Tax Refund!

Ragone · 02-15-2005, 08:48 AM

yay.. because i was laid off for a few months.. and my work taking so much out.. it lowered me a full tax bracket, and made my refund mega huge

4k(combined state/federal) here i come

Ksyrup · 02-15-2005, 08:52 AM

Yeah, I got just over $1,700 the year...and right now my car is in the shop to the tune of $800+.

EDIT: Damn! Make that $1000+ (and counting)...

Eaglesfan27 · 02-15-2005, 08:56 AM

I'm paying thousands this year

(Darn self-employment taxes)

cartman · 02-15-2005, 09:03 AM

I forgot to do a new W4 after I bought my house last year, so I'm getting back like $9K!

Balldog · 02-15-2005, 09:05 AM

Since I qualifed for some exemption I do not have to pay taxes on the income I made from selling my house. So instead of paying about a $1000 I get $2000. Now I need to decided if I want to pay off my credit card or go on vacation. Tough decision.

Radii · 02-15-2005, 09:15 AM

Being taxed as a single person for 9 1/2 months and then filing married w/ a dependant sure is fun!

hhiipp · 02-15-2005, 09:16 AM

Balldog: Credit card! And then try not to charge it up this year and take next years return and go on vactation.

No debt >*

CraigSca · 02-15-2005, 09:19 AM

I dread doing my taxes this year...because of my 6 month layoff, I had to uh... "touch" my 401(k) early in order to survive. I really don't look forward to the additional taxes and penalties I'm going to pay

.

FrogMan · 02-15-2005, 09:20 AM

Quote:

Originally Posted by Ksyrup

Yeah, I got just over $1,700 the year...and right now my car is in the shop to the tune of $800+.

NEVER, ever mention any unplanned cash income in front of appliances, cars, house... They will know you have unused money, and they will break down... Believe me, they will...

FM

Ksyrup · 02-15-2005, 09:24 AM

I haven't done jack squat today, and so far my car is costing me $1000+, my wife had our floors steam cleaned for $300...and we're planning to take the kids to Busch Gardens this weekend, problably another $500 trip.

Yep, that pretty much wipes out the ol' tax refund.

FrogMan · 02-15-2005, 09:31 AM

Quote:

Originally Posted by Ksyrup

I haven't done jack squat today, and so far my car is costing me $1000+, my wife had our floors steam cleaned for $300...and we're planning to take the kids to Busch Gardens this weekend, problably another $500 trip.

Yep, that pretty much wipes out the ol' tax refund.

sorry, forgot to add to NEVER, ever mention any unplanned income of cash in front of wife or kids either, they'll suck it up like candy... oops too late with the advice I guess

FM

Ksyrup · 02-15-2005, 09:33 AM

Yeah, the trip to Busch Gardens sounded better when we planned it last weekend, before all of the other stuff popped up.

FrogMan · 02-15-2005, 09:34 AM

Quote:

Originally Posted by Ksyrup

Yeah, the trip to Busch Gardens sounded better when we planned it last weekend, before all of the other stuff popped up.

the classic way

FM

Farrah Whitworth-Rahn · 02-15-2005, 09:38 AM

What's a refund? We never get those.

gstelmack · 02-15-2005, 09:43 AM

Quote:

Originally Posted by Farrah Whitworth-Rahn

What's a refund? We never get those.

A refund is what happens when you balance out the Federal Income Tax nicely such that you end up owing just a couple of hundred at the end of the year (about as close as you're likely to get), but that throws off the State Withholding enough that they owe you bigtime.

Maybe some day the two of them will get together and I can get them both much closer to what I'll really owe at the end of the year.

CraigSca · 02-15-2005, 09:50 AM

Quote:

Originally Posted by gstelmack

A refund is what happens when you balance out the Federal Income Tax nicely such that you end up owing just a couple of hundred at the end of the year (about as close as you're likely to get), but that throws off the State Withholding enough that they owe you bigtime.

Maybe some day the two of them will get together and I can get them both much closer to what I'll really owe at the end of the year.

Wow, that's the exact opposite of what I've always seen. Federally, I would always receive $$$ while at the state level (Pennsylvania & Delaware) I would always owe.

duckman · 02-15-2005, 09:51 AM

Quote:

Originally Posted by Radii

Being taxed as a single person for 9 1/2 months and then filing married w/ a dependant sure is fun!

Farrah, isn't it legal for Radii to file single since he was not married for the majority of the year?

