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2018yr Tax Return Refund Payment brag thread

 
Old 02-11-2019, 06:26 AM
  #276  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by 2x0 View Post
Got fed and state refunds deposited as of this morning. Feels good to wake up $10k richer
More so than having that much less in your paychecks for the year?
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Old 02-11-2019, 06:36 AM
  #277  
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Default Re: 2018yr Tax Return Refund Payment brag thread

If it's in my paycheck it gets spent on bullshit. We were always within $100 plus or minus, but it's nice having a chunk coming back this year that we can use to take care of some things.
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Old 02-11-2019, 06:40 AM
  #278  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Be better to reduce your withholding a few hundred, then have that same amount automatically put in savings each month. At least that way you're steadily building it up and will have it in case something comes up later in the year.
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Old 02-11-2019, 06:48 AM
  #279  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Liquid savings? Lol, I live with 3 women and none of them give a damn about financial planning.
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Old 02-11-2019, 07:52 AM
  #280  
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Default Re: 2018yr Tax Return Refund Payment brag thread

So make it happen brah! I just upped my monthly savings and IRA contributions this month. Maybe I'll owe a little less in taxes next year. Maybe. But at least I'll have more savings.
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Old 02-11-2019, 08:38 AM
  #281  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by PatrickGSR94 View Post
Be better to reduce your withholding a few hundred, then have that same amount automatically put in savings each month. At least that way you're steadily building it up and will have it in case something comes up later in the year.
We already have plenty that automatically goes into savings, 401k, etc throughout the year. Problem is, wife sees how much we have in savings, and starts planning vacations and other things.... so by the end of the year we might be ahead by a little bit or break even.

Tax refund money is nice because it's out of sight, out of mind.
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Old 02-11-2019, 08:58 AM
  #282  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Yeah, I don't think you should brag about not setting your withholding correctly.

I'm typically in an owe or receive <$200 or less
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Old 02-11-2019, 09:04 AM
  #283  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by TheMuffinMan View Post
Yeah, I don't think you should brag about not setting your withholding correctly.

I'm typically in an owe or receive <$200 or less
Same.
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Old 02-11-2019, 09:56 AM
  #284  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by BeeResp0nsible View Post
DUDE HOW EXCITING! What are you going to do with your $34????
Get an extra large bowl of pho
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Old 02-11-2019, 10:01 AM
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by Caoboy View Post
Get an extra large bowl of pho
from PhoKing
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Old 02-11-2019, 10:05 AM
  #286  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by PatrickGSR94 View Post
Be better to reduce your withholding a few hundred, then have that same amount automatically put in savings each month. At least that way you're steadily building it up and will have it in case something comes up later in the year.
It's matter of preference and doesn't matter. If someone wants $100 extra a month it'll get spent, if someone gets $1200 back at tax time then they can probably save some of it if they choose too.

I'd rather live the year and feel some pain of squeezing here and there with a nice tax bonus then take it every month and have it get spent with nothing to show.
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Old 02-11-2019, 10:08 AM
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Default Re: 2018yr Tax Return Refund Payment brag thread

I guess it's just a matter of personal will power. You can set up your bank to automatically transfer that $100 each month to a savings account, or even some place like Emigrant Direct with a higher interest rate, so that the money isn't immediately available, but is there if you really have a dire need for it later in the year between tax filing seasons.
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Old 02-11-2019, 10:08 AM
  #288  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by itrSteez View Post
Dude, you guys are wizards to get it right on the mark like that.
Idk if this is sarcasm

I'm at the mercy of the withholding guidelines. I filled out the w4 as it says.
​​​
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Old 02-11-2019, 10:17 AM
  #289  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Hypothetically, could someone completely exempt themselves from federal tax withhold and then file and pay at the end of the year (similar to what happens with 1099s)? That way you can just stash that money into savings and earn additional interest...
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Old 02-11-2019, 10:47 AM
  #290  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Still see FB flooded with "WTF I OWE THIS YEAR?!?!?" posts blaming everybody but themselves. You were all pumped during the year when your paycheck was $200 "more" than it used to be.....and you didn't think the Govt wanted their cut of that "extra money" too? So you didn't revise your W4 to reflect that increase? So it's your fault then? Got it.

