Are you getting a Tax Refund or do you owe?

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[ARCHIVED THREAD] - Are you getting a Tax Refund or do you owe?

Posted: 2/27/2006 9:31:32 AM EDT

I am lucky to be getting 5k back! woot, thank you house deductions!

poll coming

Posted: 2/27/2006 9:32:35 AM EDT

[#1]

Paid. You get $5K back? Why do you loan money to the .gov interest free?

Posted: 2/27/2006 9:33:46 AM EDT

[#2]

Quoted:
Paid. You get $5K back? Why do you loan money to the .gov interest free?

because i am an idiot, seriously the house made a big difference, I moved in August 2005.

Posted: 2/27/2006 9:35:19 AM EDT

[#3]

I have to pay.

Posted: 2/27/2006 9:36:32 AM EDT

[#4]

Yeah, houses are huge. I can see that. I'd change my W-4 this year ;)

Posted: 2/27/2006 9:38:21 AM EDT

[#5]

I got enough back to buy a new Barrett M99 and a couple hundred rounds of ammo.

Posted: 2/27/2006 9:41:04 AM EDT

[#6]

Quoted:
I got enough back to buy a new Barrett M99 and a couple hundred rounds of ammo.

That is about how much I had to pay in

Posted: 2/27/2006 9:48:54 AM EDT

[#7]

Got back about $678 from Fed and should get like $150-300 from State.

Posted: 2/27/2006 9:50:01 AM EDT

[#8]

Quoted:
Quoted:
I got enough back to buy a new Barrett M99 and a couple hundred rounds of ammo.

That is about how much I had to pay in

That sucks.

Thanks for the Tennessee Squires nomination BTW. I got my package a month or so ago.

Posted: 2/27/2006 9:52:17 AM EDT

[#9]

Owe $111 Federal, Refund $240 State

Posted: 2/27/2006 9:54:30 AM EDT

[#10]

Quoted:
Quoted:
Quoted:
I got enough back to buy a new Barrett M99 and a couple hundred rounds of ammo.

That is about how much I had to pay in

That sucks.

Thanks for the Tennessee Squires nomination BTW. I got my package a month or so ago.

Your Welcome Squire!!!!

Posted: 2/27/2006 9:54:38 AM EDT

[#11]

Overpaid the Feds by about $200. Haven't paid the State (PA) anything yet, but will owe them about $300.

Posted: 2/27/2006 9:57:50 AM EDT

[#12]

I had 4 W-2's from 2005 from part time jobs before I graduated college. I started my new job last May after graduation. If I had only the W-2 from that job, I would be getting back around $750, but with the 4 W-2's, I'm only getting back about $150. Anyone care to shed some light on my situation?

Posted: 2/27/2006 10:01:19 AM EDT

[#13]

Quoted:
Paid. You get $5K back? Why do you loan money to the .gov interest free?

I consider it a non-interest bearing payroll savings plan.

Better to get back than to owe.

But then, I don't get back $5k, either.

Posted: 2/28/2006 6:33:13 PM EDT

[#14]

.

Posted: 2/28/2006 6:38:11 PM EDT

[#15]

Refund

Posted: 2/28/2006 6:38:53 PM EDT

[#16]

Refund..... getting $2500 federal and $1400 state... all without a house

Posted: 2/28/2006 6:39:57 PM EDT

[#17]

Quoted:
I had 4 W-2's from 2005 from part time jobs before I graduated college. I started my new job last May after graduation. If I had only the W-2 from that job, I would be getting back around $750, but with the 4 W-2's, I'm only getting back about $150. Anyone care to shed some light on my situation?

Sounds like you did alright this year. Are you filing a return using a 1040EZ? You are trying to match the sum of your federal withholding to your annual federal tax. Think of it like this and you can get a good idea if you are going to owe, break even (lol) or get a refund (intrest free loan out of the kindness of your heart to uncle sugar).

Things become a bit more complicated when you itemize deductions...

Posted: 2/28/2006 6:41:24 PM EDT

[#18]

Last year was my first year with a real job. I overwithheld a lot, almost $4000.

Posted: 2/28/2006 6:42:55 PM EDT

[#19]

Refund. About 3k Fed, $100 state. Homeowner with 3 cute little deductions running around.

Posted: 2/28/2006 7:02:02 PM EDT

[#20]

lets put it this way. for my business i have $31K in write offs from last year, plus my winter "job" withholds my taxes from the hours i work there. i was REALLY hoping that i would break even and not have to pay in this year but.... unfortunatly i have to pay in $1400 and im nolt very happy about it since this year i havent worked much at my winter job do to lack of work there. so i dont have shit in the bank$

basically, it didnt work out in my favor. i was hoping for money back to use as my first step to buying my first house this year, i wasnt so lucky though.

Posted: 2/28/2006 7:27:54 PM EDT

[#21]

I'm getting close to $8k of my overpayment back. I'd like to get my deductions setup to only get about $1,500 or $2,000 back, but I've yet to find a solid way of calculating the correct withholding. I absolutely detest having to pay more in April.

