What are you going to do with your tax return money?

[El Jefe]

Inb4 taxreturnsareforthosewhodontknowhowtoinvest.
inb4Ialwaysendupoweing
inb4youareanidiotifyougetmoneyback

Anyways, for those of us who are getting money back, what are your plans for it? I fortunately am going to be getting almost all the money I spent out of pocket finishing my BBA last year, roughly 2500. I am going to take $500 and put it into my portfolio (small, but growing), take another $500 and put into my rainy day fund. I think I will take $1000 and pay down some bills we have (couple medical bills and pay some towards my wife's school loan). I will probably use $150.00 of the leftover to take my wife to Texas De Brazil (freaking love that place), I also need to replace my windshield in my civic which got cracked this winter, I will probably buy a couple books and a couple DVD's. I also need to buy some points for my 53 Ford Jubilee, and I would like to buy a Fiskars X27 axe, because I have a 40 foot ash tree cut down and sectioned, but not split. Plenty of others things to consider as well.

What about you guys?

[saphojunkie]

Blow it all on hats.

[SPchief]

Hookers and blow. It's free money, might as well enjoy it.

[BlackHelicopters]

Hookers and blow.

[BlackHelicopters]

Damn it.

[Frosty]

Since my refund is primarily from the $2500 education credit, it's probably going right back into paying tuition

[SPchief]

Damn it.

Q

[bobbymitch]

So, ya gettin' 2500k back???? I think putting in $500 here and there is little on the low side. But that's just me.

[In58men]

Some of the money is going towards Lambeau!!!


Jelly?

[The Franchise]

We send my daughter to a private school and part of the requirements for her school is that each family purchases $2000 in "scrip" throughout the school year. It's basically giftcards to different stores that the school gets a certain percentage of. We usually wait until tax time and then buy $2000 at once instead of trying to nickle and dime it throughout the year. Then our home warranty is $450....so we'll take care of that. This year we'll be basically putting whatever is left into savings because the wife is getting out of the military and we want to have something in savings if something happens.

[TribalElder]

Swag bitch


<iframe width="640" height="360" src="http://www.youtube.com/embed/nOntDfyG_uQ" frameborder="0" allowfullscreen></iframe>

[El Jefe]

Since my refund is primarily from the $2500 education credit, it's probably going right back into paying tuition

Same here, but I think I am going to take a break and do my grad program in a year or two. I just don't feel like taking our more student loans or hemorrhaging more money out of pocket do go right now. We have been hammering down my wife's student loan and finally got it down to $8800 and I don't feel like adding a 20k one to that lol.

[Frosty]

It sucks that you lose the $1000 child tax credit just as the children get super expensive.

[El Jefe]

We send my daughter to a private school and part of the requirements for her school is that each family purchases $2000 in "scrip" throughout the school year. It's basically giftcards to different stores that the school gets a certain percentage of. We usually wait until tax time and then buy $2000 at once instead of trying to nickle and dime it throughout the year. Then our home warranty is $450....so we'll take care of that. This year we'll be basically putting whatever is left into savings because the wife is getting out of the military and we want to have something in savings if something happens.

They require you to spend 2k on giftcards? Holy hell, that's a lot of money.

[Frosty]

Same here, but I think I am going to take a break and do my grad program in a year or two. I just don't feel like taking our more student loans or hemorrhaging more money out of pocket do go right now. We have been hammering down my wife's student loan and finally got it down to $8800 and I don't feel like adding a 20k one to that lol.

Mine is from paying college tuition for my oldest son. He's only a sophomore this year and my youngest will be going into college next year. :facepalm:

[El Jefe]

So, ya gettin' 2500k back???? I think putting in $500 here and there is little on the low side. But that's just me.

Yeah, I am getting the education credit. I hear you on the $500 being pretty low, but this year has not been a good one as far as money goes, we had a ton of expenses in home repairs, car repairs, and then we got smashed pretty good on medical bills (about 10k even with good insurance).

[The Franchise]

They require you to spend 2k on giftcards? Holy hell, that's a lot of money.

Yep....which is why we wait until tax time to just take care of it. Last year we purchased a $2000 Home Depot giftcard and then went and got plantation shutters for the front room of our house.

This year we'll probably just get giftcards for Wal-Mart or Target and use them for groceries throughout the year.

[Rain Man]

Probably spread it out on the floor and roll around in it. After that, I'm not sure. I'm leaning toward a high-dividend REIT.

[WakkaWakka]

Some of the money is going towards Lambeau!!!


Jelly?

Nope, cuz so is some of mine.

[El Jefe]

Mine is from paying college tuition for my oldest son. He's only a sophomore this year and my youngest will be going into college next year. :facepalm:

Oh, ok, I gotcha. You pay your kids tuition? Dag gone, I have never heard of anyone doing that. My parents pretty much told me, be sure of what you want to do, because you are taking a loan out on your future. Similar sentiments were given to my wife when she got her BSN.

[ChiTown]

I generally owe money, so nothing for me.

