Done with your taxes .....

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LJ's avatar

LJ

Senior Member

16,351 posts
Mar 3, 2010 2:59 PM
WebFire wrote:
j_crazy wrote: 8k back from federal.

broke even on state
How did you manage such a big federal return but break even on state? Something doesn't seem right.
I'm gonna guess first time homebuyers credit?
Mar 3, 2010 2:59pm
Belly35's avatar

Belly35

Elderly Intellectual

9,716 posts
Mar 3, 2010 4:04 PM
BigAppleBuckeye wrote:
Belly35 wrote: Last year I owed the IRA …
Be careful Belly, I hear those guys are nasty when it comes to collecting their debts!



I could only hope the IRA would come after me ... being Irish a few beers, show them my CCW card and tell them my last name ...They be giving me money.

I must have been thinking about my next course of act when I type in IRA
Mar 3, 2010 4:04pm
Belly35's avatar

Belly35

Elderly Intellectual

9,716 posts
Mar 3, 2010 4:08 PM
What the hell..........9 paying and 21 getting back .... dam
Mar 3, 2010 4:08pm
J

jmog

Senior Member

6,567 posts
Mar 3, 2010 4:38 PM
I figure my exemptions on my W-4 just about right every year.

Between what I get back from federal and state and subtract what I owe to city...I net about $150 back.

I pay a good share of taxes in my paycheck, but just work my exemptions so that the government doesn't get an interest free loan from my paychecks throughout the year.

I drop that "extra" money in the savings account every 2 weeks. Its great to watch the savings account pile up throughout the year vs getting a big return at the end.

The two options, the way I see it are...

The government gets an interest free loan from me they pay back in March.

I put the money in the back and get a few % interest throughout the whole year.

When you look at it that way common sense says do what I (and many others apparently) do.
Mar 3, 2010 4:38pm
Chesapeake's avatar

Chesapeake

Senior Member

1,603 posts
Mar 3, 2010 4:55 PM
Got around 4,500.00 back which makes February and March every year kick ass.

Went to Vegas and spent a grand total of 250.00 after flight and room.
Mar 3, 2010 4:55pm
Q

queencitybuckeye

Senior Member

7,117 posts
Mar 3, 2010 5:04 PM
Chesapeake wrote: Got around 4,500.00 back which makes February and March every year kick ass.

Went to Vegas and spent a grand total of 250.00 after flight and room.
Why wouldn't you have less withheld and throw it in something interest-bearing?
Mar 3, 2010 5:04pm
Chesapeake's avatar

Chesapeake

Senior Member

1,603 posts
Mar 3, 2010 5:08 PM
queencitybuckeye wrote:
Chesapeake wrote: Got around 4,500.00 back which makes February and March every year kick ass.

Went to Vegas and spent a grand total of 250.00 after flight and room.
Why wouldn't you have less withheld and throw it in something interest-bearing?
Hell, I dunno.

Not much was withheld in 2009 anyway.
Mar 3, 2010 5:08pm
Q

queencitybuckeye

Senior Member

7,117 posts
Mar 3, 2010 5:10 PM
Chesapeake wrote:
queencitybuckeye wrote:
Chesapeake wrote: Got around 4,500.00 back which makes February and March every year kick ass.

Went to Vegas and spent a grand total of 250.00 after flight and room.
Why wouldn't you have less withheld and throw it in something interest-bearing?
Hell, I dunno.

Not much was withheld in 2009 anyway.
It would appear that at least $4500 was withheld???
Mar 3, 2010 5:10pm
Chesapeake's avatar

Chesapeake

Senior Member

1,603 posts
Mar 3, 2010 5:27 PM
queencitybuckeye wrote:
Chesapeake wrote:
queencitybuckeye wrote:
Chesapeake wrote: Got around 4,500.00 back which makes February and March every year kick ass.

Went to Vegas and spent a grand total of 250.00 after flight and room.
Why wouldn't you have less withheld and throw it in something interest-bearing?
Hell, I dunno.

Not much was withheld in 2009 anyway.
It would appear that at least $4500 was withheld???
About 100.00 in federal was withheld.

Got 3,100.00 earned income credit for our son then some kind of 1,000.00 working bonus.
Mar 3, 2010 5:27pm
I

I Wear Pants

Senior Member

16,223 posts
Mar 3, 2010 5:45 PM
Unemployed+living at home+college student= Not even thinking about taxes.
Mar 3, 2010 5:45pm
believer's avatar

believer

Senior Member

8,153 posts
Mar 3, 2010 5:56 PM
Thanks to an insanely high mortgage outlay my interest deduction yields me an $1,800 Fed refund check. I broke even on my Pennsylvania state taxes and the local boys owe me $52.
Mar 3, 2010 5:56pm
W

WebFire

Go Bucks!

14,779 posts
Mar 3, 2010 7:32 PM
queencitybuckeye wrote:
Chesapeake wrote:
queencitybuckeye wrote:
Chesapeake wrote: Got around 4,500.00 back which makes February and March every year kick ass.

