IRS - You owe or Refund?

[urbanduckman]

You all know the beginning of the year Taxes become due. You think we already paid enough to begin with. I'm only getting a grand this time since I went exempt a few times last year (lots of OT on a Pay Period). So, lets talk about what that money goes to. I just got my refund 5 minutes ago and threw the grand on the balance of my 6'er putting me just under 6k left.
To the people that owe, it would be nice to hear what got you owing in the first place. I had one year where I owed 3k, but it was removed since I tried filing taxes on paper (the free way) and made a few errors. Now I use TurboTax since I don't really have anything I could deduct and still use 1040EZ form.
Also, what's the deal with people waiting till the last day to file? I always wondered about that, since I file as soon as I get my W2 in the mail.

 

[JT]

last year I owed 7 grand! I expect to ower 1 or two this year! damn gov!!!!

 

[urbanduckman]

last year I owed 7 grand! I expect to ower 1 or two this year! damn gov!!!!

Damn!! You must be in some ridiculous tax bracket

 

[EsrTek]

Unfortunately, being out of work 8 mo's of the yr, has really made my return awesome!!
I'm waiting for the 22nd to get my return deposited for a nice ring of 9.9k in the old wallet...too bad 4k of that is due for back rent :/

 

[urbanduckman]

Unfortunately, being out of work 8 mo's of the yr, has really made my return awesome!!
I'm waiting for the 22nd to get my return deposited for a nice ring of 9.9k in the old wallet...too bad 4k of that is due for back rent :/

Well, at least you still came out pretty good. Any big purchases in the works?

 

[bmw675]

Refund for me. Because of this nasty winter, some is going towards a honda generator and snow blower. (For you CA folk, look it up...). The rest I'll be responsible with.

Too bad I have to wait another couple weeks as some tax documents aren't required to be released until feb 18th.

 

[JSP]

$2k refund. I need to adjust my stuff... Screw giving the government an interest free loan through the year. I'd rather break even.

 

[leem00]

$2,200 from the feds and another $400 from the two states...

1100 pays of my car, the remainder goes to ahr for a headlight i-75 yamaha for 20k maintenance.

Edit: I understand waiting if you have to pay. But if your getting a refund...I want it and I want it now!

 

[bmw675]

$2k refund. I need to adjust my stuff... Screw giving the government an interest free loan through the year. I'd rather break even.

I agree, in principle and technicalities. But when interest is pulling in a minuscule amount these days, I don't think it's nearly as important. Now if we were talking about more than a few grand in refund, I'm with ya.

 

[JT]

lucky guys!!! ive had had to pay back past few years and I claim single 0!!!!

 

[Scott_Thomas]

$8630...Wife and I get American Hope Credit for going to school fulltime. Badly needed since I am out on disability with no check in sight.

 

[JT]

they must see all my moding and figure I can afford to give them more but they don't know its all on credit cards lol

 

[Scott_Thomas]

lucky guys!!! ive had had to pay back past few years and I claim single 0!!!!

How and the hell is that possible?

 

[JSP]

I agree, in principle and technicalities. But when interest is pulling in a minuscule amount these days, I don't think it's nearly as important. Now if we were talking about more than a few grand in refund, I'm with ya.

True... So either way, I'd rather have in my check than at the end of a year.

 

[bmw675]

How and the hell is that possible?

I'm betting capital gains. That usually kills mine.

 

[JT]

How and the hell is that possible?

once you get up in these high tax brackets you get raped!!

 

[bmw675]

once you get up in these high tax brackets you get raped!!

I once had a neighbor that claimed, "if I'm paying more taxes, it means I'm making more money." Way too optimistic of a view. :jerk:

 

[JT]

I once had a neighbor that claimed, "if I'm paying more taxes, it means I'm making more money." Way too optimistic of a view. :jerk:

you give all that " more money to uncle sam"

 

[Scott_Thomas]

once you get up in these high tax brackets you get raped!!

Guess we aren't rich like you.

 

[JT]

Guess we aren't rich like you.

I make a ton... I keep none so no not rich