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Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Apr 16, 2014 11:43 AM
like_that;1605730 wrote:Then you should tell yourself to GFY, not the govt.
How about not? Yeah let's go with not.
Apr 16, 2014 11:43am
like_that's avatar

like_that

1st Team All-PWN

26,625 posts
Apr 16, 2014 11:52 AM
Commander of Awesome;1605733 wrote:How about not? Yeah let's go with not.
Then your original post makes no sense since you are ok with handing the govt that much money.

I will say it for you. GFY government.
Apr 16, 2014 11:52am
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Apr 16, 2014 11:52 AM
Commander of Awesome;1605733 wrote:GFM
FIFY
Apr 16, 2014 11:52am
Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Apr 16, 2014 11:53 AM
like_that;1605737 wrote:Then your original post makes no sense since you are ok with handing the govt that much money.

I will say it for you. GFY government.
Not true. I understand the necessity of taxes and understand that I have to contribute. Doesn't mean I enjoy parting with $900.
Apr 16, 2014 11:53am
B

BR1986FB

Senior Member

24,104 posts
Apr 16, 2014 11:54 AM
Got about a $3700 refund from the federal and had to pay $2500 to the state and $1700 to the city due to casino winnings. You can write off losses to the feds from a won/loss statement but that doesn't fly with the state & local. So essentially, I broke even on tax returns.
Apr 16, 2014 11:54am
like_that's avatar

like_that

1st Team All-PWN

26,625 posts
Apr 16, 2014 11:58 AM
Commander of Awesome;1605739 wrote:Not true. I understand the necessity of taxes and understand that I have to contribute. Doesn't mean I enjoy parting with $900.
So you wouldn't want to owe less? Got it.

Some people rather have others tell them what to do with the money they earn I suppose.
Apr 16, 2014 11:58am
Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Apr 16, 2014 12:00 PM
like_that;1605742 wrote:So you wouldn't want to owe less? Got it.

Some people rather have others tell them what to do with the money they earn I suppose.
I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.
Apr 16, 2014 12:00pm
like_that's avatar

like_that

1st Team All-PWN

26,625 posts
Apr 16, 2014 12:03 PM
Commander of Awesome;1605744 wrote:I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.
Me too, I'm ok with STATES providing that, but LOL if you think most of the 900+ is going to that.
Apr 16, 2014 12:03pm
SportsAndLady's avatar

SportsAndLady

Senior Member

35,632 posts
Apr 16, 2014 12:08 PM
Commander of Awesome;1605744 wrote:I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.
Haha, that is more than likely not where your taxes are going.
Apr 16, 2014 12:08pm
Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Apr 16, 2014 1:03 PM
SportsAndLady;1605753 wrote:Haha, that is more than likely not where your taxes are going.
I said etc. My 900 is going tons of places. Hope this helps
Apr 16, 2014 1:03pm
like_that's avatar

like_that

1st Team All-PWN

26,625 posts
Apr 16, 2014 1:12 PM
Commander of Awesome;1605792 wrote:I said etc. My 900 is going tons of places. Hope this helps
That's 75 less bombers you can buy and post about in the beer snob thread.
Apr 16, 2014 1:12pm
Commander of Awesome's avatar

Commander of Awesome

Senior Pwner

23,151 posts
Apr 16, 2014 1:13 PM
like_that;1605794 wrote:That's 75 less bombers you can buy and post about in the beer snob thread.
Very true. Or in etb terms, 75 less pumkings I can buy. Have you had pumking?! WOW!
Apr 16, 2014 1:13pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Apr 16, 2014 1:15 PM
Commander of Awesome;1605796 wrote:Very true. Or in etb terms, 75 less pumkings I can buy. Have you had pumking?! WOW!
IT'S UNREAL!!! I bought a case last year!!!
Apr 16, 2014 1:15pm
Q

QuakerOats

Senior Member

8,740 posts
Apr 16, 2014 1:44 PM
SportsAndLady;1605753 wrote:Haha, that is more than likely not where your taxes are going.
True, because 86 million private sector workers are paying for over 108 million welfare benefit recipients, and 148 million total benefit takers:

http://cnsnews.com/commentary/terence-p-jeffrey/86m-full-time-private-sector-workers-sustain-148m-benefit-takers


We are at the breaking point.
Apr 16, 2014 1:44pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Apr 16, 2014 10:19 PM
ernest_t_bass;1604761 wrote:Our total return was about $7,200. 100% spent towards CC debt, built up paying for a Masters degree.
Why would you pay for your Master's with credit card (and a much higher interest rate) when you could have took advantage of much cheaper loans?
Apr 16, 2014 10:19pm
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Apr 16, 2014 10:25 PM
Got $1400 back from the feds. They can GFT. Got $20 back from the state. They can GFT. Owed the city $8. They can GFT.