Farrah Whitworth-Rahn · 02-15-2005, 09:53 AM

Quote:

Originally Posted by duckman

Farrah, isn't it legal for Radii to file single since he was not married for the majority of the year?

Your filing status is determined as of December 31st. So you could be married until December 30, have your divorce final on the 31st and file single.

EDIT: there are special circumstances for legal separations, but I won't go into those

stevew · 02-15-2005, 10:14 AM

Quote:

Originally Posted by duckman

Farrah, isn't it legal for Radii to file single since he was not married for the majority of the year?

I would think Radii would want to file married, should have a much higher return.

Balldog · 02-15-2005, 10:16 AM

Quote:

Originally Posted by hhiipp

Balldog: Credit card! And then try not to charge it up this year and take next years return and go on vactation.

No debt >*

Yeah the choice is easy! And I think with the money I get from my baseball salary I should be able to go on vacation this year!

digamma · 02-15-2005, 10:32 AM

Quote:

Originally Posted by Farrah Whitworth-Rahn

What's a refund? We never get those.

An interest free loan to the gub'ment?

duckman · 02-15-2005, 10:49 AM

I'm still waiting on the insurance company I worked for to send me my last W-2. Don't want to go through the trouble of filling out the missing W-2 form.

MizzouRah · 02-15-2005, 11:00 AM

Ahhhh... 6 G's baby! Wooo hoooo!!!

Widescreen HD TV here I come.

Todd

FrogMan · 02-15-2005, 11:10 AM

I read these 4k and 6k refund and wow, makes you drool... I know I won't be getting anything close to this, only hoping not to have to pay anything...

FM

cartman · 02-15-2005, 11:20 AM

Of course, my big refund has already been spent. I didn't realize just how much stuff you end up buying when you move into your first house.

Franklinnoble · 02-15-2005, 11:44 AM

Stay at home wife + 2 kids should equal a nice, fat refund...

MacroGuru · 02-15-2005, 11:48 AM

Bah, only 1700 this year, plus I owe uncle sam for a 401K disbursement that happened back in 2001.

Well, what happened is I took a loan in 2001 against the 401K for a major medical expense. Macromedia laid me off in July.

They forced a cash out in 2004 as they were rolling providers, I received the check, then a month or two later, I receive a letter from the IRS saying I owe them $500 + interest from this payment back in 2001.....When all is said and done, it is 583 dollars.

I owe the state though, $200, which is weird, a lot of people I know, are owing the state of Utah this tax season.

Radii · 02-15-2005, 12:58 PM

Quote:

Originally Posted by stevew

I would think Radii would want to file married, should have a much higher return.

This is correct. My "is fun!" wasn't my usual sarcasm. taxed as single then filing married = 5k refund. Losing some of it b/c Oliegirl had unemployment but still will be getting 4K or so.

mhass · 02-15-2005, 12:59 PM

Quote:

Originally Posted by Franklinnoble

Stay at home wife + 2 kids should equal a nice, fat refund...

I'm on this ship too. But someone in the Accounting dept. around here keeps changing my withholding. Every time I try to get my money every month instead of June, someone changes it back and I get a note that says "Others in your financial situation find it beneficial to minimize the tax impact of dependents so as not to owe money with annual returns." WTF.

SunDancer · 02-15-2005, 01:31 PM

Quote:

Originally Posted by Eaglesfan27

I'm paying thousands this year

(Darn self-employment taxes)

Self-employment (would this include business ownership), you have to pay more?

Ksyrup · 02-15-2005, 03:19 PM

Quote:

Originally Posted by Ksyrup

Yeah, I got just over $1,700 the year...and right now my car is in the shop to the tune of $800+.

EDIT: Damn! Make that $1000+ (and counting)...

Final bill - $1,155.

primelord · 02-15-2005, 03:48 PM

Quote:

Originally Posted by digamma

An interest free loan to the gub'ment?

This is exactly why I have never understood why people are so happy to get huge refunds. If you are getting a $6,000 refund it's not like that is extra money. That is money you could have/should have already had and could have been earning interest on.

I guess for some people it just serves as a savings plan, but it seems to me that there are much better ways to go about saving your money.

Eaglesfan27 · 02-15-2005, 05:45 PM

Quote:

Originally Posted by SunDancer

Self-employment (would this include business ownership), you have to pay more?

I contract my services as a physician out to a few different hospitals/agencies. In each of those cases, I'm considered an independent contractor, and they pay me a set amount with no taxes taken out. I have to pay taxes on this money (which is fairly significant and means I will be paying MUCHO dinero

)

Although, I will be taking a faculty job in July and this will no longer be an issue, I plan on using estimated tax payments quarterly this year so I won't get hit with the big bill next year.

