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NFT: Today is tax day; what are you doing with your refund?

spike : 4/15/2015 1:34 pm
Hopefully everyone who has to file income tax, has already done so.
Didn't quite cover it, but what the hell  
jcn56 : 4/15/2015 1:38 pm : link
Refund? Refund? what is this refund you speak of?  
Scyber : 4/15/2015 1:39 pm : link
Is it frolicking with the unicorns and leprechauns?
No refund...Holy crap!  
Bill L : 4/15/2015 1:42 pm : link
We lost our last two kids this year as deductions...what an eye-opener that was.
RE: No refund...Holy crap!  
spike : 4/15/2015 1:42 pm : link
In comment 12234223 Bill L said:
Quote:
We lost our last two kids this year as deductions...what an eye-opener that was.


time to make a new one!
No refund  
Greg from LI : 4/15/2015 1:44 pm : link
Paid $600, because I'm not in the business of making interest-free loans to the government.
Can someone help me out?  
Mike in Long Beach : 4/15/2015 1:44 pm : link
I'm planning on seeing an accountant about this but can't get off work. I filed an extension yesterday, which I know is not an extension on paying back taxes... I will be filing during next week and paying whatever I owe.

I live in New York City and even though I work in a New York office, my company is based in New Jersey and that is where I've paid my state taxes to. The two online options I tried using to file my taxes wouldn't grant me more than 118 bucks towards NY State taxes even though I paid over $2500 to Jersey.

I'm also -176 somehow in my federal taxes. I don't understand that either, but that's a pill I can swallow... but isn't the state taxes I paid to Jersey supposed to basically cancel out what I didn't pay to New York State. According to both websites I used, I owe a total of like 2100 bucks.

Does this make sense to anyone?
Oh, and to address the OP  
Mike in Long Beach : 4/15/2015 1:46 pm : link
I'll be using my "refund" on a check to Uncle Sam of at least $176 clams :(
Very sexy  
Deej : 4/15/2015 1:47 pm : link
gonna buy me some VTI and VXUS.

My wife took the first pass at doing our taxes this year and told me that we owed $9000. Thankfully I found her mistake, and we were actually owed a modest amount.


RE: RE: No refund...Holy crap!  
Bill L : 4/15/2015 1:47 pm : link
In comment 12234225 spike said:
Quote:
In comment 12234223 Bill L said:


Quote:


We lost our last two kids this year as deductions...what an eye-opener that was.



time to make a new one!


And buy a new house. We're also reaching that part where it's mostly principle.
Don't buy a new one, just refi  
goldy1313 : 4/15/2015 1:53 pm : link
.
And here's something for those who aren't getting a refund  
njm : 4/15/2015 2:01 pm : link
Everybody sing along



Link - ( New Window )
In my Jim Mora voice:  
old man : 4/15/2015 2:01 pm : link
Refund!?
Refund!?
Nothing like taxation without representation to make me smile.
You can probably guess whether 'sarcasm' was on or off.
RE: Don't buy a new one, just refi  
WideRight : 4/15/2015 2:04 pm : link
In comment 12234251 goldy1313 said:
Quote:
.


Does that make any sense?

Quastion for the finance guys here. What return would you need to persue this strategy?
Mike in LB  
old man : 4/15/2015 2:09 pm : link
You might have hit a threshold in the one State that is not in the tax structure of the other State, possibly on the exemptions.
It appears RI exempts $3,800 pp while the feds are 3,950, and it's M filing joint deduction max is 16,500 so you get stiffed on it's Sch A equivalent.
got a nice little refund from New York state this year  
mfsd : 4/15/2015 2:11 pm : link
unexpectedly, clearly had too much withholding, but I look forward to spending it with the lady on a nice little trip someplace
RE: No refund  
Sec 103 : 4/15/2015 2:13 pm : link
In comment 12234228 Greg from LI said:
Quote:
Paid $600, because I'm not in the business of making interest-free loans to the government.

Very well put, I paid $844... Same reason
RE: No refund...Holy crap!  
RinR : 4/15/2015 2:28 pm : link
In comment 12234223 Bill L said:
Quote:
We lost our last two kids this year as deductions...what an eye-opener that was.


Tell me about Bill. These guys are in for a rude awakening once your dependents are gone!
RE: RE: No refund...Holy crap!  
Joeguido : 4/15/2015 2:32 pm : link
In comment 12234332 RinR said:
Quote:
In comment 12234223 Bill L said:


Quote:


We lost our last two kids this year as deductions...what an eye-opener that was.



Tell me about Bill. These guys are in for a rude awakening once your dependents are gone!


So what you're saying is I should be good since I just built a house last year and have three kids ages 5, 3, and 1. All Giants fans of course
I am going  
EricNY33 : 4/15/2015 2:45 pm : link
on a cruise to Bermuda in September with my refund money.
Oh yeah, having kids to save money is a foolproof idea  
jcn56 : 4/15/2015 2:47 pm : link
just be sure you set some aside for the bankruptcy proceedings.
moving back to  
Larry in Pencilvania : 4/15/2015 2:50 pm : link
Penciltucky
No refund, we don't lend the government money  
buford : 4/15/2015 2:55 pm : link
we only had to pay $500, pretty good considering most of the income is from self-employment.
debating  
Les in TO : 4/15/2015 2:55 pm : link
between doing the responsible thing and paying down some principal on the mortgage and investing in ETFs and spending it on a nice vacation and new threads.
RE: No refund  
Hades07 : 4/15/2015 3:01 pm : link
In comment 12234228 Greg from LI said:
Quote:
Paid $600, because I'm not in the business of making interest-free loans to the government.
Well, at least one person gets it. Thank you Greg.
Get it all you like  
jcn56 : 4/15/2015 3:19 pm : link
find me a better way to con the wife into signing off on a nice new shiny grill you don't need and I'm all over it.
Fair enough....  
Hades07 : 4/15/2015 4:03 pm : link
...but I would suggest doing what I do.

"Honey, I'm going out to buy a new (insert desired item)."

Works every time.
Already filed, way back in February  
dannysection 313 : 4/15/2015 4:23 pm : link
Used part of the $ to go to Spain with my wife... nice....
Replacing the old baseboard heating with new.  
Bige711 : 4/15/2015 5:56 pm : link
Adding insulation to the attic.
So by using the tax refund for these projects it frees up money so the wife & I can take a trip to Savannah, Hilton Head & Charleston.
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