Taxes filed! Yay!

vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
Nice big refund, too. :yahoo:

I had a father-in-law once who used to yell at me because I'd overpay my taxes - intentionally - then get a big refund at the end of the year. He said you're just loaning Uncle Sam money with no interest. I say that I'd just piss that money away, but if I get it in a big lump sum it's like enforced savings.

I don't necessarily need the enforced savings anymore, but I still overpay and get that big check back. I adjusted one year and ended up having to pay $1000, which pissed me off, so now I make sure I get money back.
 
awpitt

awpitt

Main Streeter
vraiblonde said:
Nice big refund, too. :yahoo:

I had a father-in-law once who used to yell at me because I'd overpay my taxes - intentionally - then get a big refund at the end of the year. He said you're just loaning Uncle Sam money with no interest. I say that I'd just piss that money away, but if I get it in a big lump sum it's like enforced savings.

I don't necessarily need the enforced savings anymore, but I still overpay and get that big check back. I adjusted one year and ended up having to pay $1000, which pissed me off, so now I make sure I get money back.
Click to expand...

I filed mine early Feb. Your FIL was right. I always set my W4 so I'll get a refund but not a big refund. I take the money, that would've been a huge refund, and have it dumped in my 401K throughout the year.
 
Merlin99

Merlin99

Visualize whirled peas
PREMO Member
vraiblonde said:
Nice big refund, too. :yahoo:

I had a father-in-law once who used to yell at me because I'd overpay my taxes - intentionally - then get a big refund at the end of the year. He said you're just loaning Uncle Sam money with no interest. I say that I'd just piss that money away, but if I get it in a big lump sum it's like enforced savings.

I don't necessarily need the enforced savings anymore, but I still overpay and get that big check back. I adjusted one year and ended up having to pay $1000, which pissed me off, so now I make sure I get money back.
Click to expand...

I agree, I'd rather get a big refund than the extra hundred bucks in the check.
 
Gilligan

Gilligan

#*! boat!
PREMO Member
A refund.....I wish. Just got all my returns back from my accountant Friday. Get to stroke a check....
 
Clem72

Clem72

Well-Known Member
Unless you are talking about a HUGE overpayment (10s of thousands) and you would otherwise have invested that money, the interest claim is bunk. This isn't the 80s anymore when you could get 8%-10% on your savings.

And if you under pay by too much you can be made to pre-pay for next year, pay penalties, or have to file more often. All of that is worth more than the 0.2% interest on the $3k I overpaid.
 
GURPS

GURPS

INGSOC
PREMO Member
awpitt said:
Not sure what you mean. I don't get Obamacare subsidies so that doesn't impact me.
Click to expand...

ok

Insurance Payments through the MD Health Connection Blue Cross Care First

$ 1072

based on income, you can take a subsidy monthly or a lump some payout at the end of the year

so estimated monthly subsidy of say $ 450 ...
at the end of the yr this is recalculated based on final earnings

both yrs even though my income was LESS the computed at the beginning of the year I was given 'too much subsidy'
Between $ 500 or $675 was shaved off of my refund reducing the total Federal Refund Amount
 
awpitt

awpitt

Main Streeter
GURPS said:
ok

Insurance Payments through the MD Health Connection Blue Cross Care First

$ 1072

based on income, you can take a subsidy monthly or a lump some payout at the end of the year

so estimated monthly subsidy of say $ 450 ...
at the end of the yr this is recalculated based on final earnings

both yrs even though my income was LESS the computed at the beginning of the year I was given 'too much subsidy'
Between $ 500 or $675 was shaved off of my refund reducing the total Federal Refund Amount
Click to expand...

Oh. Okay. I never really knew how that works.
 
SamSpade

SamSpade

Well-Known Member
vraiblonde said:
Nice big refund, too. :yahoo:

I had a father-in-law once ......
Click to expand...

Larry's Dad? Because that sounds EXACTLY like what Larry would say.

And I am with you - I'd rather overpay Uncle Sam a little bit all year to get that check,
but part of it is to also cover any "surprises", like finding out that surprise money you
got last year was taxable, or finding out your spouse UNDERPAID hers.

I've never had to PAY Uncle Sam, but I've been close before, and I didn't like it.
 
Gilligan

Gilligan

#*! boat!
PREMO Member
I always owe Uncle ....just a consequence of the kind of business I own. On the plus side....the IRS could never steal the Obamacare fine from me by deducting it from a refund, which is their only recourse.
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
Gilligan said:
I always owe Uncle ....just a consequence of the kind of business I own. On the plus side....the IRS could never steal the Obamacare fine from me by deducting it from a refund, which is their only recourse.
Click to expand...

I've had my health insurance policy for years, so Obamacare didn't affect me because I was grandfathered in. :yay:
 
Gilligan

Gilligan

#*! boat!
PREMO Member
vraiblonde said:
I've had my health insurance policy for years, so Obamacare didn't affect me because I was grandfathered in. :yay:
Click to expand...

Lucky you...since so many companies bailed. Me, I won't waste money on "compliant" health insurance so the IRS wants the fine.....
 
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