I can't stand stupid people.

Now I'm not saying I agree with the tax system, but this was common ******* sense in MOST cases I see being bitched about.
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Old 02-11-2019, 10:52 AM
  #291  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Right, but it was sold as a tax break wasn't it?

It seems like in many cases that they were taking out less each pay period to give the appearance of a tax break but the amount owed is the same at the end of the year. Not sure how this makes people stupid.
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Old 02-11-2019, 10:55 AM
  #292  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by BeeResp0nsible View Post
Right, but it was sold as a tax break wasn't it?

It seems like in many cases that they were taking out less each pay period to give the appearance of a tax break but the amount owed is the same at the end of the year. Not sure how this makes people stupid.
You're still making more $$$ each check, but you have to account for that "extra money" and remove $75 or so from every "extra $200 you get". Again, it's pretty simple. And $125 more a check AFTER taxes is a small break, is it not?
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Old 02-11-2019, 10:57 AM
  #293  
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Default Re: 2018yr Tax Return Refund Payment brag thread

If someone makes $50K per year with an annual tax bill of $5K, then roughly $416 should come out each month. With the tax bill, it seems like they decided to take out less each month (let's say $300 per month), but at the end of the year they still want their $5K so the person is going to be $1400 short. Not sure how this is a tax break, all things considered even. Of course there are lots of different factors that come into play but I find it interesting that so many people are seeing huge differences year over year in their taxes.
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Old 02-11-2019, 10:57 AM
  #294  
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Default Re: 2018yr Tax Return Refund Payment brag thread

We threw an extra kid in the mix to offset it, I'm Gucci
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Old 02-11-2019, 10:58 AM
  #295  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by usdm420 View Post
You're still making more $$$ each check, but you have to account for that "extra money" and remove $75 or so from every "extra $200 you get". Again, it's pretty simple. And $125 more a check AFTER taxes is a small break, is it not?
Not if you're paying it back at the end of the year. All things considered equal, your withholdings should correspond with the tax bracket you fall in for that pay period.
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Old 02-11-2019, 10:58 AM
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by BeeResp0nsible View Post
If someone makes $50K per year with an annual tax bill of $5K, then roughly $416 should come out each month. With the tax bill, it seems like they decided to take out less each month (let's say $300 per month), but at the end of the year they still want their $5K so the person is going to be $1400 short. Not sure how this is a tax break, all things considered even. Of course there are lots of different factors that come into play but I find it interesting that so many people are seeing huge differences year over year in their taxes.
I found it odd I revised my W4 withholdings and saw an almost identical return as any other year....while everyone that didn't is getting fucked.
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Old 02-11-2019, 11:00 AM
  #297  
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Default Re: 2018yr Tax Return Refund Payment brag thread

I can't speak to that and I acknowledge that everyone has a different situation. I've just never heard of people having to revise their W4 because they got a tax cut. Did the same thing happen during the Bush era tax cuts?
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Old 02-11-2019, 11:01 AM
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by BeeResp0nsible View Post
Not if you're paying it back at the end of the year.
You're not paying anything "back" if you're withholding properly. Again, you get "$200 extra"...logically you'd assume you should probably give the Govt back their cut....or you're gonna owe that at the end of the year. You're still making more per check.
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Old 02-11-2019, 11:01 AM
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by BeeResp0nsible View Post
I can't speak to that and I acknowledge that everyone has a different situation. I've just never heard of people having to revise their W4 because they got a tax cut. Did the same thing happen during the Bush era tax cuts?
I don't know because I was exempt back then.
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Old 02-11-2019, 11:22 AM
  #300  
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Default Re: 2018yr Tax Return Refund Payment brag thread

I had less withheld from each paycheck during the year, and I got a bigger refund this year due to added credits. Seems like a tax break to me....





I guess for those who didn't receive any additional credits it might not have been. Just have a few kids and enroll in some online college classes and you'll be all set.
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