[Frosty]

Yep....which is why we wait until tax time to just take care of it. Last year we purchased a $2000 Home Depot giftcard and then went and got plantation shutters for the front room of our house.

This year we'll probably just get giftcards for Wal-Mart or Target and use them for groceries throughout the year.

So you get to keep the gift cards and the school gets a kickback from someone?

[SPchief]

Probably spread it out on the floor and roll around in it. After that, I'm not sure. I'm leaning toward a high-dividend REIT.

Note to self: Don't use any bills obtained in Denver for snorting blow.

[The Franchise]

Oh, ok, I gotcha. You pay your kids tuition? Dag gone, I have never heard of anyone doing that. My parents pretty much told me, be sure of what you want to do, because you are taking a loan out on your future. Similar sentiments were given to my wife when she got her BSN.

Yep....I was told from a young age that if I wanted to go to college....it would be on my dime. I'll be saying the same thing to my daughters (well....as long as they go to an out of state school). In state is covered by the VA.

[notorious]

I haven't gotten a return in years.


If I am not writing a check to them, I screwed up.

[In58men]

Nope, cuz so is some of mine.

Who's jellys of us?

[El Jefe]

Yep....which is why we wait until tax time to just take care of it. Last year we purchased a $2000 Home Depot giftcard and then went and got plantation shutters for the front room of our house.

This year we'll probably just get giftcards for Wal-Mart or Target and use them for groceries throughout the year.

My wife would be mad jealous about the shutters, she has been eye balling some good shutters, but suck me sideways those things are expensive. That's cool you can afford a private school, where I am, private schools (high school) run about 10-15k a year. That's quite a bit of money to me.

[kcfanXIII]

Taking some of it to put towards my upcoming Steamboat trip, then stashing the rest away for a new motorcycle.

[The Franchise]

My wife would be mad jealous about the shutters, she has been eye balling some good shutters, but suck me sideways those things are expensive. That's cool you can afford a private school, where I am, private schools (high school) run about 10-15k a year. That's quite a bit of money to me.

It's a private school that covers K-8. She's currently in 2nd grade and it comes out to about $4500k a year. We're fucked at the end of this year because our twins will be going into kindergarten. If the wife has a good enough job....we'll keep all three in there. If not....it'll be public school time.

[El Jefe]

Yep....I was told from a young age that if I wanted to go to college....it would be on my dime. I'll be saying the same thing to my daughters (well....as long as they go to an out of state school). In state is covered by the VA.

Yep. I will be honest, I think it made me take my education much more seriously and really made me value it more. Of course, I would love not to have the debt, but I will use the same methodology for my children when the time comes.

[Frosty]

Oh, ok, I gotcha. You pay your kids tuition? Dag gone, I have never heard of anyone doing that. My parents pretty much told me, be sure of what you want to do, because you are taking a loan out on your future. Similar sentiments were given to my wife when she got her BSN.

Not all of it. However, underclassmen are severely limited on how much they can borrow on student loans ($5000 the first year, iirc). So we didn't have much choice.

If my youngest gets into Stanford or one of the Ivy League schools he applied to, we will only have to pay room and board because we are poor. :grovel:

[WhiteWhale]

I'm self employed.

I won't be getting a return. I'll be getting a bill. :(

[Coochie liquor]

Got it, paid off a bunch of bills, did a few improvements on the house. Now I'm broke but my bills are all caught up so. Hell yeah!!

[El Jefe]

It's a private school that covers K-8. She's currently in 2nd grade and it comes out to about $4500k a year. We're ****ed at the end of this year because our twins will be going into kindergarten. If the wife has a good enough job....we'll keep all three in there. If not....it'll be public school time.

Twins? God bless your soul. I hope something shakes out for you to be able to send your kids on whatever educational avenue you feel best :thumb:

[Eleazar]

I owed $11 this year.

[InChiefsHeaven]

Booze. Many bottles of stuff I've never tried, or top shelf stuff that I wouldn't normally buy. It's become an annual tradition with me.

Paying off some bills, taking the wife out.

Thats about it.

[El Jefe]

Got it, paid off a bunch of bills, did a few improvements on the house. Now I'm broke but my bills are all caught up so. Hell yeah!!

Freaking right! I love that kind. I love getting back in front of bills, it feels good for the month it usually lasts lol.

[Frosty]

Yep. I will be honest, I think it made me take my education much more seriously and really made me value it more. Of course, I would love not to have the debt, but I will use the same methodology for my children when the time comes.

I paid for my own, too, which is why it took 12 years to finish. :facepalm:

They already know that if they fuck around and lose their scholarships, we aren't paying any more and they are on their own.

[Ace Gunner]

6 days in Miami to hang with friends, do some biz and party life, 6 days at the Waldorf-keys to r/r, hit up barefoot billy's rental toys and me-time.

[notorious]

I'm self employed.

I won't be getting a return. I'll be getting a bill. :(

Don't be sad. You got to keep your own money for longer.


Besides, if you are paying in, that means you probably made more than predicted!