As for those that always say "why are you giving the .gov an interest free loan on your money? Get it up front and invest it instead!" Yeah, nice concept, but it never works out that way for most people. Let's look at it more closely:

Scenario:
You are getting $4,800 in over-paid taxes back from the .gov.
Your pay check is stable (it doesn't change from paycheck to paycheck.)
You are paid twice per month (24 paychecks per year.)
The tax year is 2005.

So, if you had changed your deductions so that you neither received a refund nor owed additional taxes, you would have $200 more per paycheck, or $400 per month.

If you could invest that money and earn a 6% return, you would have $5,358 after one year. That is an increase of $558. That assumes a $400 starting position and $400 per month contribution. Change the return rate, and the numbers change of course.

But the real question is, would you REALLY invest that money each month, or just wind up spending it? If you would honestly invest the money each and every month, without dipping into it, then you come out ahead. If all you would do is spend that money every month, then it doesn't really matter if you get it as a big lump sum at tax time. Yes, there is the "time value" of money, and $400 this month is worth more than $400 a year from now, but that doesn't amount to much.

Given the average debt load and poor savings habits of the vast majority of Americans, getting the big refund at the end of the year is probably a better option realistically.

Posted: 2/28/2006 7:33:29 PM EDT

[#22]

Actually, you're getting the $5,000 that you loaned to the .gov, on an interest free basis I might add.
ETA - I got about $300 back from Federal, and $100 back from State.

Posted: 2/28/2006 7:35:37 PM EDT

[#23]

Close to 1900 back

Posted: 2/28/2006 7:37:52 PM EDT

[#24]

dbl

Posted: 2/28/2006 7:38:22 PM EDT

[#25]

Quoted:
I am lucky to be getting 5k back! woot, thank you house deductions!

poll coming

$5k back? You already paid too much.

You really shouldnt trust the government with your "savings" account. You would do much better taking that money home each payday and investing it on your own.

Posted: 2/28/2006 7:38:53 PM EDT

[#26]

I need to check(do my taxes)

but its going to be under $100 either way.

Posted: 2/28/2006 7:40:28 PM EDT

[#27]

My Fed and State tax refunds were just about enough to pay my County Property tax.

Posted: 2/28/2006 7:44:39 PM EDT

[#28]

Already got about three weeks ago.
Less than $3,000 total.
I think it was $1,700 Fed and $600 or $800 hundred State.

Posted: 2/28/2006 7:48:48 PM EDT

[#29]

I don't want to talk about it.

Posted: 2/28/2006 7:53:06 PM EDT

[#30]

I usualy owe about 10,000.

Posted: 2/28/2006 7:53:58 PM EDT

[#31]

No taxes for me. I didn't earn anything this year....well at least on paper anyways.

Posted: 2/28/2006 9:42:44 PM EDT

[#32]

I might be actually figuring this W-2 form crap out.

I owe $79 fed and $28 state and getting the huge sum of $3 back from the city.

Posted: 2/28/2006 10:03:30 PM EDT

[#33]

Owe. $4,600

Posted: 2/28/2006 11:59:05 PM EDT

[#34]

I'm getting back 500...not bad....I almost had had it right....last year, I owed 5 bucks... I had them by the balls on that one..

Posted: 3/1/2006 12:02:33 AM EDT

[#35]

I got mine and aquired my new Dillon 550B

them tax credits jumping on the sofa help

Posted: 3/1/2006 2:28:43 AM EDT

[#36]

Getting back $48 federal and $150 state. Right about where I want it.

Posted: 3/1/2006 2:58:53 AM EDT

[#37]

Can't vote, cause I balance out.

Owe the fed's $900
Get $1200 from the state

and my accountant bill is 300, so net out of pocket is less than $10.

And for all you turbo tax pushers, no, TT doesn;t work for us. My wife is a screenwriter, and her business expenses/income are far beyond what TT can handle.

Geoff

Posted: 3/1/2006 5:25:43 AM EDT

[#38]

I've got some coming but unfortunately it is already spent.

Posted: 3/1/2006 5:30:27 AM EDT

[#39]

Getting back about $150.

Posted: 3/1/2006 5:46:05 AM EDT

[#40]

Past years I had it figured so that I broke even or paid a little.

This year we're getting back ~$9K, but I also got married and bought a house this year. All of it is going to buy furniture and stuff for the house.

Posted: 3/1/2006 5:52:09 AM EDT

[#41]

I used to always pay a little, but now with house, kid, and daycare I'm getting about $1200 back and several hundred from the state.

I'll probably keep it that way, I like having some cushion.

Posted: 3/1/2006 6:04:43 AM EDT

[#42]

New house, lot of interest ~$3500 back.

Some going to pay off student loan the rest going toward credit cards. My plan is to be debt free in a year.

Posted: 3/1/2006 6:39:59 AM EDT

[#43]

Quoted:
Paid. You get $5K back? Why do you loan money to the .gov interest free?

I rather enjoyed my 5800U$ bonus I recieved from uncle sam. Ive tried claiming just enough during the year to break even. But in the end I've gone to claiming single and 0 and then filing married and 4 and getting a fat bonus in Feb to go along with my other two bonus's at about the same time of year from my employer