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: 10-01-2009
Tue, 01-26-2010 - 5:58pm

I will likey get about $1100


I will put some towards Debt and some towards Duke


I like the amount that is going to Duke more tho...lol


iVillage Member
Registered: 06-25-2006
Tue, 01-26-2010 - 10:10pm

I agree with a few others who have said that I don't mind that Uncle Sam might be temporarily holding some of it - the peace of mind that I know I won't owe and have (always to date) gotten a refund is worth it to me.

This is the first full year we have owned a home and will be able to claim a year's worth of interest on our mortgage payments - we are estimating that we will get about $5,000 back this year. The one unknown is how much we will pay toward DH taxes now that he has been a bartender/waiter. It has only been for 4 months and most of it comes from his hourly wage but there is always something over that we owe taxes on.

Our goals for our refund are to pay off one of our big CCs at $3500 and then put the rest into savings so that if we get hit with needing a new car (which is a possibility), or car repairs we will have a bit more of a cushion than we have now.

iVillage Member
Registered: 11-30-2009
Wed, 01-27-2010 - 11:01am
We used an online tax estimator. It looks like we may get close to $7500 back (who knows?). Coupled with my yearly bonus, we will apply every single cent to CC Debt.
iVillage Member
Registered: 10-28-2009
Wed, 01-27-2010 - 2:46pm

I just finished my tax returns. Glad that's over! I am getting a refund of $1685 and I owe the state $85.


I have it set up to file electronically, so I should get that refund within 2 weeks.


I plan to put most of it into my EF. Still working towards getting my EF to 6 months expenses. Slowly, but surely, getting there.....



Avatar for camilionag
iVillage Member
Registered: 05-11-2003
Wed, 01-27-2010 - 4:07pm

This year is my best year EVER! I am getting back $5100 I just got the e-mail that the IRS has approved my return and my refund should be direct deposited in two weeks.

iVillage Member
Registered: 02-09-2000
Wed, 01-27-2010 - 10:58pm
I'd be happy to break even but happier to get $500 back.
iVillage Member
Registered: 07-15-2003
Thu, 01-28-2010 - 3:19pm

I will be handling my taxes on my own for the first time ever this year and I'm terrified. My father always handled this in the past but it's one of many things I'm voluntarily taking over in an attempt to be a financially independent adult (finally! lol). I might get a refund, I don't know. If I did I would put the majority towards my Target credit card debt (highest interest rate) and a second chunk towards my e-fund, then I'd save a little to splurge on myself (a dvd, a piece of clothing, a night out to dinner, a manicure, etc.). :)


My SO unfortunately owes a ton of money from last year and I'm already anxious about the stress we will feel when he has to face this year's tax time. :(



 


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