[dj56dt58]

I owe in..fortunately it looks like i'll be making good money by being a hooker and providing blow.

[BucEyedPea]

I'm self employed.

I won't be getting a return. I'll be getting a bill. :(

Ah, hah, hah, hah. I am too but owe nothing this year. Got a little back last year. I estimated correctly!

[Old Dog]

We're getting back $25, so not a whole lot. I'm more than happy with this though. We didn't let them hold much of our money but I still didn't have to pay them even more.

[Buehler445]

Mine goes to the IRS.

[Rain Man]

It's a private school that covers K-8. She's currently in 2nd grade and it comes out to about $4500k a year. We're ****ed at the end of this year because our twins will be going into kindergarten. If the wife has a good enough job....we'll keep all three in there. If not....it'll be public school time.


You can cut your price in half by sending a different twin to school every other day and then having them teach each other in their secret twin language.

[The Franchise]

You can cut your price in half by sending a different twin to school every other day and then having them teach each other in their secret twin language.

This is why you're a top 3 poster. Genius!

[BucEyedPea]

It's a private school that covers K-8. She's currently in 2nd grade and it comes out to about $4500k a year. We're ****ed at the end of this year because our twins will be going into kindergarten. If the wife has a good enough job....we'll keep all three in there. If not....it'll be public school time.

That's a good deal. I paid $8k per year starting in 1999 and it went up yearly ending around $9k her last few years. I thought that was a good deal. It paid off later with $32k in scholarships for college, good values and good college grades. She could have received more but she was too busy to apply.

Some schools allow you to pay half price if you have a second child enrolled. Mine did that. And some have jobs at the school where a child can go free but the paycheck isn't large.


I think this post explains your avy though. Three including twins.

[Rain Man]

This is why you're a top 3 poster. Genius!

Officially I'm in the top two.

[Perineum Ripper]

I'm getting back between $8500 and $9000..so some goes to bills..some goes towards a new gun..some towards the house..most gets saved back and spent throughout the year on random things

[ChiliConCarnage]

I'll likely get back around 2k. It's not enough to do two chicks at once so I'll probably just invest it.

[mr. tegu]

Getting $1,400 so we will put it all on various credit card payments. My wife starts nurse anesthetist school in May and cannot work for the next three years. It is going to suck.

[Katipan]

I'll likely get back around 2k. It's not enough to do two chicks at once so I'll probably just invest it.

I could find you 3 chicks and still keep a finders fee.

All of mine goes to the kids. As it should be. Then I don't have to buy them shit the rest of the year.

[ModSocks]

I use the money to "refill" for the year. Buy out my auto insurance plans for the year so i don't have to make payments until this time next year, pay any bills i fell behind on so i have a clean slate for the new year etc.

[BWillie]

I don't get any, I pay the gubment. I'm sure they are happy.

[El Jefe]

I use the money to "refill" for the year. Buy out my auto insurance plans for the year so i don't have to make payments until this time next year, pay any bills i fell behind on so i have a clean slate for the new year etc.


That's a good feeling.

[mikeyis4dcats.]

nothing here. last year got back about $900, this year owed $2300. Go figure.

[ModSocks]

nothing here. last year got back about $900, this year owed $2300. Go figure.

1099?

[mikeyis4dcats.]

1099?

nope. Did get a decent bonus check this year, which I though should have increased our return, not reduced it. Weren't in the edge of a bracket either.

I suppose one of these days I shoudl run them again in something other than Turbotax and make sure they didn't goof something up.

*edit* just checked again, and it looks like it's possible we may have crossed into the next tax bracket after all. That might have been the culprit.

[Fire Me Boy!]

Pay off a little debt, pay travel expenses for my wife to accompany me to Hawaii (work is sending me), and maybe buy another lens for my camera.

[Sorce]

It's going towards our trip to Italy.

[BucEyedPea]

Pay off a little debt, pay travel expenses for my wife to accompany me to Hawaii (work is sending me), and maybe buy another lens for my camera.

Lucky you. Lady I worked with last week ending is going there. Wish they were sending me.

[Fire Me Boy!]

Lucky you. Lady I worked with last week ending is going there. Wish they were sending me.

I went last year, too. After this year, it'll be an every-other-year thing for me. Wife has determined that I'm not allowed to go without her. :)

[kepp]

nope. Did get a decent bonus check this year, which I though should have increased our return, not reduced it. Weren't in the edge of a bracket either.

I suppose one of these days I shoudl run them again in something other than Turbotax and make sure they didn't goof something up.

*edit* just checked again, and it looks like it's possible we may have crossed into the next tax bracket after all. That might have been the culprit.

That sucks. My wife started a new job last year which put us into the next bracket up. I mean, it doesn't suck...but it sucks.

As for our return, my wife and I usually give ourselves a few hundred each to buy something we want and the rest will probably go to our kids' 529 accounts.

[DaFace]

It's going towards our trip to Italy.

Similar here - going into the pot for a trip to the UK this summer.