Loren · 02-15-2005, 06:03 PM

Quote:

Originally Posted by mhass

I'm on this ship too. But someone in the Accounting dept. around here keeps changing my withholding. Every time I try to get my money every month instead of June, someone changes it back and I get a note that says "Others in your financial situation find it beneficial to minimize the tax impact of dependents so as not to owe money with annual returns." WTF.

hmmm i'm in the accounting department, maybe ill start doing this

anddd we got our refund friday, sunday we went out to try to spend spend SPEND..spent like 90 bucks on clothes and couldnt find shit to buy

came home all depressed

Easy Mac · 02-15-2005, 06:04 PM

I got a little under $1k back... decent for 1/2 a years work, or at least off and on for 1/2 a year...

Buccaneer · 02-15-2005, 06:33 PM

Quote:

Originally Posted by primelord

This is exactly why I have never understood why people are so happy to get huge refunds. If you are getting a $6,000 refund it's not like that is extra money. That is money you could have/should have already had and could have been earning interest on.

Mortgage interest and charitable deductions make it happen for me.

primelord · 02-15-2005, 07:13 PM

Quote:

Originally Posted by Buccaneer

Mortgage interest and charitable deductions make it happen for me.

That is fine, but then why not have them take less out? I'd imagine both of those numbers are fairly consistent from year to year so there is no reason you can't adjust your withholdings to reflect that.

CamEdwards · 02-15-2005, 08:47 PM

Quote:

Originally Posted by Franklinnoble

Stay at home wife + 2 kids should equal a nice, fat refund...

damn, i hope so. although my wife did end up working for five months this year. next year should be nice though... stay at home wife and FOUR kids.

i'm just happy if i don't have to pay. i've had to pay for the past three years and it sucks.

Flasch186 · 02-15-2005, 08:52 PM

not getting any back

no big deal.....I pay the cops and the firfighters and to keep the streets good....I dont mind paying my taxes.

Buccaneer · 02-15-2005, 09:15 PM

Quote:

Originally Posted by Flasch186

not getting any back

no big deal.....I pay the cops and the firfighters and to keep the streets good....I dont mind paying my taxes.

If you throw in national defense, then that should be all you would need to pay, right?

Buccaneer · 02-15-2005, 09:17 PM

Quote:

Originally Posted by primelord

That is fine, but then why not have them take less out? I'd imagine both of those numbers are fairly consistent from year to year so there is no reason you can't adjust your withholdings to reflect that.

Let's see if I got this right. I'm already at my maximum allowable exemptions on my W-4 (6 or 7, I forget). So they are taken out the minimum they can.

Flasch186 · 02-15-2005, 09:19 PM

Quote:

Originally Posted by Buccaneer

If you throw in national defense, then that should be all you would need to pay, right?

well no, since the war stuff is not in the federal budget....thats a seperate bill I guess *sarcasm*....you actually want me to list everything my tax dollar goes to? hmm, my fingers might fall off.

stevew · 02-15-2005, 09:27 PM

Quote:

Originally Posted by Radii

This is correct. My "is fun!" wasn't my usual sarcasm. taxed as single then filing married = 5k refund. Losing some of it b/c Oliegirl had unemployment but still will be getting 4K or so.

You better hope they dont read one of your Poker dynasties tho.....From what i've read, at least, a 10K poker gain and a 9K poker loss is not 1K net gain taxwise, but rather 10K added to your gross income and 9K that can be written off. For instance if you make 40K a year, it could significantly up your tax bracket, and cost you several deductions. But Farrah is the true tax rep here.

Draft Dodger · 02-15-2005, 09:34 PM

$2700 to us...which hopefully will be the last big refund for a while. we're going to tweak the w-2 this year to try to get that down a bit. that's $50 a week we could certainly use during the year.

QuikSand · 02-15-2005, 09:37 PM

Quote:

Originally Posted by stevew

it could significantly up your tax bracket

You are greivously misunderstanding the concept of tax brackets. There are not magic trigger numbers where one's entire tax liability takes a giant leap forward. You just start paying a higher rate on the additional income from that point forward. It's actually a very sensible system.

Flasch186 · 02-15-2005, 09:43 PM

Quote:

Originally Posted by QuikSand

You are greivously misunderstanding the concept of tax brackets. There are not magic trigger numbers where one's entire tax liability takes a giant leap forward. You just start paying a higher rate on the additional income from that point forward. It's actually a very sensible system.

unless of course, like me, your entire pay is considered bonuses.....thats how they pay us and it doesnt seem right.

