[Kilbey]

It's that time of year again.

Anyone else file yet? I just got done doing mine using TurboTax for the Mac and I filed electronically. I should be getting my refund Feb 18th according to the IRS.

I'm getting a nice sized refund this year. I plan on donating most of it and splurging with the rest. My wife wants a new couch for the living room. I don't really want anything. Maybe a new backpack or some new books.

[nredman]

paying, f the gov-ment

[ManOfSteal]

Paid my portion already. It sucked, but at least it's over and done with now!

[Mr. Blur]

it is too early for me to do mine...up here we don't even get all our income receipts until the end of february. i anticipate i will be getting back about $500 or more....

[spiky_dog]

if you're getting a refund take more deductions on your w-4 for next year. i got my deductions just about right this year, and ended up being owed $200 from the feds, and owing the state $80.

[Oneota]

One of my co-workers is getting back over $3800. I think he might need to re-think his deductions just a little.

I was pretty much spot-on this year - I owe the state less than $20, and I'm getting less than $100 from the federal government in refunds.

[E's Lil Theorem]

I can't do them yet as I'm missing a few 1099s. I donated more last year than any other year before it so I suspect I'll either get some back or have to pay very little.

Originally posted by spiky_dog:
if you're getting a refund take more deductions on your w-4 for next year. ...

[insha]

Did my federal by not State. Got back a refund and it's going into my savings account. I might owe the state some money but I doubt if it will be more $20.

edit: typo.

[TailsToo]

I got money back! Helping me to pay for a new PowerBook.

[dlefebvre]

I hate this period of year. Here in Quebec almost half of my paycheck goes to the goverment and I usually have to pay a few hundreds more whe I fill my reports. But like my father said. If you pay taxes, it's because you're making money... Yeah right!

[Disgruntled Head of C-3PO]

If anything I am getting about $500 or more back.

[wdlove]

I haven't got my taxes figured yet. Although I usually get back.

[RAILhead]

Paying, of course -- only a dummkopf wants to get money they overpaid all year back with no interest!



Some people are so silly these days...

Maury

[Scotttheking]

I won't know for at least a few more months, but I'd expect to pay $500-$1000 more. Go 1099s.

[mitchell_pgh]

Originally posted by RAILhead:
Paying, of course -- only a dummkopf wants to get money they overpaid all year back with no interest!



Some people are so silly these days...

Maury

Unless it's in the thousands, you shouldn't feel that bad if you are getting a refund check. Sure it's an interest free loan to the feds... but you only lost a few bucks if it was under $500. I would rather get $200 back as compared to having to pay $200+

Your milage may vary...

[ReggieX]

GST was already paid (quarterly) so all that's left is to pay the income portion. I've already approximated what that is, but I have a bunch of RRSP credits to fill, which will lessen the load. Eh, I've got til the end of April.

[Scotttheking]

Originally posted by mitchell_pgh:
Unless it's in the thousands, you shouldn't feel that bad if you are getting a refund check. Sure it's an interest free loan to the feds... but you only lost a few bucks if it was under $500. I would rather get $200 back as compared to having to pay $200+

Your milage may vary...

My mom owes in excess of $50,000. That's a decent amount of interest for not paying early

[Krusty]

I've already gotten mine back, both state and federal toward the end of last week. I had both w-2s in hand by about 1/25/05, filed immediately with TurboTax online, and got my $823 combined refund. I always claim 0 deductions when I should claim 1. I do this on purpose because:
its sort of a way to force myself to save for major purchases in the spring.
I often do other, untaxed (or lowly taxed) work besides my regular job. The excess helps absorb some of the shortfall in withdrawals from those efforts (for example, I worked a part-time job for he first 4 months of this year and made an extra $3200 that was almost completely untaxed ... or I would have had another four or five hundred in refunds)

People argue that you should aim to be close to breaking even because you are just giving the government an interest free loan. To this I say ... do the math for real. What you will save is pretty much a meaningless amount of money at current interest rates. That $823 I "loaned" the gov't would have yielded a whopping $5.40 in interest (remember, you are dribbling this money out to the gov't over the course of the year ... the overwhelming majority of it will only see a fraction of a year's worth of interest accumulation). Unless you are talking about some outrageous amount of money or you are honestly putting it in some investment with crazy-good return rates, its pretty much a non-issue, IMHO.

[Kilbey]

Originally posted by spiky_dog:
if you're getting a refund take more deductions on your w-4 for next year. i got my deductions just about right this year, and ended up being owed $200 from the feds, and owing the state $80.

Originally posted by RAILhead:
Paying, of course -- only a dummkopf wants to get money they overpaid all year back with no interest!

I am never really sure how my deductions are going to work out. I usually end up donating more than I planned so I usually get quite a bit back at taxes.

I also refinanced my mortgage last year so I paid more in interest and was able to deduct that.

I would like it to all balance out in the end, but it just never seems to happen. Both my wife and I have 3 dependents listed on our w-4s.

Plus, I think donating my tax refund always increases my deductions for the next year. It's a vicious cycle, but a good one. I am getting back a little over $6,500 and most of it is being donated.

Call me names if it makes you feel better.