[mikeyis4dcats.]

That sucks. My wife started a new job last year which put us into the next bracket up. I mean, it doesn't suck...but it sucks.

As for our return, my wife and I usually give ourselves a few hundred each to buy something we want and the rest will probably go to our kids' 529 accounts.

yeah, guess I should have paid more attention and probably could have negotiated some alternate compensation to keep me below the threshold.

[PA Chiefs]

Wheels and tires for my 69 Mustang and paying off my wife's Macys card, whatever is left goes to savings.

[bdj23]

Not getting much of one. I'll probably owe the state around $100

[scho63]

Use it to pay down past due taxes from 2009! :mad:

[RaiderH8r]

It's a private school that covers K-8. She's currently in 2nd grade and it comes out to about $4500k a year. We're ****ed at the end of this year because our twins will be going into kindergarten. If the wife has a good enough job....we'll keep all three in there. If not....it'll be public school time.

Is that $4,500/yr or $45,000/yr? Why did you put a K on there? Is i it $4,500,000/year because that seems spendy.

Because, christ. I'd give my nut to be in only $4,500/yr. I'm shelling out just over $13,000/yr for pre school. My son's in 1st grade and private school is just a nut over $25,000/yr. That's before activities and shit. So, of course, little fucker is a hockey player. That cost me $1,400 for the fall season, another $1,800 for summer camps. Good news! Spring season is only $395. What could make this more expensive? Glad you asked. He's. A. Goalie. SMH. So that's an additional $800+ in goalie gear on top of his skate gear.

That's what I get for insisting we would never be a soccer family. I'm an idiot.

[notorious]

Is that $4,500/yr or $45,000/yr? Why did you put a K on there? Is i it $4,500,000/year because that seems spendy.

Because, christ. I'd give my nut to be in only $4,500/yr. I'm shelling out just over $13,000/yr for pre school. My son's in 1st grade and private school is just a nut over $25,000/yr. That's before activities and shit. So, of course, little ****er is a hockey player. That cost me $1,400 for the fall season, another $1,800 for summer camps. Good news! Spring season is only $395. What could make this more expensive? Glad you asked. He's. A. Goalie. SMH. So that's an additional $800+ in goalie gear on top of his skate gear.

That's what I get for insisting we would never be a soccer family. I'm an idiot.

J


F


C

[RaiderH8r]

I'm getting back between $8500 and $9000..so some goes to bills..some goes towards a new gun..some towards the house..most gets saved back and spent throughout the year on random things

So you're floating the IRS an interest free loan of $8,500 or so? You're nicer than I.

[RaiderH8r]

J


F


C

I did get a pretty sweet tie for Father's day so that makes up for it.

It's northern VA. That's how shit is around here. You can't send them to public school though. Those people are animals. I know. I'm the product of public schooling.

High school goes up to anywhere from $35-$50K depending on whether or not he stays or goes to boarding school. Same for the girl.

[RaiderH8r]

So, to the OP. Yeah, like everyone else...hookers and blow.

Or a bulldog. I've wanted a bulldog for a while. I'd name him Meatlug and we'd have farting contests. My wife doesn't want a fat, slobbering, farting, animal around the house. Actually, she doesn't want another fat, slobbering, farting, animal around the house. But fuck that noise. Meatlug would be awesome. I would take him to the office with me and he would chill on my big red chair.

[notorious]

So, to the OP. Yeah, like everyone else...hookers and blow.

Or a bulldog. I've wanted a bulldog for a while. I'd name him Meatlug and we'd have farting contests. My wife doesn't want a fat, slobbering, farting, animal around the house. Actually, she doesn't want another fat, slobbering, farting, animal around the house. But **** that noise. Meatlug would be awesome. I would take him to the office with me and he would chill on my big red chair.

Does Meatlug like peanut butter?

[RaiderH8r]

Does Meatlug like peanut butter?

Straight. No testicles.

[The Franchise]

Is that $4,500/yr or $45,000/yr? Why did you put a K on there? Is i it $4,500,000/year because that seems spendy.

Because, christ. I'd give my nut to be in only $4,500/yr. I'm shelling out just over $13,000/yr for pre school. My son's in 1st grade and private school is just a nut over $25,000/yr. That's before activities and shit. So, of course, little fucker is a hockey player. That cost me $1,400 for the fall season, another $1,800 for summer camps. Good news! Spring season is only $395. What could make this more expensive? Glad you asked. He's. A. Goalie. SMH. So that's an additional $800+ in goalie gear on top of his skate gear.

That's what I get for insisting we would never be a soccer family. I'm an idiot.

$4500 a year. Plus throw in the $2000 of scrip that we have to buy, another $400 a year that we have to in "fund-raising" and around 36 hours of volunteer hours that we have to complete.

[seclark]

new socks and skivvies.
gonna feel fresh.
sec

[RaiderH8r]

$4500 a year. Plus throw in the $2000 of scrip that we have to buy, another $400 a year that we have to in "fund-raising" and around 36 hours of volunteer hours that we have to complete.

