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2018yr Tax Return Refund Payment brag thread

 
Old 02-11-2019, 12:24 PM
  #301  
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Default Re: 2018yr Tax Return Refund Payment brag thread

No refund yet, but I paid more in taxes in 2018 than I even earned in 2017. Mostly because I was laid up after a shoulder surgery in 2017.
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Old 02-11-2019, 12:29 PM
  #302  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Like I read this article and get to spots like this...where a young man is "blaming the Govt"....but then goes on to say this stupid ****:


“I am really frustrated with my refund this year. I was expecting good chunk of change. I was going to put it toward buying a car,” said Sal Ramirez, a 20-year-old packaging designer in San Gabriel Valley, Calif. He earns $45,000 and said he received a refund last year of more than $1,200 because he puts zero withholding on his W-4 form at work.

Ramirez just got his refund from the IRS, and it’s only $900 this year, almost certainly because of changes to the withholding tables.



Ramirez, who did not vote for Trump, couldn’t remember whether his total tax bill went up or down. He was just focused on his refund.
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Old 02-11-2019, 12:52 PM
  #303  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by Caoboy View Post
Idk if this is sarcasm

I'm at the mercy of the withholding guidelines. I filled out the w4 as it says.
​​​
No it wasn't. I'm impressed that you can all ride the edge that closely or maybe that your payroll systems get withholdings spot on.
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Old 02-11-2019, 01:08 PM
  #304  
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Default Re: 2018yr Tax Return Refund Payment brag thread

The tax breaks refer to the effective income level for certain tax brackets being lower, supplemental income such as bonuses being taxed at lower rates. Higher standard deductions for single filer's of 12k rather than the 6500 in deductions they got last year. Married filing joint get a 24k standard deduction. This effectively lowers your taxable income, thus potentially lowering your tax bracket.

For certain situations the standard deduction hurt people, and some it helped. For states with higher state tax (NJ, CA, etc) you're beat either way.
The higher allowances you claim... the less you will withhold for taxes. Thus you can potentially owe year end. The lower allowances you claim, the more taxes withheld so you will likely get a refund year end.
A refund is you giving the government an interest free loan on your money. If you owe you can think of it as the government loaning you an interest free loan.

Taxes 101 - extremely dumbed down version
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Old 02-11-2019, 01:31 PM
  #305  
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Default Re: 2018yr Tax Return Refund Payment brag thread

working out of state, claims 0, single, made bit over $100k

federal tax refund: $2300

out of state tax refund: damn $3 dollar
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Old 02-11-2019, 02:19 PM
  #306  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by __oversea View Post
working out of state, claims 0, single, made bit over $100k

federal tax refund: $2300

out of state tax refund: damn $3 dollar
don't have to answer if you don't want. How much do you net with that type of income?
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Old 02-11-2019, 02:29 PM
  #307  
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Default Re: 2018yr Tax Return Refund Payment brag thread

about 66K
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Old 02-11-2019, 02:32 PM
  #308  
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Default Re: 2018yr Tax Return Refund Payment brag thread

lord jesus!
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Old 02-11-2019, 02:36 PM
  #309  
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Default Re: 2018yr Tax Return Refund Payment brag thread

i am on bottom of upper tax bracket, got owned.
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Old 02-11-2019, 03:14 PM
  #310  
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Default Re: 2018yr Tax Return Refund Payment brag thread

That feel when Oversea's salary stand out pretty well, not too extreme
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Old 02-11-2019, 03:21 PM
  #311  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Still working on additional deductions/etc, but I owe $6k. Not as bad as I thought it was going to be.
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Old 02-11-2019, 08:17 PM
  #312  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by BeeResp0nsible View Post
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...
That's what we like to call "paying under the table" a.k.a. cash payments, where your employer doesn't withhold anything. Generally frowned upon, unless you're self employed, where I think you're supposed to pay estimated quarterly taxes.
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Old 02-11-2019, 09:35 PM
  #313  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by itrSteez View Post
No it wasn't. I'm impressed that you can all ride the edge that closely or maybe that your payroll systems get withholdings spot on.
I'm gonna say I've been lucky but next year I will likely pay.
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Old 02-12-2019, 05:34 AM
  #314  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by __oversea View Post
about 66K
This is my rule of thumb, I almost always bring home exactly 2/3rd of my gross pay. But some of that 33% deduction also goes to 401k, HSA, etc....


