Are you Looking for a Large Refund? - Page 3

khorrell · 01-24-2008, 07:06 AM

Wow MSMomsmoney - That is some pretty good estimating!

rorich · 01-24-2008, 10:30 AM

Quote:

Originally Posted by MSMomsmoney

Getting $16.

Sounds like you kept most of the money in your pocket instead of giving the government. I imagine it must take tremendous effort to keep your refund as close to zero as possible.

lvngwell · 01-24-2008, 10:53 AM

We bought a house this year so I am wondering how that is going to effect my tax status. Last year due to my husbands second job not taking out the taxes he requested we paid about $750.

I don't care if I get a refund - I just dont want to pay!!

DenverGirlie · 01-24-2008, 11:21 AM

I'll pick up a few bucks, but less than $1K between both federal and state.

MSMomsmoney · 01-24-2008, 12:35 PM

For the first 8 months I kept my exemptions at EXEMPT. From Sept. through December I changed it to 6.

I usually check how Im doing in August every year to see how Im doing on the IRS website.

In 2006 I think I got $400 back.

This time, I guessed pretty darn close!

I hate to give them my money...I'd rather earn the interest, or pay off my bills and not be charged interest!

Jeremy · 01-24-2008, 12:51 PM

Going to owe 3-5 grand I think. We received a relatively large and unexpected chunk of 1099 type income at the end of the year that is going to mess up what we had for withholding. But if we wait until close to the April deadline, the cash that was set aside to pay it will have been sitting in a high interest savings account for a solid 5 months, so at least we're making a little interest on that money instead of the government.

Ginger · 01-26-2008, 10:57 PM

We expect a good chunk back even though we have very little taken out of our check. This is due to buying a home last year, student loan interest, charitable contributions and a credit or two. So we'll see how it goes down.

Good to know that we should file before feb 11.

Megan · 01-27-2008, 04:26 AM

Well, I've plugged most everything into Turbo Tax (I'm still missing a W2 from a job where I made very little), and it looks like thanks to my move. I'll be getting some money back from the feds. I've not even looked at my state returns yet through. I think I'll still come out ahead though.

iceclone · 01-27-2008, 08:18 PM

I'm really not sure if I'll be getting anything this year. I hope I do, because last year I did. I got about $4000 plus so I played with my witholdings last year, just to see how it would affect this year's taxes.

rorich · 01-28-2008, 07:59 AM

Just playing devils advocate here:

If by looking for a large refund means that we’re giving the IRS an interest free loan, and it is better to see more money in your paycheck instead, then don’t you think that the average Joe would have spent that money anyway? Does anyone look at this as “savings” or a “Su-Su” — is it better to receive a refund (with no interest) than to have no money at all?

View Poll Results: What is the amount you expect for your tax refund?
$0 – $1000	23	67.65%
$1000 – $2000	1	2.94%
$2001-3000	1	2.94%
Over $3000	9	26.47%
Voters: 34. You may not vote on this poll

01-24-2008, 12:35 PM	#25
MSMomsmoney Member Join Date: Jan 2008 Location: Pacific NorthWest Posts: 44 Reputation: (13)	For the first 8 months I kept my exemptions at EXEMPT. From Sept. through December I changed it to 6. I usually check how Im doing in August every year to see how Im doing on the IRS website. In 2006 I think I got $400 back. This time, I guessed pretty darn close! I hate to give them my money...I'd rather earn the interest, or pay off my bills and not be charged interest! __________________ It's not about having what you want, It's about wanting what you have.

01-24-2008, 12:51 PM	#26
Jeremy Member Join Date: Jan 2008 Posts: 34 Reputation: (12)	Going to owe 3-5 grand I think. We received a relatively large and unexpected chunk of 1099 type income at the end of the year that is going to mess up what we had for withholding. But if we wait until close to the April deadline, the cash that was set aside to pay it will have been sitting in a high interest savings account for a solid 5 months, so at least we're making a little interest on that money instead of the government. __________________ Generation X Finance - Helping a unique generation achieve financial independence. Financial Planning at About.com

01-26-2008, 10:57 PM	#27
Ginger Member Join Date: Jan 2008 Posts: 69 Reputation: (20)	We expect a good chunk back even though we have very little taken out of our check. This is due to buying a home last year, student loan interest, charitable contributions and a credit or two. So we'll see how it goes down. Good to know that we should file before feb 11. __________________ Girls Just Wanna Have Funds --Breaking Financial Ceilings One Stiletto at a Time!

01-27-2008, 04:26 AM	#28
Megan Senior Member Join Date: Dec 2007 Posts: 308 Reputation: (63)	Well, I've plugged most everything into Turbo Tax (I'm still missing a W2 from a job where I made very little), and it looks like thanks to my move. I'll be getting some money back from the feds. I've not even looked at my state returns yet through. I think I'll still come out ahead though. __________________ Counting My Pennies

01-24-2008, 07:06 AM	#21
khorrell Senior Member Join Date: Jan 2008 Posts: 424 Reputation: (60)	Wow MSMomsmoney - That is some pretty good estimating!

01-24-2008, 10:53 AM	#23
lvngwell Junior Member Join Date: Jan 2008 Posts: 6 Reputation: (10)	We bought a house this year so I am wondering how that is going to effect my tax status. Last year due to my husbands second job not taking out the taxes he requested we paid about $750. I don't care if I get a refund - I just dont want to pay!!

01-24-2008, 11:21 AM	#24
DenverGirlie Junior Member Join Date: Jan 2008 Posts: 9 Reputation: (10)	I'll pick up a few bucks, but less than $1K between both federal and state.

01-27-2008, 08:18 PM	#29
iceclone Junior Member Join Date: Jan 2008 Posts: 11 Reputation: (10)	I'm really not sure if I'll be getting anything this year. I hope I do, because last year I did. I got about $4000 plus so I played with my witholdings last year, just to see how it would affect this year's taxes.

01-28-2008, 07:59 AM	#30
rorich Member Join Date: Jan 2008 Location: New York Posts: 58 Reputation: (14)	Devil's Advocate Just playing devils advocate here: If by looking for a large refund means that we’re giving the IRS an interest free loan, and it is better to see more money in your paycheck instead, then don’t you think that the average Joe would have spent that money anyway? Does anyone look at this as “savings” or a “Su-Su” — is it better to receive a refund (with no interest) than to have no money at all? __________________ Watch Your Pocket

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