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re: How many of you get a big tax refund check?
Posted on 3/27/24 at 6:45 pm to Thundercles
Posted on 3/27/24 at 6:45 pm to Thundercles
Broke as even as possible this year, my $13 refund hit my account today.
Posted on 3/27/24 at 7:47 pm to Thundercles
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
Posted on 3/27/24 at 9:15 pm to SulphursFinest
CPA called me today to clarify a few things.She told me we owe $4000+ federal and about $1000 state.
I’m going to pick it up tomorrow but hide it from my wife until after Easter.
I’m very much dreading her finding out,she gets irrationally angry about having to pay at end of year,I’ll be hearing it for weeks.
I don’t like it either,thinking about the billions wasted on Covid fiasco,Ukraine and now the illegal immigrants.
It is what it is,nothing I can do about it.
I’m going to pick it up tomorrow but hide it from my wife until after Easter.
I’m very much dreading her finding out,she gets irrationally angry about having to pay at end of year,I’ll be hearing it for weeks.
I don’t like it either,thinking about the billions wasted on Covid fiasco,Ukraine and now the illegal immigrants.
It is what it is,nothing I can do about it.
Posted on 3/28/24 at 10:41 am to Tifway419
quote:
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.
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.
Posted on 3/28/24 at 11:16 am to WhiskeyThrottle
Financial literacy for young people extends way beyond taxes. Because of the decline of defined benefit plans, spiraling health care costs and extended life spans, there could be major issues in the future. 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.
Posted on 3/28/24 at 12:06 pm to Tifway419
quote:
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?
There is an entire form (Form 2210) dedicated to calculating underpayment penalty, which is really what we’re talking about here.
Posted on 3/28/24 at 3:11 pm to Thundercles
Haven't completely finished my taxes, but looks like we owe about $23k. I definitely stuck it to the IRS this year...
Posted on 3/28/24 at 3:15 pm to BThibodeaux
quote:
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.
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.
Posted on 3/28/24 at 4:36 pm to Thundercles
Those type of people would have zero left over to pay.
None of them would have that extra on their paycheck "work for them". It would just get spent by Tuesday.
None of them would have that extra on their paycheck "work for them". It would just get spent by Tuesday.
Posted on 3/28/24 at 4:39 pm to Roy Curado
quote:
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.
That illegal made a tik tok video holding up his daughter saying she gets him $5,000/month from the government.
Posted on 3/28/24 at 4:40 pm to dgnx6
I owe over 20 grand, but was expecting it, and can’t remember ever getting a refund, maybe one day….
Posted on 3/28/24 at 4:46 pm to CamdenTiger
"I owe over 20 grand, but was expecting it, and can’t remember ever getting a refund, maybe one day…."
do you pay estimated taxes?
do you pay estimated taxes?
Posted on 3/28/24 at 5:01 pm to Jmcc64
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……
Posted on 3/28/24 at 5:23 pm to Thundercles
We owe about 2k every year. I haven't bothered trying to adjust our withholdings. I know it's coming so it's not a surprise.
Posted on 3/28/24 at 6:48 pm to fallguy_1978
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.
Posted on 3/28/24 at 10:42 pm to Thundercles
I agree. I've cut many checks to them, but I try to keep it in the low four figures positive/negative. Sent $10k+ (thanks, ex wife, for keeping up with the self employment tax payment coupons I printed out for you in April) for the 2022 filing year. I owe sub $1,500 on my own for 2023.
Posted on 3/29/24 at 8:24 am to BThibodeaux
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.
Posted on 3/29/24 at 1:37 pm to Thundercles
I get large tax refunds each year because of high withholdings from rather large year-end bonuses. The free loan to the federal government for 4 months doesn’t really bother me.
Posted on 3/29/24 at 4:32 pm to Roy Curado
quote: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 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.
I couldn’t imagine being content living like that but that’s a whole different story
Posted on 3/29/24 at 5:51 pm to Pelican fan99
Earned income tax credit, baby. One of the few things nearly every president and politician has agreed on and expanded since its inception.
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