Oh Jeezis, they make you do community service like you're some kind of reprobate? That shit pisses me off. That's why I make my wife do all of that shit. She's the good natured bunny hugger. I'll bake the brownie for the bake sale but I'll be damned if I'm going to man the booth and sell tickets or whatever tha fuck.

[Nightfyre]

What refund money?

[TEX]

What refund money?

LOL! Exactly. I'm ALWAYS paying. More so over the past 5 or 6 years...:hmmm:

[notorious]

LOL! Exactly. I'm ALWAYS paying. More so over the past 5 or 6 years...:hmmm:

It's been a good year if that's the case, or the local's raised taxes!

[Nightfyre]

Or the government dropped withholding values.

[lcarus]

I owe 900 in debt to my old apartments because i bailed a month early. WAS gonna get a PS4 and a graphics card. Im pretty bummed about it.

[DiaperBoy27]

yeah, guess I should have paid more attention and probably could have negotiated some alternate compensation to keep me below the threshold.

couldn't you just increase your pre-tax contributions, like 401k or HSA, to get into a lower bracket?

[DaFace]

LOL! Exactly. I'm ALWAYS paying. More so over the past 5 or 6 years...:hmmm:

It's not uncommon (especially if you file jointly) to end up owing if you don't have them hold extra out each time. The wife and I have to hold out an extra $250/month or so.

[SAUTO]

a RETURN? ROFL

[jerryforeverrice80]

like i said in the other thread that were buying the oldest child a car so she will move out.

[J Diddy]

Hookers and blow. Blow and hookers.

Thank you Obama.

[mikeyis4dcats.]

couldn't you just increase your pre-tax contributions, like 401k or HSA, to get into a lower bracket?

hmm, we DO have a 401k, dunno how that would work though at this point...

[Fire Me Boy!]

hmm, we DO have a 401k, dunno how that would work though at this point...


If you contribute through work, just increase your contributions.

[mikeyis4dcats.]

If you contribute through work, just increase your contributions.

how does that retroactively affect 2014 though?

[mikeyis4dcats.]

oh, maybe I misunderstood his post, thought he was suggesting I put money into the 401k to lower my 2014 income.

[Fire Me Boy!]

how does that retroactively affect 2014 though?

You're too late for 2014. Nothing you can do now.

[Fire Me Boy!]

oh, maybe I misunderstood his post, thought he was suggesting I put money into the 401k to lower my 2014 income.

No, but if you know it's going to happen again in 2015, you can prepare for it now by increasing your contribution.

[mikeyis4dcats.]

No, but if you know it's going to happen again in 2015, you can prepare for it now by increasing your contribution.

guess I better. I hate how my company does bonuses, they just appear and I didn't have a chance to review anything.

[Fire Me Boy!]

guess I better. I hate how my company does bonuses, they just appear and I didn't have a chance to review anything.

I like mine. I don't get it until after the new year. Let's me plan all year long for it.

[Psyko Tek]

hopefully pay off the audit I had 3 years ago

[Buck]

I owe $1800

[Chiefaholic]

Just enough for my electric bill and a tank of gas..... Looks like I have to pay a little extra next year or they said I'd have to pay in.

[Kidd Lex]

couldn't you just increase your pre-tax contributions, like 401k or HSA, to get into a lower bracket?

Common misconception. Only the money earned beyond the new tax bracket is taxed at the higher rate. Everything under was taxed at the prior rate. It's called a progressive tax system for this very reason. It's always better to earn more.

[Jiu Jitsu Jon]

I'm going to build my own tadpole wheel. You see, when I was young my grandpa had a wheel with tadpoles nailed to it. He'd spin it around and yell "TADPOLES IS A WINNER! TADPOLES IS A WINNER!" We thought that was kind of strange, but then we had some growing up to do.

['Hamas' Jenkins]

Pay off credit card debt from medical bills. Fucking awesome, I tell you.

[Strongside]

8 nights in Greece, 4 in Rome. (Return only paid for my flights)

[WakkaWakka]

Not 1 person has said that they're gonna buy Chiefs season tickets LMAO

[Hammock Parties]

Thinking a really high-end escort.

[LoneWolf]

I owe $1800

You're doing it wrong.

[Red Dawg]

Take it and go get me a nice piece of ass.

[Buck]

You're doing it wrong.


How do you know what I am doing?

[|Zach|]

Part of it for some camera gear and the other part for walking around money during a March trip to New York.

[Fire Me Boy!]

Part of it for some camera gear and the other part for walking around money during a March trip to New York.

What camera gear?

[Fire Me Boy!]

Would you be so kind as to chime in on this: http://www.chiefsplanet.com/bb/showpost.php?p=11312194&postcount=308

[LoneWolf]

How do you know what I am doing?

I don't, but if you are having to pay in $1,800 as a single person with an average job (I'm assuming that you aren't consistently in the upper tax bracket) then there are things you could be doing to lower your tax burden and keep more of your money in your pocket.