My buddy ended up getting nailed. Paid off a sizable student loan with some help from his parents. Because they were paying it off at once they worked out a deal with the lender and they knocked $9k off the total. The IRS says that $9k discount is income and he now owes them $2500. They can GFT again.
Apr 16, 2014 10:25pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Apr 16, 2014 10:26 PM
BR1986FB;1605740 wrote:Got about a $3700 refund from the federal and had to pay $2500 to the state and $1700 to the city due to casino winnings. You can write off losses to the feds from a won/loss statement but that doesn't fly with the state & local. So essentially, I broke even on tax returns.
well...look who is back.
Apr 16, 2014 10:26pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Apr 16, 2014 10:30 PM
Got $1900 back from Feds (thank you American Opportunity credit) and a little over $100 for state.
Apr 16, 2014 10:30pm
Laley23's avatar

Laley23

GOAT

29,506 posts
Apr 16, 2014 10:45 PM
justincredible;1605998 wrote:Got $1400 back from the feds. They can GFT. Got $20 back from the state. They can GFT. Owed the city $8. They can GFT.

My buddy ended up getting nailed. Paid off a sizable student loan with some help from his parents. Because they were paying it off at once they worked out a deal with the lender and they knocked $9k off the total. The IRS says that $9k discount is income and he now owes them $2500. They can GFT again.
Wow is that some bullshit.

I dont know how the law works in this situation, but I know my best friend paid all his off at once and was able to work out a deal to do so, he didnt have to claim any of that deal as income. Maybe he just didnt claim it and the IRS didnt notice/will nail him in 3 years lol
Apr 16, 2014 10:45pm
M

Manhattan Buckeye

Senior Member

7,566 posts
Apr 17, 2014 1:29 AM
Debt that is discounted is considered income. This is going to be a huge deal when all of the students that took tens (if not hundreds) of thousands out for school and are on an income based repayment plan with forgiveness at the end of the term. The student loan bubble is going to be the next thing to burst.
Apr 17, 2014 1:29am
M

Manhattan Buckeye

Senior Member

7,566 posts
Apr 17, 2014 1:31 AM
Commander of Awesome;1605744 wrote:I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.
I agree, but your money isn't going there, it is paying for bureaucrats, public union heads, and godawful public schools.
Apr 17, 2014 1:31am
B

BoatShoes

Senior Member

5,703 posts
Apr 17, 2014 6:02 AM
Laley23;1606012 wrote:Wow is that some bullshit.

I dont know how the law works in this situation, but I know my best friend paid all his off at once and was able to work out a deal to do so, he didnt have to claim any of that deal as income. Maybe he just didnt claim it and the IRS didnt notice/will nail him in 3 years lol
The IRS does this because the courts have determined that the proceeds of a loan will not be included in gross income as you'll pay back that amount in the future so it is not truly a "clearly realized accession to wealth". Any amount that you don't pay back is considered a net wealth gain and like any clearly realized increase in wealth under an income tax regime, is considered taxable.
Apr 17, 2014 6:02am
B

BoatShoes

Senior Member

5,703 posts
Apr 17, 2014 6:03 AM
Manhattan Buckeye;1606030 wrote:Debt that is discounted is considered income. This is going to be a huge deal when all of the students that took tens (if not hundreds) of thousands out for school and are on an income based repayment plan with forgiveness at the end of the term. The student loan bubble is going to be the next thing to burst.
I agree. I don't think it's very clearly understood by many people on income based repayment plans either...
Apr 17, 2014 6:03am
Belly35's avatar

Belly35

Elderly Intellectual

9,716 posts
Apr 17, 2014 9:46 AM
BoatShoes;1606039 wrote:I agree. I don't think it's very clearly understood by many people on income based repayment plans either...
Brown Mackie Entitlement Students don't care they don't plan on ever paying anything back ... that how they roll. That what happens with an Entitlement Society and a antiquated Social Services System that encourages and rewards poverty, incompetency and lack of responsibility.
Apr 17, 2014 9:46am
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Apr 17, 2014 10:01 AM
Pick6;1605991 wrote:Why would you pay for your Master's with credit card (and a much higher interest rate) when you could have took advantage of much cheaper loans?
Because the credit cards had zero % interest? I'm glad you're concerned, though.
Apr 17, 2014 10:01am