Went to Vegas and spent a grand total of 250.00 after flight and room.
Why wouldn't you have less withheld and throw it in something interest-bearing?
Hell, I dunno.

Not much was withheld in 2009 anyway.
It would appear that at least $4500 was withheld???
No, $4500 is what he got back. He paid way less than that I'm sure. And that was over 12 months. So even it he had $2000 withheld, if he saved that himself and put it into a interest bearing account, he wouldn't have made much.
Mar 3, 2010 7:32pm
gerb131's avatar

gerb131

Senior Member

9,932 posts
Mar 3, 2010 10:29 PM
Paying around 8k this year and thats after I donated to every womans shelter, homeless shelter, yellow box, rehab clinic I could find. Settlement of an estate and got put through the ringer. Glad I ddn't have the farm party I planned on.
Mar 3, 2010 10:29pm
dwccrew's avatar

dwccrew

Not Banned

7,817 posts
Mar 3, 2010 11:55 PM
Getting around $300 back from the feds and $21 from the state.
Mar 3, 2010 11:55pm
Q

queencitybuckeye

Senior Member

7,117 posts
Mar 4, 2010 9:50 AM
WebFire wrote: No, $4500 is what he got back. He paid way less than that I'm sure.
I assumed that like most people, the money he got back was an overpayment of withholding over the course of the year. I didn't think about the EITC, as I wouldn't have thought that someone would go to Vegas on welfare money.
Mar 4, 2010 9:50am
Chesapeake's avatar

Chesapeake

Senior Member

1,603 posts
Mar 4, 2010 2:10 PM
queencitybuckeye wrote:
WebFire wrote: No, $4500 is what he got back. He paid way less than that I'm sure.
I wouldn't have thought that someone would go to Vegas on welfare money.
Are you saying outside of my tax return, I collect welfare on the side?

How does one go about getting a welfare check anyway?

Do welfare checks even exist?
Mar 4, 2010 2:10pm
Q

queencitybuckeye

Senior Member

7,117 posts
Mar 4, 2010 2:20 PM
Chesapeake wrote: Are you saying outside of my tax return, I collect welfare on the side?

How does one go about getting a welfare check anyway?

Do welfare checks even exist?
If you get back more from the IRS than you paid in, you are receiving welfare.
Mar 4, 2010 2:20pm
Chesapeake's avatar

Chesapeake

Senior Member

1,603 posts
Mar 4, 2010 2:22 PM
queencitybuckeye wrote:
Chesapeake wrote: Are you saying outside of my tax return, I collect welfare on the side?

How does one go about getting a welfare check anyway?

Do welfare checks even exist?
If you get back more from the IRS than you paid in, you are receiving welfare.
Wrong!
Mar 4, 2010 2:22pm
Q

queencitybuckeye

Senior Member

7,117 posts
Mar 4, 2010 2:34 PM
Chesapeake wrote: Wrong!
How is it wrong?
Mar 4, 2010 2:34pm
GoChiefs's avatar

GoChiefs

Resident Maniac

16,754 posts
Mar 4, 2010 2:46 PM
Call it what you want..I'll gladly take my EIC (welfare). :)
Mar 4, 2010 2:46pm
C

Con_Alma

Senior Member

12,198 posts
Mar 4, 2010 2:46 PM
Welfare is the receipt of financial aid from a government. If you receive more from the IRS than you paid you are receiving financial gain determined by your qualifying information listed on your tax returns.
Mar 4, 2010 2:46pm
Chesapeake's avatar

Chesapeake

Senior Member

1,603 posts
Mar 4, 2010 2:51 PM
queencitybuckeye wrote:
Chesapeake wrote: Wrong!
How is it wrong?
Because i'm not on welfare for one.

Less federal was withheld in 2009 for whatever reason then there was a 400.00 credit for that, a 1,000.00 working credit and a 3,100.00 earned income credit for a child.

Your personal attack is uncalled for!

I haven't even fuckin been here that much in recent months.
Mar 4, 2010 2:51pm
ts1227's avatar

ts1227

Senior Member

12,319 posts
Mar 4, 2010 2:53 PM
queencitybuckeye wrote:
Chesapeake wrote: Are you saying outside of my tax return, I collect welfare on the side?

How does one go about getting a welfare check anyway?

Do welfare checks even exist?
If you get back more from the IRS than you paid in, you are receiving welfare.
I got more back then I put in because of education credits (college).
Mar 4, 2010 2:53pm
Chesapeake's avatar

Chesapeake

Senior Member

1,603 posts
Mar 4, 2010 2:53 PM
GoChiefs wrote: Call it what you want..I'll gladly take my EIC (welfare). :)
If earned income credit is welfare then I guess i'm just on welfare. :D
Mar 4, 2010 2:53pm
C

Con_Alma

Senior Member

12,198 posts
Mar 4, 2010 2:55 PM
One doesn't have to be "on" welfare to receive welfare.

Chessy...I don't know your personal situation and I hope you don't take this as anything more than an interpretation of welfare in general.
Mar 4, 2010 2:55pm