[kepp]

Common misconception. Only the money earned beyond the new tax bracket is taxed at the higher rate. Everything under was taxed at the prior rate. It's called a progressive tax system for this very reason. It's always better to earn more.

Explain this to me then... When I added in my wife's W2 (she earned 25% of what I earned in '14) our federal return dropped by 60%. I don't see how that could have happened unless all our taxable income was taxed in the higher bracket.

[notorious]

Explain this to me then... When I added in my wife's W2 (she earned 25% of what I earned in '14) our federal return dropped by 60%. I don't see how that could have happened unless all our taxable income was taxed in the higher bracket.

Tell her to stay at home and make you a sandwich.

[Rain Man]

Explain this to me then... When I added in my wife's W2 (she earned 25% of what I earned in '14) our federal return dropped by 60%. I don't see how that could have happened unless all our taxable income was taxed in the higher bracket.

Sounds like she's not withholding very much. If you have a lower income (which presumably she does unless you're making $1m and she's making $250,000), then the default in most payrolls is that you won't be paying much or anything in taxes. So little or nothing gets taken out.

But she's not paying low taxes because her income gets stacked on top of yours. So she's actually paying a pretty high rate, and she's paying it on all of her income since your income has already sucked up the exemptions and deductions for the most part. So the little person with the green eyeshade wants a lot of tax money from her as the day of reckoning arrives.

[RaiderH8r]

Thinking a really high-end escort.

The kind that lets you finish in the butt? That is classy.

[Pablo]

The kind that lets you finish in the butt? That is classy.She lets you finish and then squirts it back out into a martini glass to gargle in front of you.

Dinner and a show. Dinner for her. Show for you.

[kepp]

Sounds like she's not withholding very much. If you have a lower income (which presumably she does unless you're making $1m and she's making $250,000), then the default in most payrolls is that you won't be paying much or anything in taxes. So little or nothing gets taken out.

But she's not paying low taxes because her income gets stacked on top of yours. So she's actually paying a pretty high rate, and she's paying it on all of her income since your income has already sucked up the exemptions and deductions for the most part. So the little person with the green eyeshade wants a lot of tax money from her as the day of reckoning arrives.

So if my income took us to the edge of a bracket, all of her taxable income would be taxed at the higher bracket. And since her income was originally taxed at a much lower rate than the higher bracket, the difference is sucked back out of of the refund. I guess that makes sense. It makes me wonder if it would have been better to file individually instead of jointly.

[ThaVirus]

She lets you finish and then squirts it back out into a martini glass to gargle in front of you.



Dinner and a show. Dinner for her. Show for you.


That is fucking disgusting

[aturnis]

Sam Adams. To wash the taste of cigarettes and joker spit from my mouth. From the hooker and blow binge.

[Cannibal]

Most of us middle class people without kids won't get much, so probably not much of anything.

Now if I was a poor, uneducated dipshit on the earned income tax credit with 5 or 6 mouth breathing kids to my name, I'm sure I'd be doing all kinds of crazy shit like buying big screen TV's, guns, new vinyl furniture etc.

[Cannibal]

Flat Tax please.

[DaFace]

I'm honestly a bit puzzled by all of the "I won't get much because XXX" posts. Refunds are mostly driven by your withholdings - not your tax bracket. If you are having to pay in, you should withhold more on your W-4. If you are getting a huge refund, you should increase your exemptions on your W-4.

[DaFace]

So if my income took us to the edge of a bracket, all of her taxable income would be taxed at the higher bracket. And since her income was originally taxed at a much lower rate than the higher bracket, the difference is sucked back out of of the refund. I guess that makes sense. It makes me wonder if it would have been better to file individually instead of jointly.

Really just depends on the specific situation. Most of the time you're better off filing jointly, as there are certain benefits that you can only get if you file jointly (especially with regard to certain deductions). Here's a high-level overview:

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Should-You-and-Your-Spouse-File-Taxes-Jointly-or-Separately-/INF20137.html

[Fire Me Boy!]

I'm honestly a bit puzzled by all of the "I won't get much because XXX" posts. Refunds are mostly driven by your withholdings - not your tax bracket. If you are having to pay in, you should withhold more on your W-4. If you are getting a huge refund, you should increase your exemptions on your W-4.

Unless you like getting a huge refund. I like getting a huge refund, which is why I increased my withholdings.

[Jimmya]

I pay a crap load! It sucks.

[DaFace]

Unless you like getting a huge refund. I like getting a huge refund, which is why I increased my withholdings.

True, and nothing wrong with that (though the financial gurus will tell you that you're giving the government an interest-free loan that way).

[notorious]

I pay a crap load! It sucks.

It does suck.


But, with the choice of making what I do now and paying, or making what I used to and getting scraps back, the decision is easy.

[Fire Me Boy!]

True, and nothing wrong with that (though the financial gurus will tell you that you're giving the government an interest-free loan that way).

As opposed to giving it to the bank for record low interest rates? It's a wash.

