return... we got back like $6000 last year, only thing that changed was how much I made. I am still looking into it, but an accountant told me that once you go over $69000 you go from %15 tax to essentially %25, anyone have any thoughts on this?
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the cpa is correct about the tax bracket jump.
however, it's an incremental bump, you get taxed 25% for every additional $$ above $69000 not 25% for your entire AGI.

as for myself, with a new born last yr and make your work pay, I expect about $2k in return which is about $2k more than I usually get.
how am I stimulating this country? waiting to buy the updated 13" macbook pro (whenever this happens) and the rest goes to ING savings so they can pay me a paltry 1.4% APR...
 
https://www.treasurydirect.gov/indiv/products/prod_tips_glance.htm

Treasury Inflation-Protected Securities, or TIPS, provide protection against inflation. The principal of a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When a TIPS matures, you are paid the adjusted principal or original principal, whichever is greater.

TIPS pay interest twice a year, at a fixed rate. The rate is applied to the adjusted principal; so, like the principal, interest payments rise with inflation and fall with deflation.

You can buy TIPS from us in TreasuryDirect and Legacy Treasury Direct through non-competitive bidding.
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😀
:awe:
:biggrin:


no, really i am going to spend it all as fast as possible before it is worthless
 
Engineer said:
Saving it to use when I get laid off.
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Wow, looks like that may be closer that I thought. All employee meeting next week including everyone laid off. Any time that a senior executive AND a top HR person is coming to your plant for a meeting, it is generally bad. Ugh.
 
I got $20 back from the state. I'll use it to owe the $111 I owe the feds 🙁

And here I have maximum withholdings on everything too 🙁
 
thecoolnessrune said:
I got $20 back from the state. I'll use it to owe the $111 I owe the feds 🙁

And here I have maximum withholdings on everything too 🙁
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Same here brother... I have NEVER had to pay either Federal or State taxes... this year I owe the State $1300, and am getting back $1500 from the feds. I seriously thought I was going to get at least $5k back this year, what a let down...
 
I was sopposed to get back $3k. i was going to get myself a new lawnmower.

we got it (gotta love direct deposit) but we got back only 1k. I logged on and seen that they are with holding 2k for child support.

My only thought is my MIL is claiming her daughter (who we have costudy of for the last 1.5 years) BAH! OR it could be my MIL screwed MY SIL by claiming she took 9k in SSDI due for her and they are taking the money for that.

we called and they are sending us a letter in explanation. So yet again my MIL screwed us.

i want my new lawnmower =(
 
getting 1700 fed and 1100 state back. More than I'd like, but the "Making work pay" $800 credit, a $300 credit for a patio door, and a $600 hope credit for wife's masters degree tuition really broght our tax bill down.

next year 2 of those credits will be gone, maybe they'll keep the "Making work Pay" one.
 
waggy said:
I was sopposed to get back $3k. i was going to get myself a new lawnmower.

we got it (gotta love direct deposit) but we got back only 1k. I logged on and seen that they are with holding 2k for child support.

My only thought is my MIL is claiming her daughter (who we have costudy of for the last 1.5 years) BAH! OR it could be my MIL screwed MY SIL by claiming she took 9k in SSDI due for her and they are taking the money for that.

we called and they are sending us a letter in explanation. So yet again my MIL screwed us.

i want my new lawnmower =(
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not a good idea to knock up your MIL. (unless she's hot).

Also you can get a good rider for $1000
 
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