Ok you working stiffs are you getting a Tax Refund this year?

Paying bills off.

 

Yes, I did. I used it to get clear title to my Prius v. The bank and I are no longer sharing.

 

I'm a giver, not a taker.

 

getting a refund just means you gave the government a loan. I didn't try to 'fix' my withholding to account for my EV credit, so I'll get a sizable refund. Of course, I need to remember I've already spend that money buying the car....

 

I intentionally aim for a small payment, not a refund, and usually succeed.

 

Whether you get a refund or not is determined by how you adjust your withholding or estimated tax payments. A refund just means you loaned more money than necessary to the gumnt interest free. I prepay the minimum that will avoid a penalty.

 

My wife gets a substantial portion of her annual salary (1/3 to 1/2?) as a bonus just before Christmas. It is taxed as if all her paychecks are that large. (I wish!) Then we file on Feb 1 and get it back. It makes our tax refund large but the Feds have not really had it long. I am more remorseful I can't hide more of it in a 401(k) to avoid taxation. She fails certain tests required for officers of the firm.

401k compliance testing rules

 

Yesterday, my financial planner sent me an email that our administrator is issuing a correction to the gain/loss reports. I have all the rest of my taxes done except for the 1099B that uses this data. Glad I took my time. It will probably be a whopping 4-cent difference.

 

Got a decent return because of the birth of our daughter last year. I put most of it into a 529 for her, added a few more guns to the collection and planned two vacations for later this year.

 

The day i got my refund my pool heater went out, so that's where the tax refund is going.

 

$2500 refund thanks to the PIP
In honor of the car's contribution, I'm buying a matching Blizzard Pearl vinyl fence for the backyard!

 

What I get back as a refund (probably not that much) will be going on the downpayment for the lease of my first Prius! I'm very very excited. I've wanted one for 3 years.

 

Thanks, JMD. It'll be a while still, but April's right around the corner!

 

This year is the first year in ages that I wasn't able to itemize deductions. Mixed feelings about that:
1) Value of the house went down and property taxes followed--less tax = lower deduction available...not selling the house any time soon, so value could recover.
2) Mortgage interest has dropped below a critical level = lower deduction available.

Wound up paying about $855. Adjusting exemptions for next year to increase withholding a little bit.

 

I owe, I owe, so its' off to work I go.....

DBCassidy