OMFG Tax Refund!

[bargora]

I finally figured out that I'm due a REFUND this year! Last year I had to shell out $1400 largely because my grad student wife had a stipend but NO WITHOLDING. WTF?

Anyway, I was about to earmark my refund for 6 Radiant Silverguns or a couple of arcade cabinets, but I've been informed that we have, er, creditors. :puppydogeyes:

[BIGMIKE]

i would love to find this arcade game i use to play all the time when i was young. it was 4player and was a track and field game. i might be able to purchase it with my fat uncle sam check. somewhere over 4grand @_@

[Tempest]

I'm getting around $1,500 back this year. That's going to buy a new TV.

Tempest

[zektor]

You bastards :) I had to pay uncle sammy $157 >:(

[bargora]

OMG! I can't believe I posted this in the VG forum instead of off topic. Oh, well.

The way to get a refund is easy--just tell the accountant at your job that you want them to hold back an extra $50 per paycheck. Voila! Twelve months later, instant refund! Well, that's what I did after last year's debacle. But it turned out that buying a house introduced me to the magical world of itemized deductions, so BOOM! I guess buying a house makes you a more valuable member of society or something. :roll: But then there's the property taxes...

[WiseSalesman]

I got back $250 this year, when I had to pay IN $160 last year. Unfortunately, or fortunately depending on how you look at it, it's all going into a fund to be blown on a one week road trip this summer.

[Anonymous]

I managed to get a 2300 dollar refund somehow this year. I don't know how it happened, but I'm not going to complain about it, either.

[chrisballer]

All i have to say is it sucks being single and no kids i paid in $9000 and got back $1500 figure that shit out.

[Sothy]

If mine gets in by the 1st Ill pay the rent and pay money to a friend i owe.

I really really hate this adult shit. Isnt it supposed to be cool like partying all the time getting to spend your money on whatever you want always having the stuff you like in the fridge?

Ill get a game though. dont care if theres enough left over or not Im gettin a new game.

Ill get a case of beer, order some pizza and play the new game and get a whore or two. probably a cheetah and some diamond studded brass knuckles but thats it.

[dsullo]

I am not bragging here but you can triple the highest amount listed in this thread. I am getting back alot. but I had a ton of write offs.

[Sylentwulf]

I got back $5,000 Paid off my new TV, and paid off parts of a loan.

[FlashStash]

Okay, time for my annual refund speech! Well, not annual to you folks, but annual to all my firends.

If you're getting back money, that means you basically gave the government an interest-free loan for a year. If you're getting $1200 back, this means, had your deductions been adjusted correctly, you could have had $100 more in your paycheck every month, and you could have gained a few bucks in interest if it was in your bank rather than the governments! If you have to pay, even better! You got an interest free loan from the government for the year! Use it to buy up some stock at flea markets, sell the stuff on eBay, and make a profit off the government's dough!

Okay, I'm off my soapbox now...

FS

[ehall]

Got back a total of 5 grand this year, but due to some credit card "unpleasantness"....

*Glares at wife*

very little will end up paying for games. Sigh.

[Sylentwulf]

I would much rather give the government an interest-free loan. If I have the money, chances are, I'm gonna spend it.

[omnedon]

I'm self employed.

Self employed means BIG TAX BILL each year. But no boss. I guess it evens out. :D

[bargora]

Yeah, FlashStash, you made the speech that I was too tired to make last night.

The bright side of things is that I'm marching down to the accounting department today and telling them to reduce my federal witholding by $100 per month. Instant raise! Booyah!

[wberdan]

i got back $5,540 .. its going to pay taxes and shit.. no game related items will be bought with it ('cept maybe an xarcade with all the game console adaptors).

willie

[udisi]

you all suck I had to pay $350 bucks :( ....damn dividends and interest

[orrimarrko]

Okay, time for my annual refund speech! Well, not annual to you folks, but annual to all my firends.

If you're getting back money, that means you basically gave the government an interest-free loan for a year. If you're getting $1200 back, this means, had your deductions been adjusted correctly, you could have had $100 more in your paycheck every month, and you could have gained a few bucks in interest if it was in your bank rather than the governments! If you have to pay, even better! You got an interest free loan from the government for the year! Use it to buy up some stock at flea markets, sell the stuff on eBay, and make a profit off the government's dough!

Okay, I'm off my soapbox now...

FS

Amen brother.

However, there's nothing like getting a fat check in the mail. Seriously, I subscribe to the same reality as you have outlined above. I wil say this though. Speaking personally, it is much easier to do good things with a big check, than to save up that same amount over a period of time. But that's just me...

[orrimarrko]

I am just curious though.

How in the HELL do some of you get such big returns???

Do you have kids, or just make some serious bank and claim Single with ")" witholdings?

Just wondering on a serious level.

[Pop Culture Portal]

I'm with orrimarrko, some please explain these outrageous refunds so WE can get one next year too! I haven't gotten a refund in nearly 15 years!!

[chadtower]

Last year I got back like 6k... here's the breakdown:

Two kids, strong 5 figures of mortgage interest deduction, ~$4k charitable donations deductions, maximum allowed student loan interest deduction, wife who does not work outside the home.

Things change dramatically once you get into itemized deductions. Single people who do not itemize will rarely see a giant refund when their taxes are properly set up.

[Pop Culture Portal]

@chadtower...hmmm...well, no kids, my wife and I both work two jobs, have mortgage, maximum student loan deduction, and only a $25 donation to the Comic Book Legal Defense Fund...our friends tell us it's the "kids factor" that makes the difference, but I suspect it's the 4-job household income thingy too. Looks like my wife and I need to be makin' with the baby thing! LOL

[wberdan]

no kids, no deductions, and i claim zero

willie

[chadtower]

@chadtower...hmmm...well, no kids, my wife and I both work two jobs, have mortgage, maximum student loan deduction, and only a $25 donation to the Comic Book Legal Defense Fund...our friends tell us it's the "kids factor" that makes the difference, but I suspect it's the 4-job household income thingy too. Looks like my wife and I need to be makin' with the baby thing! LOL

Are you itemizing? Are you filing jointly or together? These are big issues. Trust me, though, you don't really want a huge refund. A huge refund only means that the gov't used your money interest free all year. If you're not getting a huge refund, just set aside $200/month into an interest bearing account and it will be far better... if you can't do that, then the necessary changes you could make to get a refund would hit you pretty hard anyway...

[Pop Culture Portal]

@chadtower...really, we have nothing TO itemize other than student loans and the mortgage...plus we have to file jointly due to our student loans (they're lumped together)...


If you're not getting a huge refund, just set aside $200/month into an interest bearing account and it will be far better... if you can't do that, then the necessary changes you could make to get a refund would hit you pretty hard anyway...

Man, if we HAD an extra $200...what you said makes sense and actually makes me feel better.

[chadtower]

Man, if we HAD an extra $200...what you said makes sense and actually makes me feel better.

Cool! Good deal, then. :-D