Don't care, though, honestly. It's forced savings for me, and at the end of each year I get a fat check the wife and I can use to fritter away on something we want but don't need.

[ModSocks]

As opposed to giving it to the bank for record low interest rates? It's a wash.

Don't care, though, honestly. It's forced savings for me, and at the end of each year I get a fat check the wife and I can use to fritter away on something we want but don't need.

This.

[sedated]

As opposed to giving it to the bank for record low interest rates? It's a wash.

Don't care, though, honestly. It's forced savings for me, and at the end of each year I get a fat check the wife and I can use to fritter away on something we want but don't need.

I don't think the people touting the "its a mistake to get a refund" thing are putting it in a savings account for 1% interest. They invest in something with a higher return.

I can see the benefit - profit off the money rather than letting it sit around doing nothing. But I know nothing about investing so haven't tried it.

[notorious]

I don't think the people touting the "its a mistake to get a refund" thing are putting it in a savings account for 1% interest. They invest in something with a higher return.

I can see the benefit - profit off the money rather than letting it sit around doing nothing. But I know nothing about investing so haven't tried it.

This

I will take at least 3-5% on thousands of dollars instead of 0%.

For people that don't have the discipline to save, overpaying is far better, though.

[DaFace]

As opposed to giving it to the bank for record low interest rates? It's a wash.

Don't care, though, honestly. It's forced savings for me, and at the end of each year I get a fat check the wife and I can use to fritter away on something we want but don't need.

I don't think the people touting the "its a mistake to get a refund" thing are putting it in a savings account for 1% interest. They invest in something with a higher return.

I can see the benefit - profit off the money rather than letting it sit around doing nothing. But I know nothing about investing so haven't tried it.

It would take a pretty extreme situation for it to matter a lot. If Option A is to get a $6k refund and Option B is to invest $500 per month at 10% interest (which would be REALLY good for a conservative investment), you'd end up with about $6300 at the end of the year (in very rough numbers). So your best case scenario is making an extra $300, and for most people, it'd probably be closer to $30.

[Frosty]

True, and nothing wrong with that (though the financial gurus will tell you that you're giving the government an interest-free loan that way).

Like you can earn any interest in the meantime.

[Frosty]

I have a side business that is highly variable on whether I get income or not. I can make anywhere from nothing (like last year) to $7-8,000. Since I don't know if I am going to be finding any work or not (engineering consulting), I maxed out my withholdings to cover the unplanned income. It can mean large returns but it also prevents any unpleasant surprises come tax season.

[Buehler445]

I don't think the people touting the "its a mistake to get a refund" thing are putting it in a savings account for 1% interest. They invest in something with a higher return.

I can see the benefit - profit off the money rather than letting it sit around doing nothing. But I know nothing about investing so haven't tried it.

This. In my case it is the % of my operating note.

Explain this to me then... When I added in my wife's W2 (she earned 25% of what I earned in '14) our federal return dropped by 60%. I don't see how that could have happened unless all our taxable income was taxed in the higher bracket.

Here's the deal. Your wife's withholdings assume that she is the only one making money. So if it is a low wage, it will not withhold very much because most of it would be eaten up by the standard deduction. So when your wage fills up the lower tax brackets, and her wages are taxed at a higher rate, you're under withheld. It doesn't matter which dollar fills the exemptions and the brackets, but the higher the income, the more withholdings there are. And since your wife's wages are low, the percentage is low.

I run into that with some part time work I do. But I don't care enough to change it. If you want to change it, figure up how much % of gross wages your tax was, and then compare that to your wifes, and have her withhold the difference.

Example using totally arbitrary numbers.

Gross wages: $100,000 (both you and your wifes gross from W-2)
Taxes Due: $30,000 (what's due plus what was withheld)
Tax Rate: 30%

Wife Wage: $25,000
Taxes withheld: $2,000
30% of her Gross: $7,500
Difference: $5,500

have her withhold an extra 458.33 per month and that should get dang close.

[Buehler445]

I have a side business that is highly variable on whether I get income or not. I can make anywhere from nothing (like last year) to $7-8,000. Since I don't know if I am going to be finding any work or not (engineering consulting), I maxed out my withholdings to cover the unplanned income. It can mean large returns but it also prevents any unpleasant surprises come tax season.

Be sure you keep track of expenses. If you don't make anything, be sure to keep track of expenses and carry over the loss.

[Frosty]

Be sure you keep track of expenses. If you don't make anything, be sure to keep track of expenses and carry over the loss.

Yeah, I actually had a $75 loss this year.

[Bearcat]

It would take a pretty extreme situation for it to matter a lot. If Option A is to get a $6k refund and Option B is to invest $500 per month at 10% interest (which would be REALLY good for a conservative investment), you'd end up with about $6300 at the end of the year (in very rough numbers). So your best case scenario is making an extra $300, and for most people, it'd probably be closer to $30.

Yeah, I assume Dave Ramsey or someone once said "it's an interest free loan to the government!" and now that's the cool thing to say, even though no one actually does anything with that money, except maybe spend it.

