Tax Refunds...what will they do for you?

iVillage Member
Registered: 07-24-2009
Tax Refunds...what will they do for you?
27
Mon, 01-25-2010 - 10:34am

So I always get my tax refund as I do not have any dependents nor do I claim any allowances. It's usually pretty good and so I'm the person who gets frantically excited when tax season arrives. I am quite possibly one of the first people who submits their taxes. I am submitting mine Feb. 1st (have to wait for ETrade IRA paperwork).


After doing the math, between Federal and State, I'm getting $2,300 back. This will put a pretty dent into my debt!! I was originally going to put it towards buying a new couch but I think that can wait. I'd rather get rid of old debt and then work with my boyfriend to finance a couch (this is a good thing...it's not creating debt but my credit score and certainly his could use help with an approved furniture finance).


So...I think $2,000 is going towards the debt and then $300 is going toward finally getting my hair done, a facial and a full body massage. I deserve it!!! I am all about allowing some spoiling while also paying off debt. Hah!

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iVillage Member
Registered: 08-08-2005
Mon, 01-25-2010 - 10:43am
Well, I am getting a nice return also, and will be paying off enough 3 debts, which since october have been averaging payments totaling $582, so I also am super excited about refund time. Mine is filed, and I expect it back this Friday! It will be gone by Saturday, but hey the money saved will be well worth it!

Angel


Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)Follow Me to All Boys!

Angel

Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)

Community Leader
Registered: 07-26-1999
Mon, 01-25-2010 - 11:12am

Well we've had a string of bad luck with DH's truck and the last large repair we had to put on the cc unfortunately. I am being conservative in my estimate on our refund. I am working with the number $4500, but as of right now turbo tax is telling me around $5200. So, using the $4500, I am figuring:

* $2500 to DH's cc,
* $750 for daycare since we are moving the kids to a pricier place (1/2 of March 1 tuition)
* $250 into the EFund,
* $600 to the last of the medical bills we owe for the baby's birth,

and that leaves conservatively $400. We will need $300 for the teenager's drivers ed in April and since the next 3 month's worth of child support will go towards her cheerleading fees in May (approx. $900), I won't have the money for driver's ed saved. Anything over that will be a bonus, so it'll go into the Efund for right now.

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iVillage Member
Registered: 11-02-1999
Mon, 01-25-2010 - 11:26am

I have no idea yet what our tax refund might be this year, though on average we net about $5K. We have so many itemized deductions that it's so hard to guess.

We're not making any definite plans until we know for sure how much, but we do know that it should at least cover the cost of insulating our house, which we had done at Christmas with a "floater" loan from my mom. That was $1,100, and we're getting about a $300 tax credit from that alone.

If we have any extra, the next priority will be to take the dogs to the vet. We've added a "sinking funds" line this year to help offset that cost for next year, but we still need to take care of this year.

After that, my hope is to pay off debt with the rest. I have a feeling DH and I will be on somewhat different pages with this one...I'm willing to bet he will want to set some money aside for fun. But I'm sure we'll come to a happy compromise on that.










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iVillage Member
Registered: 04-10-2003
Mon, 01-25-2010 - 11:58am
My tax refund is going to pay off whatever balance is outstanding on my appliances (if any!) and then fund the efund/ maybe I might have to move fund :) Last year I got about $2300. This year I am hoping for the equivalent!

Bex -

iVillage Member
Registered: 10-01-2008
Mon, 01-25-2010 - 2:51pm

I'm one of those people who just wants to break a close to even as possible.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 01-15-2010
Mon, 01-25-2010 - 3:43pm
Mine is going to moving to a better place, buying a used car and whatevers left over into savings. I figure I have lived without it paying my bills this long so I'll use it for other things I need and stick to my regular budget.






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iVillage Member
Registered: 03-27-2005
Mon, 01-25-2010 - 5:00pm

Personally I find the $ amounts that people are getting back to be staggering.

iVillage Member
Registered: 04-10-2003
Mon, 01-25-2010 - 5:20pm
Mine is only large because 1) I declare my rental income and can get big tax deductions for that. Canada allows you to claim a rental loss against other income and 2) I have an investment plan that ends up being a tax deduction that I can claim against other income. I don't have the option of changing my paychecks through work :( Either way, its still nice because its money that I wouldn't get back if I didn't claim the loss on my rental income so for me, its a bonus!

Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 01-09-2010
Mon, 01-25-2010 - 5:45pm

I plan to use mt state /local refund to pay my car insurane- hopefully it's enough to pay the entire amount.

Federal - pay emergency fundj pay cc w/highest interest. Was hoping to pay total balance but it doesn't look like it.

hopefloats ---Dee
Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Mon, 01-25-2010 - 5:46pm

Ours is big because we're not in a position to save - not even for quarterly taxes - for the amount of sidework (untaxed) we do. Although it's not ideal, we'd rather have the refund cushion than get hit with a big bill. Case in point, last spring the city decided they no longer wanted to do our tax repay plan whaddya-gonna-do-about-it so we had to pay thousands over a period of a few weeks. It KILLED us. We are still reeling. After next year we'll be close to debt free and we will probably change our deductions for 2011 but for now we need this. And I can call it self control all I want, but neither DH nor I will stay up until 2am working to make money to cover the mortgage when the mortgage is already covered (ie, we get more money each week and no refund). For right now, this works for us. It might not make sense to anyone else, but we're moving forward and April will NOT be a setback. That's what matters for now!

That said, I hate tax refunds. (See blog for rant, LOL).

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FLINGING DEBT:
Sarah

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