To all those saying that getting a tax refund is like "giving the gov't an interest free loan..." ya okay.

So most people are getting what, $2k to $3k back? If you had instead put that money in savings all year, let's say generously an account pays 1.00% APR. You would make what, $60 in interest? Whoopdie freakin' doo.

Y'all are just butthurt that you follow the withholding rules and don't get an extra bonus every year, trying to justify it.
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Old 02-12-2019, 08:48 AM
  #315  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by 2x0 View Post
This is my rule of thumb, I almost always bring home exactly 2/3rd of my gross pay. But some of that 33% deduction also goes to 401k, HSA, etc....


To all those saying that getting a tax refund is like "giving the gov't an interest free loan..." ya okay.

So most people are getting what, $2k to $3k back? If you had instead put that money in savings all year, let's say generously an account pays 1.00% APR. You would make what, $60 in interest? Whoopdie freakin' doo.

Y'all are just butthurt that you follow the withholding rules and don't get an extra bonus every year, trying to justify it.
Some people are getting >5k back. If they use those excess funds that were being withheld, put into an investing account averaging 5% (or even savings account online at 2.5%+) (on the low end) then yes it would be better off then blowing half your tax refund on misc things. You are indeed giving the govt an interest free loan when you get a refund. Some people aren't as disciplined to put the money to savings or invest, so I know many people prefer refunds. Nothing wrong with that.

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Old 02-12-2019, 08:56 AM
  #316  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by usdm420 View Post
Like I read this article and get to spots like this...where a young man is "blaming the Govt"....but then goes on to say this stupid ****:


“I am really frustrated with my refund this year. I was expecting good chunk of change. I was going to put it toward buying a car,” said Sal Ramirez, a 20-year-old packaging designer in San Gabriel Valley, Calif. He earns $45,000 and said he received a refund last year of more than $1,200 because he puts zero withholding on his W-4 form at work.

Ramirez just got his refund from the IRS, and it’s only $900 this year, almost certainly because of changes to the withholding tables.



Ramirez, who did not vote for Trump, couldn’t remember whether his total tax bill went up or down. He was just focused on his refund.
Yeah ok. Lets see his fed income withheld this year compared to last.

Idiots lol
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Old 02-12-2019, 08:57 AM
  #317  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by The GreenD16 View Post
Looks like we are net -$75 between state and federal. Exactly how I like it.
Correction. Looks like we are net +$700. We are pretty close to the standard deduction/itemization line. Forcing itemization caused us to pay more for federal, but get a lot more state back.
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Old 02-12-2019, 09:21 AM
  #318  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Just got my State Refund back, little over 1 week and turning right around to pay off Fed and pocket $300 or so. YAY

Why are the Federal Epay sites so sketchy named
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Old 02-12-2019, 09:30 AM
  #319  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Originally Posted by vLad11591 View Post
Some people are getting >5k back. If they use those excess funds that were being withheld, put into an investing account averaging 5% (or even savings account online at 2.5%+) (on the low end) then yes it would be better off then blowing half your tax refund on misc things. You are indeed giving the govt an interest free loan when you get a refund. Some people aren't as disciplined to put the money to savings or invest, so I know many people prefer refunds. Nothing wrong with that.
I prefer refund yet am disciplined to save and invest. It really it a matter of preference, every life decision isn't about maximizing every dollar unless you're a penny pincher.

I lose more by having 6 digits liquid in my 2.0% Capitalone360 savings instead of putting it in Ally at 2.2% then I would from micromanaging my tax deductions (not to mention lost opportunity cost from investing). I get tired of these holier than thou strategies about how much your refund should be. If you save / invest money in a way that works for you then kudos. There's more to life than money.
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Old 02-12-2019, 11:42 AM
  #320  
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Old 02-12-2019, 11:43 AM
  #321  
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Default Re: 2018yr Tax Return Refund Payment brag thread

Ally 2.2% savings FTW!
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Old 02-12-2019, 11:43 AM
  #322  
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Default Re: 2018yr Tax Return Refund Payment brag thread

****, gotta do my taxes before I head out.
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