Just ran over my Turbotax numbers just for grins and I'm getting a small chunk back which is better than having to pay the past 6 yrs. Somehow I feel like this is going to be "play now pay later" money.
Who's getting a big tax refund this year?
- Thread starter TXHokie
- Start date
GagHalfrunt
Lifer
- Apr 19, 2001
- 25,297
- 2,000
- 126
Except no, it's not.
You're not getting a gift, you're getting back your own money which you have loaned out to the government interest-free for the last year.
Walk into a bank and get presented with two different "deals"
A) Give the bank $10,000 and come back in 14 months and be able to reclaim your $10,000 without earning a penny of interest
B) Take $10,000 and then come back 14 months later and repay the $10,000 without paying a penny of interest
Which deal is better for you? Deal A is getting a tax refund and deal B is paying. It's amazing how people are so easily fooled by that "refund" word. You overpaid to begin with, it's not free money.
AznAnarchy99
Lifer
- Dec 6, 2004
- 14,705
- 117
- 106
Got a big one last year with my home interest deduction so hopefully I'll get one again this year.
GagHalfrunt
Lifer
- Apr 19, 2001
- 25,297
- 2,000
- 126
So? It's not a question of the amount of cash. Seriously, would you accept working for a year and not getting paid until the following January or February because it's so much more convenient to get one check rather than 52 of them which are easier to fritter away? A refund IS NOT FOUND MONEY. It was yours all along and some people have managed to convince themselves that getting it back a year later is a good thing. People taking your money and refusing to give it back to you until they decide to is not something to wish for. A big tax refund is a fuckup, not a benefit.
ultimatebob
Lifer
- Jul 1, 2001
- 25,135
- 2,445
- 126
I expect to get nailed on taxes this year, since my wife had to make a $10,000 traditional IRA withdrawal to help pay for the closing costs on our new house.
That really wasn't a planned purchase... we lost the lease on the place we were renting and didn't have enough in our emergency fund for both a down payment and closing costs.
That really wasn't a planned purchase... we lost the lease on the place we were renting and didn't have enough in our emergency fund for both a down payment and closing costs.
nakedfrog
No Lifer
- Apr 3, 2001
- 58,137
- 12,316
- 136
You started out by saying it's not a question of the amount of cash, and then closed with saying "a big tax refund is a fuckup".
IronWing
No Lifer
- Jul 20, 2001
- 69,021
- 26,901
- 136
Everybody in this thread who posts the "it's a zero interest loan" crap are getting negatives. I don't care if it's true. EVERYBODY ALREADY KNOWS THIS so shut your condescending, pompous pieholes.
<= might be triggered
<= might be triggered
repoman0
Diamond Member
- Jun 17, 2010
- 4,475
- 3,314
- 136
My GF and I own a house together but of course are unmarried, so we coordinate our returns to get nice refunds. I take the standard deduction and she takes all the property taxes and mortgage interest. I don't give a fuck about the few hundred dollars worth of interest lost to the government.
GagHalfrunt
Lifer
- Apr 19, 2001
- 25,297
- 2,000
- 126
Right. Try to keep up. A $5 refund who cares? A big refund is a fuckup and a bigger refund is a bigger fuckup. What part of that is too difficult to understand?
nakedfrog
No Lifer
- Apr 3, 2001
- 58,137
- 12,316
- 136
I guess the thing is that you're wrong, and it definitely is a question of the amount of cash. It's not worth the hassle trying to balance it out as close to zero as you can, unless you're into accounting porn. If you're into that, have at it, but quit frothing at the mouth about people that would rather spend their time on other pursuits than sweating over whether the filthy damned government held onto a few bucks over the course of a year.
GagHalfrunt
Lifer
- Apr 19, 2001
- 25,297
- 2,000
- 126
Wow, your sad pathetic lashing out has really put us in our place. Gosh, a soul destroying negative from the almighty IronWing, however will I find the strength to go on living? It's kind of heartbreaking that you think a negative is important enough to even bother doing it.
EVERYBODY DOESN'T ALREADY KNOW THAT, if they did there would not be threads crowing about getting refunds. Some people really are stupid enough to believe a big refund is a positive and not just a sign of mismanaging your finances.
snoopy7548
Diamond Member
- Jan 1, 2005
- 8,060
- 5,057
- 146
I should be getting the usual amount back. I should adjust my witholdings, as I always itemize due to property taxes and interest, and maxing my 401k always brings my taxable income down quite a bit.
Unless you're getting back tens of thousands of dollars and you are horrible at managing your money, getting a "big" refund doesn't mean you're stupid or anything. Even if you invested it over the course of the year, which most people would not do, you'd barely gain any interest on it. For some people, it could be seen as a way to force them to save... but the majority probably end up blowing it all at once anyways.
Unless you're getting back tens of thousands of dollars and you are horrible at managing your money, getting a "big" refund doesn't mean you're stupid or anything. Even if you invested it over the course of the year, which most people would not do, you'd barely gain any interest on it. For some people, it could be seen as a way to force them to save... but the majority probably end up blowing it all at once anyways.
The new tax code change was what generated my refund this year. I normally adjust withholding so that I end up paying couple hundred bucks come tax time and no penalty (and pat myself in the back for the puny free 0% loan). But that get screwed up when another political party change and decide to jack up taxes and suddenly I find out I'd owe couple grand the next year - that was not fun years ago and I can see that happening in the future thus "play now and pay later".
highland145
Lifer
- Oct 12, 2009
- 43,317
- 5,745
- 136
IDK yet. It should be significant with the new tax law. 25% of my K1 will be tax free.... The standard deduction (married) is $24K for 2018 so I doubled up 2017 contributions at the end of that year for a nice refund. No contributions for 2018 and take the standard.
The standard deduction (married) is $24K for 2018 so I doubled up 2017 contributions at the end of that year for a nice refund. No contributions for 2018 and take the standard.
purbeast0
No Lifer
- Sep 13, 2001
- 52,855
- 5,727
- 126
We'll probably get like $3k back just because I feel like that is what we usually get back. I'm planning on going to Grand Cayman in March so the tax return is going to pay for some of it. As soon as I get my W2 and my wife's W2, I'm going to file.
Red Squirrel
No Lifer
No idea, but I usually get around $1,500 or so. Tax season is very slow here though. By the time I get all my papers to give to my tax person and then get the refund it's usually close to spring. Though last year I was impressed my company sent out the T4s pretty early.
DietDrThunder
Platinum Member
- Apr 6, 2001
- 2,262
- 326
- 126
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