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Old 03-19-2011, 02:01 PM   #11
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That's where I'm at too. Since my kids grew up at about the same time (one was still my dependent in college), I went from two dependents, with college expenses in 2009, to just the two of us in 2010. Bob is retired, but I worked part-time most of the yeast last year. We got HAMMERED in taxes, even with a substantially lower income. We just paid the taxes. Ouch.
i'm on the opposite end, just had our 2nd and my wife took a lot of classes this year. i forgot how huge of a credit tuition is! this is also our first full year paying mortgage interest. daycare expenses are also a nice deduction.

long story short, i tried to plan it so we'd be zero but i failed miserably. not a terrible thing i guess


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Old 03-19-2011, 02:01 PM   #12
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Originally Posted by Poobah58 View Post
What's a tax refund?

The same question for me?

I usually end up pqaying


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Old 03-19-2011, 02:02 PM   #13
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Everything I'm getting back is going right back to the Fed via Q1 estimated quarterly taxes (yea).
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Old 03-19-2011, 02:03 PM   #14
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I going to give as little of it as possible to my exwife, and use the rest to pay bills, buy clothes for the kids, maybe buy the kids a bike or something if I have enough left
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Old 03-19-2011, 02:06 PM   #15
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Why do you get a refund anyways? Its YOUR money, YOU gave it to the gov't & they mismanaged it for a whole year, then gave it back to yuh.

I owed quite a bit this year b/c I made some great returns on a few investments, but I knew about it ahead of time, so I had the money saved back!
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Old 03-19-2011, 02:23 PM   #16
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I went to get my refund and Cesar asked for more...
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Old 03-19-2011, 02:31 PM   #17
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I got more of a refund than I was anticipating, but that's due solely to how my company paid out bonuses last year. I don't expect that to happen this year seeing as... well... our bonuses were much smaller or non existent.

For me, the money is going into two savings accounts - one for my emergency fund, and one is saving for a house. I might siphon out a few bucks to pay for another bag of 2-row, but otherwise its all going to be saved or used to work toward paying off my car.
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Old 03-19-2011, 02:35 PM   #18
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after paying taxes on my unemployment...zip zero nada
whos idea was it to tax the unemployed anyway
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Old 03-19-2011, 02:41 PM   #19
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Paid down the credit card and put the other half away for my wedding next year. Fun.
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Old 03-19-2011, 03:59 PM   #20
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Quote:
Originally Posted by zac View Post
Why do you get a refund anyways? Its YOUR money, YOU gave it to the gov't & they mismanaged it for a whole year, then gave it back to yuh.

I owed quite a bit this year b/c I made some great returns on a few investments, but I knew about it ahead of time, so I had the money saved back!
W2 employees with variable compensation can't predict how much to withhold since their bonus will be taxed at 38%, probably higher than their marginal rate.

In my case I decided to install a ground source heat pump in December which triggers a 30% tax credit with no cap. So while I typically would like to not get a refund, I did get a very large one this year.

If I had zero variable compensation I could and would be extremely close to 0 owed (either way) at the end of the year.


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