re: How many of you get a big tax refund check?

I got $4,000 back. Wife will be getting a raise and I started a new job this year so I’m keeping it the same. I save enough during the year I’m not worried about loaning the government $4k

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I wouldn’t say it their face, but it does annoy me how financially illiterate Americans are. Personal finance should be taught every year of high school, but it’s not and here we are as a nation. I don’t blame the individual, I know it’s more of a system problem.

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I would think a better argument could be made to simplify the tax code. Some of us have jobs that pay well, and are of varying levels of complicated. I personally don't want to dedicate time to understanding the tax code, so I go with the option that leaves me not owing more money unexpectedly. If the tax code were simplified to a basic tax structure, I wouldn't have a problem cutting it close at tax time, but a little change can make a huge swing in unexpected expense. IMO it is better to receive than give in this case.

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The IRS doesn’t make it very obvious when you do pay the penalties either, I wonder how much of that $7k you owe is penalties and interest?

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There is an entire form (Form 2210) dedicated to calculating underpayment penalty, which is really what we’re talking about here.

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Young people need to defer gratification of fancy cars and large houses and save for their future or there will be an economic tsunami in 30 years that will rival the depression.

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I don't agree that cars and houses should be lumped together.
One is a depreciating asset.

Land is an appreciating asset. And based on location (location, location), often sees huge inflationary price pressures.

My hope is that my kids grab home ownership as soon as possible. I was 25 when I bought my first home. I'm open to ways that help my kids best that age.

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I have a relative who is a single mom with 2 kids. She just got back 11k and is getting a tummy tuck and sleeve in Mexico.

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That illegal made a tik tok video holding up his daughter saying she gets him $5,000/month from the government.

I owe over 20 grand, but was expecting it, and can’t remember ever getting a refund, maybe one day….

No, W2 employee, only half of it was to Feds and a tiny amount to State, just had interest and dividends get me this year, which I reinvested, but……

I’m concerned with what we will owe. It wouldn’t shock me if it’s $6-8K. Predicting taxes has become a shot in the dark. I’m guessing 25% chance we get a refund, 25% chance we are close to on the mark, and 50% chance we owe bigly.

I certainly agree with you 100% that the world could use a little less art class and replace it with a basic money management course. It would go a long way if there were a course per year of high school required for budgeting and money management. Seems like students graduate without any concept of income required to do what they want to do. And even stupider is pursuing a college education that is worthless and not understanding why they can't find a job making enough to cover their overpriced loan.

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I have a relative who is a single mom with 2 kids. She just got back 11k and is getting a tummy tuck and sleeve in Mexico.

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it’s absurd how much low income single moms with multiple kids get. The first job I had out of college was full time making like $10/hr. Tax season was like Christmas to the women working there

I couldn’t imagine being content living like that but that’s a whole different story