Draft Dodger · 02-15-2005, 09:49 PM

Quote:

Originally Posted by Buccaneer

Let's see if I got this right. I'm already at my maximum allowable exemptions on my W-4 (6 or 7, I forget). So they are taken out the minimum they can.

maybe I'm wrong, but I thought there was no cap on the number of exemptions you claim.

stevew · 02-15-2005, 10:18 PM

Quote:

Originally Posted by QuikSand

You are greivously misunderstanding the concept of tax brackets. There are not magic trigger numbers where one's entire tax liability takes a giant leap forward. You just start paying a higher rate on the additional income from that point forward. It's actually a very sensible system.

I understand that. What i meant was that you could perhaps trigger the AMT, which from what i heard can be a nightmare.

cartman · 02-15-2005, 10:23 PM

Quote:

Originally Posted by stevew

I understand that. What i meant was that you could perhaps trigger the AMT, which from what i heard can be a nightmare.

You usually only see the AMT kick in on high income levels, and because of deductions and what-not, the amount of tax owed is far less than it should be, compared to the income level. It was created to try and prevent a lot of the loopholes in the tax code from being abused.

However, with rising property values, and enriched stock portfoilios, even an average income person might get hit with the AMT if they made a killing on a sale of property or stock. A good run at the poker tables isn't going to trigger the AMT, unless it's the WSOP...

Smack me if anything was too out of line tax-wise, Farrah...

tategter · 02-16-2005, 10:23 AM

1900 for us. I would love to get less back and more in our paychecks but my wife has an irrational fear of owing the IRS. Has a lot to do with her parents not having a clue as to how to handle exemptions and owing tons of money every year. Is there a name for this phobia?

02-15-2005, 08:52 AM	#2
Ksyrup This guy has posted so much, his fingers are about to fall off. Join Date: Nov 2000 Location: In Absentia	Yeah, I got just over $1,700 the year...and right now my car is in the shop to the tune of $800+. EDIT: Damn! Make that $1000+ (and counting)... __________________ M's pitcher Miguel Batista: "Now, I feel like I've had everything. I've talked pitching with Sandy Koufax, had Kenny G play for me. Maybe if I could have an interview with God, then I'd be served. I'd be complete." Last edited by Ksyrup : 02-15-2005 at 09:24 AM.

02-15-2005, 08:56 AM	#3
Eaglesfan27 Hall Of Famer Join Date: Nov 2002 Location: New Jersey	I'm paying thousands this year (Darn self-employment taxes) __________________ Retired GM of the eNFL 2007 Super Bowl Champion Philadelphia Eagles (19-0 record.) GM of the WOOF 2006 Doggie Bowl Champion Atlantic City Gamblers. GM of the IHOF 2019 and 2022 IHOF Bowl Champion Asheville Axemen.

02-15-2005, 09:03 AM	#4
cartman Death Herald Join Date: Nov 2000 Location: Le stelle la notte sono grandi e luminose nel cuore profondo del Texas	I forgot to do a new W4 after I bought my house last year, so I'm getting back like $9K! __________________ Thinkin' of a master plan 'Cuz ain't nuthin' but sweat inside my hand So I dig into my pocket, all my money is spent So I dig deeper but still comin' up with lint

02-15-2005, 09:19 AM	#8
CraigSca Pro Starter Join Date: Jul 2001 Location: Not Delaware - hurray!	I dread doing my taxes this year...because of my 6 month layoff, I had to uh... "touch" my 401(k) early in order to survive. I really don't look forward to the additional taxes and penalties I'm going to pay . __________________ She loves you, yeah, yeah, yeah, yeah! She loves you, yeah! how do you know? how do you know?

02-15-2005, 09:24 AM	#10
Ksyrup This guy has posted so much, his fingers are about to fall off. Join Date: Nov 2000 Location: In Absentia	I haven't done jack squat today, and so far my car is costing me $1000+, my wife had our floors steam cleaned for $300...and we're planning to take the kids to Busch Gardens this weekend, problably another $500 trip. Yep, that pretty much wipes out the ol' tax refund. __________________ M's pitcher Miguel Batista: "Now, I feel like I've had everything. I've talked pitching with Sandy Koufax, had Kenny G play for me. Maybe if I could have an interview with God, then I'd be served. I'd be complete."

