Who's getting a big tax refund this year?

[destrekor]

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.

How predictable are your finances?

You can only accurately get your tax calculated correctly if you have predictable income. Stop trying to rag on those of us with quite unpredictable tax years. I'd whole heartily rather be sent some money back from a free loan to the government than have an unpredictable amount owed at the end of the year, so I just do a simple personal exemption and that's it. There are some tax situations that just aren't exceedingly easy to plan for. If you can do it, great on you, I'd probably rather that myself. At some point I hope to be able to do that. But there's also the nice cushion of having extra taken out and when an unforeseeable increase in taxable income happens, such as inheritance or any other of numerous possibilities, which suddenly skews your taxes. I think I'd rather a standardized amount taken out, fully expect to have at least some small amount as a return, and then find out I get nothing back in the end or owe a small amount.

 

[Kaido]

Kinda wish I had bought a Tesla Model 3 this year. $7,500 Federal tax credit, plus another $3,000 from my state (CT).

 

[Kaido]

I don't see anything wrong with getting a refund back. Very few people manage their finances well enough for a refund not to be a Good Thing. I work with a lot of people who whine about giving the government a tax-free loan, and yet they live paycheck to paycheck with no savings. Getting a big tax refund back is like Christmas for adults...pay off some bills, buy a new giant TV, etc. Keep this economy rollin'!

 

[FeuerFrei]

If I remember correctly, the personal exemption vanished, so that doubling of the standard deduction isn't actually all its cracked up to be.

Regrettable. Guess that's to simplify calculations. Well the doubled deduction more than offsets that missing exemption. It'll mean an extra $200 or so this year, plus I'll see an extra $695 refunded on my 2019 taxes now that the "individual mandate" expired. (stupid euphemism for penalty)

 

[VirtualLarry]

ha ha, the government isn't getting any interest free loan off me, guys! I don't make enough to file! Suckers.

Yeah, what is the minimum? I've always gone by my SSDI statement. "We paid you $14,xxx this year. Add your taxable income to line B, and total to line C. If total in line C is less than $24,000 (or whatever), then you may not have to file." It says something like that.

But last year, I made probably a little under $1,000 USD in BTC. A little worried I might have to file, and itemize each BTC earning, throughout the year. What a PITA if I have to.

But I also spent like $3,000 on PC hardware that supported the BTC earnings, so I didn't profit from it monetarily.

 

[brianmanahan]

I definitely got more refunded last year due to Trump's tax break (increase in minimum deduction), buuut ... still being penalized over health care's individual mandate. ~$600. My money's being stolen to fund your health care, and you're not welcome.

you don't buy or have health insurance? i too like to live dangerously...

but not that dangerously.

 

[brianmanahan]

I am going to owe so much, I'm likely going to have penalties ...

it's my understanding you can pay it off before filing via IRS direct pay website

i did that last month to try to get to about even instead of owing a few grand

 

[ctbaars]

That's a good point. Thank you for reminding of that.

 

[brianmanahan]

That's a good point. Thank you for reminding of that.

i've never used it until this year so i'm not %100 sure it will work for avoiding the penalty. it seems like more geared toward self-employed income and i do have some of that which is why i owed money, so hopefully they will be cool with me making the payment there. looks like the Q4 deadline is january 16.

 

[ctbaars]

Yes. I have self-employment income that no taxes were paid (soccer referee)
That and 1099-int's. I don't think I'm over 10% of what I paid so then there's no penalty. Maybe ... Last year I did from a large IIRA distribution. I don't have that this year.

 

[shortylickens]

Nope.

Got some money from an uncles will. Will be paying a couple grand to the fed.

 

[TheVrolok]

Will probably owe a bit. Silly AMT. Thanks Obama.

 

[jameny5]

One grand from the Federales baby. That is a lot of money for people who have it. Remember that Black man who had to work three weeks to get that paltry... I meant generous paycheck. Just to have the honchos from the bank call the cops on him for cashing that "BIGly" check. Thanks America! You never fail the people you hate in Indian and Spanish lands.

Sent from my XT1609 using Tapatalk

 

[Exterous]

I work with a lot of people who whine about giving the government a tax-free loan, and yet they live paycheck to paycheck with no savings. Getting a big tax refund back is like Christmas for adults...pay off some bills, buy a new giant TV, etc. Keep this economy rollin'!

My SIL was whining that the government shut down might delay her tax refund and she has stuff she wants to buy. But then she's also the definition of a welfare mooch that people always go one and on about.

