QOTW- tax refund

iVillage Member
Registered: 10-07-2005
QOTW- tax refund
45
Wed, 04-23-2008 - 12:26am

Ok- assuming here that you're receiving money and not owing... what have you done with your refund?


Photobucket
iVillage Member
Registered: 03-11-2004
Wed, 04-23-2008 - 12:22pm
Paid my lawyers fees...i'll thank CP for money well spent BASTARD!
iVillage Member
Registered: 09-26-2005
Wed, 04-23-2008 - 12:22pm

I had to pay back, it sucks! When I was unemployed, I collected for 4 months tax-free, and now it came back to bite me! When you're unemployed, you're stuck between a rock and a hard place, because you need the money, you don't know if you'll be out of work for a long time, and you need the funds.


I may do better next year, if I buy a home, then I'll get tax breaks that I don't

The T Girl
iVillage Member
Registered: 10-10-2007
Wed, 04-23-2008 - 12:29pm

The Tax Accountant and Payroll Manager in me advises those if they are recieving really large annual returns, they may want to adjust their

April

iVillage Member
Registered: 10-30-2004
Wed, 04-23-2008 - 12:30pm

I have a lot of deductions with the house, property taxes and insurance, student loan interest and kids. Plus I put away 12% in my 403B and have $100 a month taken out for my medical flex account for the kids' co-pays.

iVillage Member
Registered: 08-08-2007
Wed, 04-23-2008 - 12:46pm

BTW: The pool bar is open for the season

~Pacific~
iVillage Member
Registered: 09-26-2005
Wed, 04-23-2008 - 12:48pm

I hear that one all the time. If you don't have the discipline, I advise folks, then start off small,


and see if you can build it up over time. One good way is to have the difference directly


deposited into a savings/money market account, and don't touch it! Easier said then done,


but you can train yourself over time, until it becomes a habit.


I really like pre-tax deductions such as 401K accounts, flex-spending accounts, they really do make


a difference.

The T Girl
iVillage Member
Registered: 10-30-2004
Wed, 04-23-2008 - 12:55pm
Taina, you are one smart chickie!
iVillage Member
Registered: 09-26-2005
Wed, 04-23-2008 - 1:19pm

Awwww Shucks!


To answer your question, you can either use tax software or you can fill out a


1040(A) just using your normal withholdings and not your deductions. If you would owe


money at the end, then you are doing just fine.


Also the W4 form has a pretty good worksheet to help figure out how much


to have withheld from each pay.

The T Girl
iVillage Member
Registered: 10-10-2007
Wed, 04-23-2008 - 1:29pm

I currently claim single +2, the W4 would have me claiming single +6--that scares me, I hate the idea of paying out.

April

iVillage Member
Registered: 10-30-2004
Wed, 04-23-2008 - 1:44pm

I claim 5 and I only deduct two kids on my taxes and I STILL got back almost 3K.