Archive Done with your taxes .....

LJ

Posts: 16,351

Mar 3, 2010 2:59pm

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?

Belly35

Posts: 9,716

Mar 3, 2010 4:04pm

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

Belly35

Posts: 9,716

Mar 3, 2010 4:08pm

What the hell..........9 paying and 21 getting back .... dam

J

jmog

Posts: 6,567

Mar 3, 2010 4:38pm

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.

Chesapeake

Posts: 1,603

Mar 3, 2010 4:55pm

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.

Q

queencitybuckeye

Posts: 7,117

Mar 3, 2010 5:04pm

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?

Chesapeake

Posts: 1,603

Mar 3, 2010 5:08pm

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.

Q

queencitybuckeye

Posts: 7,117

Mar 3, 2010 5:10pm

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???

Chesapeake

Posts: 1,603

Mar 3, 2010 5:27pm

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.

I

I Wear Pants

Posts: 16,223

Mar 3, 2010 5:45pm

Unemployed+living at home+college student= Not even thinking about taxes.

believer

Posts: 8,153

Mar 3, 2010 5:56pm

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.

W

WebFire

Posts: 14,779

Mar 3, 2010 7:32pm

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.

gerb131

Posts: 9,932

Mar 3, 2010 10:29pm

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.

dwccrew

Posts: 7,817

Mar 3, 2010 11:55pm

Getting around $300 back from the feds and $21 from the state.

Q

queencitybuckeye

Posts: 7,117

Mar 4, 2010 9:50am

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.

Chesapeake

Posts: 1,603

Mar 4, 2010 2:10pm

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?

Q

queencitybuckeye

Posts: 7,117

Mar 4, 2010 2:20pm

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.

Chesapeake

Posts: 1,603

Mar 4, 2010 2:22pm

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!

Q

queencitybuckeye

Posts: 7,117

Mar 4, 2010 2:34pm

Chesapeake wrote: Wrong!

How is it wrong?

GoChiefs

Posts: 16,754

Mar 4, 2010 2:46pm

Call it what you want..I'll gladly take my EIC (welfare).

C

Con_Alma

Posts: 12,198

Mar 4, 2010 2:46pm

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.

Chesapeake

Posts: 1,603

Mar 4, 2010 2:51pm

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.

ts1227

Posts: 12,319

Mar 4, 2010 2:53pm

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).

Chesapeake

Posts: 1,603

Mar 4, 2010 2:53pm

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.

C

Con_Alma

Posts: 12,198

Mar 4, 2010 2:55pm

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.