 

[Kaido]

My SIL was whining that the government shut down might delay her tax refund and she has stuff she wants to buy. But then she's also the definition of a welfare mooch that people always go one and on about.

Finances are a funny thing. I live & operate on a budget because I don't have a typical ATOT ballin' job, so I have to save up for the things I want. One thing I've done for a decade or two now is my "new every 2" computer program. i.e. I like to buy a hot new PC setup every two years, which at the time of program inception ran about two grand.

When I started this savings program, just after I got out of high school, I was making like $7 an hour at the time. That's a lot of manual labor hours to put in to earn enough to get a great computer rig setup, haha! So I started putting away $20 a week into a special account (I currently use SmartyPig, which is FDIC online savings account with a decent interest rate & the ability to create multiple accounts with scheduled auto-withdrawls into them).

Over the course of 2 years, as my existing computer gets older, that $20 a week grows into $2,080, plus compounding interest, and is specifically earmarked to spend on ridiculous computer toys. It's a great idea, in theory, but it only works if you actually set it up.

I've had this discussion with numerous friends, who all get really excited about the idea, but never actually do it, and then have their S.O.'s flip out when they want to spend a large chunk of money on something as unnecessary as a high-end gaming computer & accessories, or simply can't afford to drop 2 g's all at once.

So I look at tax refunds in kind of the same way...finances is a difficult area for a lot of people. Yeah, you're literally giving the government a free loan on your money, but for the majority of those people, it's not like they're investing in stocks or bonds or crypto or real estate or collector vehicles that will appreciate over time or anything like that, so having an unscheduled "payday" can be a really nice thing in people's lives because it gives you a little bit of freedom to do things you wouldn't normally do.

In an ideal world, we'd all be smarter about how we handle our personal finances, but in practice - hey, it's Second Christmas! Hahaha.

 

[highland145]

Probably more than we expected. We had more end of the year purchases for our business than we thought we would so we'll owe less business income tax.

sole prop?

me no get W2 yet.

me want my money now

Can't file until the 28th anyway.

 

[Exterous]

I've had this discussion with numerous friends, who all get really excited about the idea, but never actually do it, and then have their S.O.'s flip out when they want to spend a large chunk of money on something as unnecessary as a high-end gaming computer & accessories, or simply can't afford to drop 2 g's all at once.

We actually both still get a monthly allowance so we can spend it on whatever we want without asking the other person or them flipping out. So if she goes and buys a new purse with it it doesn't bother me. Same when I spend an "unnecessary amount" on speakers (as if there was such a thing).

Edit: That reminds me. I need to set a reminder to book a flight on a B17 this summer

sole prop?

Single Member LLC. The protections of an LLC with the ease of Schedule C tax reporting. We decided the higher tax rate was worth the personal asset protection since this was a side business and it's income was not required to maintain our lifestyle. Also makes business credit card applications easier to finance our trips with those nice bonus point offers

 

[highland145]

Single Member LLC. The protections of an LLC with the ease of Schedule C tax reporting. We decided the higher tax rate was worth the personal asset protection since this was a side business and it's income was not required to maintain our lifestyle. Also makes business credit card applications easier to finance our trips with those nice bonus point offers

So the LLC doesn't give you a K1 like a corp-sub s would?

 

[allisolm]

Nope.

Got some money from an uncles will. Will be paying a couple grand to the fed.

Inherited money isn't federally taxable. You don't even have to report it on your return.

 

[highland145]

Inherited money isn't federally taxable.

Shhhh. He's designating it for the wall.

 

[Exterous]

So the LLC doesn't give you a K1 like a corp-sub s would?

Nope and Turbo Tax deluxe physical copy has everything I need (Online version doesn't for some money grubbing dumb reason). As soon as you add a second person that all changes though

 

[Brainonska511]

Inherited money isn't federally taxable. You don't even have to report it on your return.

It depends on what's being inherited. Inherit an IRA and cash it out? Expect to pay taxes on that money.

 

[zinfamous]

Why dont you do some research before posting. Then get back to the thread.

can you please keep your hilariously irrational certainty about things you clearly don't understand in P&N, where they belong?

 

[shortylickens]

Inherited money isn't federally taxable. You don't even have to report it on your return.

ok, state tax then.

 

[clamum]

Not sure what I'm getting, but based on the past couple years probably around $500 back from Federal and paying in about $100 state. Maybe a bit more back from Federal (hopefully). I like getting money back, it *seems* like it's like winning at the casino or something (yes I know it's your money they were keeping).