02-15-2005, 09:05 AM	#5
Balldog Pro Rookie Join Date: Jan 2002 Location: Macomb, MI	Since I qualifed for some exemption I do not have to pay taxes on the income I made from selling my house. So instead of paying about a $1000 I get $2000. Now I need to decided if I want to pay off my credit card or go on vacation. Tough decision.

02-15-2005, 09:15 AM	#6
Radii Head Coach Join Date: Jul 2001	Being taxed as a single person for 9 1/2 months and then filing married w/ a dependant sure is fun!

02-15-2005, 09:16 AM	#7
hhiipp College Prospect Join Date: Jun 2004 Location: OH	Balldog: Credit card! And then try not to charge it up this year and take next years return and go on vactation. No debt >*

02-15-2005, 09:33 AM	#12
Ksyrup This guy has posted so much, his fingers are about to fall off. Join Date: Nov 2000 Location: In Absentia	Yeah, the trip to Busch Gardens sounded better when we planned it last weekend, before all of the other stuff popped up. __________________ M's pitcher Miguel Batista: "Now, I feel like I've had everything. I've talked pitching with Sandy Koufax, had Kenny G play for me. Maybe if I could have an interview with God, then I'd be served. I'd be complete."

02-15-2005, 09:38 AM	#14
Farrah Whitworth-Rahn Red-Headed Vixen Join Date: Oct 2003 Location: Phoenix, AZ	What's a refund? We never get those.

02-15-2005, 11:00 AM	#23
MizzouRah Hall Of Famer Join Date: Sep 2002 Location: Troy, Mo	Ahhhh... 6 G's baby! Wooo hoooo!!! Widescreen HD TV here I come. Todd

02-15-2005, 11:10 AM	#24
FrogMan Hattrick Moderator Join Date: Jan 2003 Location: Pintendre, Qc, Canada	I read these 4k and 6k refund and wow, makes you drool... I know I won't be getting anything close to this, only hoping not to have to pay anything... FM __________________ A Black Belt is a White Belt who refused to give up... follow my story: The real life story of a running frog...

02-15-2005, 11:20 AM	#25
cartman Death Herald Join Date: Nov 2000 Location: Le stelle la notte sono grandi e luminose nel cuore profondo del Texas	Of course, my big refund has already been spent. I didn't realize just how much stuff you end up buying when you move into your first house. __________________ Thinkin' of a master plan 'Cuz ain't nuthin' but sweat inside my hand So I dig into my pocket, all my money is spent So I dig deeper but still comin' up with lint

02-15-2005, 11:44 AM	#26
Franklinnoble Banned Join Date: Jul 2002 Location: Placerville, CA	Stay at home wife + 2 kids should equal a nice, fat refund...

02-15-2005, 11:48 AM	#27
MacroGuru Coordinator Join Date: May 2003 Location: Utah	Bah, only 1700 this year, plus I owe uncle sam for a 401K disbursement that happened back in 2001. Well, what happened is I took a loan in 2001 against the 401K for a major medical expense. Macromedia laid me off in July. They forced a cash out in 2004 as they were rolling providers, I received the check, then a month or two later, I receive a letter from the IRS saying I owe them $500 + interest from this payment back in 2001.....When all is said and done, it is 583 dollars. I owe the state though, $200, which is weird, a lot of people I know, are owing the state of Utah this tax season. __________________ "forgetting what is in the past, I strive for the future"

02-15-2005, 06:04 PM	#35
Easy Mac Registered User Join Date: Nov 2001 Location: Here	I got a little under $1k back... decent for 1/2 a years work, or at least off and on for 1/2 a year...

02-15-2005, 08:52 PM	#39
Flasch186 Coordinator Join Date: May 2002 Location: Jacksonville, FL	not getting any back no big deal.....I pay the cops and the firfighters and to keep the streets good....I dont mind paying my taxes. __________________ Jacksonville-florida-homes-for-sale Putting a New Spin on Real Estate! ----------------------------------------------------------- Commissioner of the USFL USFL

02-15-2005, 09:34 PM	#44
Draft Dodger Coordinator Join Date: Jan 2001 Location: Keene, NH	$2700 to us...which hopefully will be the last big refund for a while. we're going to tweak the w-2 this year to try to get that down a bit. that's $50 a week we could certainly use during the year. __________________ Mile High Hockey

02-16-2005, 10:23 AM	#50
tategter High School JV Join Date: Apr 2004 Location: Florida Swampland	1900 for us. I would love to get less back and more in our paychecks but my wife has an irrational fear of owing the IRS. Has a lot to do with her parents not having a clue as to how to handle exemptions and owing tons of money every year. Is there a name for this phobia?

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