Commander of Awesome
Posts: 23,151
Apr 16, 2014 11:43am
How about not? Yeah let's go with not.like_that;1605730 wrote:Then you should tell yourself to GFY, not the govt.
like_that
Posts: 26,625
Apr 16, 2014 11:52am
Then your original post makes no sense since you are ok with handing the govt that much money.Commander of Awesome;1605733 wrote:How about not? Yeah let's go with not.
I will say it for you. GFY government.
ernest_t_bass
Posts: 24,984
Apr 16, 2014 11:52am
FIFYCommander of Awesome;1605733 wrote:GFM
Commander of Awesome
Posts: 23,151
Apr 16, 2014 11:53am
Not true. I understand the necessity of taxes and understand that I have to contribute. Doesn't mean I enjoy parting with $900.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.
B
BR1986FB
Posts: 24,104
Apr 16, 2014 11:54am
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.
like_that
Posts: 26,625
Apr 16, 2014 11:58am
So you wouldn't want to owe less? Got it.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.
Some people rather have others tell them what to do with the money they earn I suppose.
Commander of Awesome
Posts: 23,151
Apr 16, 2014 12:00pm
I'd rather have roads, police, fire dept, infrastructure, etc... Rather not live in a 3rd world country I suppose.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.
like_that
Posts: 26,625
Apr 16, 2014 12:03pm
Me too, I'm ok with STATES providing that, but LOL if you think most of the 900+ is going to that.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.
SportsAndLady
Posts: 35,632
Apr 16, 2014 12:08pm
Haha, that is more than likely not where your taxes are going.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.
Commander of Awesome
Posts: 23,151
Apr 16, 2014 1:03pm
I said etc. My 900 is going tons of places. Hope this helpsSportsAndLady;1605753 wrote:Haha, that is more than likely not where your taxes are going.
like_that
Posts: 26,625
Apr 16, 2014 1:12pm
That's 75 less bombers you can buy and post about in the beer snob thread.Commander of Awesome;1605792 wrote:I said etc. My 900 is going tons of places. Hope this helps
Commander of Awesome
Posts: 23,151
Apr 16, 2014 1:13pm
Very true. Or in etb terms, 75 less pumkings I can buy. Have you had pumking?! WOW!like_that;1605794 wrote:That's 75 less bombers you can buy and post about in the beer snob thread.
ernest_t_bass
Posts: 24,984
Apr 16, 2014 1:15pm
IT'S UNREAL!!! I bought a case last year!!!Commander of Awesome;1605796 wrote:Very true. Or in etb terms, 75 less pumkings I can buy. Have you had pumking?! WOW!
Q
QuakerOats
Posts: 8,740
Apr 16, 2014 1:44pm
True, because 86 million private sector workers are paying for over 108 million welfare benefit recipients, and 148 million total benefit takers:SportsAndLady;1605753 wrote:Haha, that is more than likely not where your taxes are going.
http://cnsnews.com/commentary/terence-p-jeffrey/86m-full-time-private-sector-workers-sustain-148m-benefit-takers
We are at the breaking point.
Pick6
Posts: 14,946
Apr 16, 2014 10:19pm
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?ernest_t_bass;1604761 wrote:Our total return was about $7,200. 100% spent towards CC debt, built up paying for a Masters degree.
justincredible
Posts: 32,056
Apr 16, 2014 10:25pm
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.
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.
Pick6
Posts: 14,946
Apr 16, 2014 10:26pm
well...look who is back.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.
Pick6
Posts: 14,946
Apr 16, 2014 10:30pm
Got $1900 back from Feds (thank you American Opportunity credit) and a little over $100 for state.
Laley23
Posts: 29,506
Apr 16, 2014 10:45pm
Wow is that some bullshit.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.
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
M
Manhattan Buckeye
Posts: 7,566
Apr 17, 2014 1:29am
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.
M
Manhattan Buckeye
Posts: 7,566
Apr 17, 2014 1:31am
I agree, but your money isn't going there, it is paying for bureaucrats, public union heads, and godawful public schools.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.
B
BoatShoes
Posts: 5,703
Apr 17, 2014 6:02am
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.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
B
BoatShoes
Posts: 5,703
Apr 17, 2014 6:03am
I agree. I don't think it's very clearly understood by many people on income based repayment plans either...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.
Belly35
Posts: 9,716
Apr 17, 2014 9:46am
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.BoatShoes;1606039 wrote:I agree. I don't think it's very clearly understood by many people on income based repayment plans either...
ernest_t_bass
Posts: 24,984
Apr 17, 2014 10:01am
Because the credit cards had zero % interest? I'm glad you're concerned, though.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?