[kepp]

This

I will take at least 3-5% on thousands of dollars instead of 0%.

For people that don't have the discipline to save, overpaying is far better, though.

And that's what it comes down to

[SAUTO]

It does suck.


But, with the choice of making what I do now and paying, or making what I used to and getting scraps back, the decision is easy.

Exactly

[J Diddy]

Personally, I wish that they'd roll with a schedule of deposits like they've had every other year.

This update once a day shit is for the birds. I got bills to pay hookers to rent and blow to..uh...blow.

[BucEyedPea]

Yeah, I assume Dave Ramsey or someone once said "it's an interest free loan to the government!" and now that's the cool thing to say, even though no one actually does anything with that money, except maybe spend it.

I'd still rather spend it on what I needed to keep work coming in if I were self employed though. Like advertising or a new computer, a tablet etc.

[TimBone]

With my tax return, I'm going to neg rep Coochie Liquor. Y'all should do the same!!

[Buehler445]

I'd still rather spend it on what I needed to keep work coming in if I were self employed though. Like advertising or a new computer, a tablet etc.

If you were self employed and got a refund, it would mean you made less money because the estimates based on prior years income were overstated. You'd need to reinvest it, or at least replenish operating capital.

[El Jefe]

Most of us middle class people without kids won't get much, so probably not much of anything.

Now if I was a poor, uneducated dipshit on the earned income tax credit with 5 or 6 mouth breathing kids to my name, I'm sure I'd be doing all kinds of crazy shit like buying big screen TV's, guns, new vinyl furniture etc.

True, if I didn't finish my BBA and get the Federal educational credit, I wouldn't have got much at all. I actually owed $39 to the state.

[Fire Me Boy!]

Got my return deposit today and I've already paid off two credit cards.

[Buehler445]

Got my return deposit today and I've already paid off two credit cards.

My payment comes out Monday. It's not too bad this year.

[J Diddy]

Most of us middle class people without kids won't get much, so probably not much of anything.

Now if I was a poor, uneducated dipshit on the earned income tax credit with 5 or 6 mouth breathing kids to my name, I'm sure I'd be doing all kinds of crazy shit like buying big screen TV's, guns, new vinyl furniture etc.

Heh.

I don't know if you're just trying to be a dick or it comes natural but I will throw my intellect up against yours any day of the week.


Signed,
a poor, educated dipshit who got eic due to 1 kid

[Fire Me Boy!]

Most of us middle class people without kids won't get much, so probably not much of anything.

Now if I was a poor, uneducated dipshit on the earned income tax credit with 5 or 6 mouth breathing kids to my name, I'm sure I'd be doing all kinds of crazy shit like buying big screen TV's, guns, new vinyl furniture etc.

Middle class here, no kids. Pretty substantial return for me.

(Of course, it's because the wife and I actually withhold extra because: 1. we had to pay our first year together, and that fucking sucked; and 2. we like a big fat check this time of year to take care of larger projects like paying down debt, house repairs/upgrades, or buying things like cars outright.)

[Reerun_KC]

I hate people that get returns. Passionately.

[J Diddy]

I hate people that get returns. Passionately.


and yet I was able to sleep well last night....with bills paid and money in the bank.

[Fire Me Boy!]

I hate people that get returns. Passionately.


Why? Jealousy or because you hate us giving the government an interest free loan or something else?

[lewdog]

My wife and I are middle class too with no kids and our return was a nice chunk of change. We received both a state and federal return within 2 weeks which was quicker than last year. We don't carry debt besides my student loans so some is going to investments, some to student loans and the rest to the car I am buying from my FIL. Beats paying someone this time of year!

[lewdog]

Why? Jealousy or because you hate us giving the government an interest free loan or something else?

It's because he's rich and makes a fun ton but doesn't want to pay taxes. He also hates the poor like you and I.

[Buehler445]

I hate people that get returns. Passionately.

Nah dude. You hate taxes. People are cool.

[Buehler445]

Why? Jealousy or because you hate us giving the government an interest free loan or something else?

He has to pay SE tax.

[Fire Me Boy!]

My wife and I are middle class too with no kids and our return was a nice chunk of change. We received both a state and federal return within 2 weeks which was quicker than last year. We don't carry debt besides my student loans so some is going to investments, some to student loans and the rest to the car I am buying from my FIL. Beats paying someone this time of year!


I haven't received state yet. No idea when I will either. Experience tells me it could be anywhere from 2 weeks to 4 months. Alabama sucks.

I got the federal in 6 days, which might be a record for me.

[Fire Me Boy!]

He has to pay SE tax.


Oh, well I can appreciate that. The year my wife was a contract employee (massage therapy) sucked come tax time. (It didn't help we lived in two states and between the two of us and the move we had five jobs.)

[Buehler445]

I haven't received state yet. No idea when I will either. Experience tells me it could be anywhere from 2 weeks to 4 months. Alabama sucks.

I got the federal in 6 days, which might be a record for me.

All states suck. They're all broke.