Taxes are done!

[Isgrimnur]

My company was gracious enough to have all the W-2s ready to go for today and my student loan holder already has my interest information from last year posted on my account profile.

Taxes are done. Now it's time to try and figure out how I'm going to spend my $2000 refund.

[LawBeefaroni]

Oh man, collecting all the documents is the worst part. I think our work W-2s are online or something this year. We haven't even scheduled our "here's all our crap, do your magic" meeting with the accountant yet.

Congrats on getting yours done.

[Isgrimnur]

Turbotax was able to import mine in with the code from the box d Control Number.

[Octavious]

Haven't gotten my form yet.

[pr0ner]

My company was gracious enough to have all the W-2s ready to go for today and my student loan holder already has my interest information from last year posted on my account profile.

Taxes are done. Now it's time to try and figure out how I'm going to spend my $2000 refund.

Your bank provided all of your interest information already, too?

[killbot737]

Wow! That's some easy 1040! I haven't received one tax document yet.

[Kraken]

Taxes are always an epic struggle for us. This year will be even worse than normal. Thanks for reminding me that I haven't generated my W-2 yet.

In the end we should get a big refund. Ever since my wife got laid off I've been making 1040-ES payments as if she were going back to work at her old salary tomorrow.

[Isgrimnur]

My company was gracious enough to have all the W-2s ready to go for today and my student loan holder already has my interest information from last year posted on my account profile.

Taxes are done. Now it's time to try and figure out how I'm going to spend my $2000 refund.

Your bank provided all of your interest information already, too?

If they send me a 1098-INT for the $4.67 i earned in savings interest, I'll look into revising the filing, but the instructions I've seen say it's got to be $10 before they worry about it.

I'm digging myself out of a massive debt hole, I can't afford to have money sitting around earning interest when I have so many other people that I owe it to charging me much, much more.

[pr0ner]

$4.67 earned in bank interest for the YEAR?

[coopasonic]

My company was gracious enough to have all the W-2s ready to go for today and my student loan holder already has my interest information from last year posted on my account profile.

Taxes are done. Now it's time to try and figure out how I'm going to spend my $2000 refund.

We usually end up sending 40+ pages of documentation to our accountant and not having the vaguest idea what the result will be. Two new cars, new house and new baby this year mean even more documents. It's bob-damn ridiculous.

[pr0ner]

But coop, think of all the deductions!

[coopasonic]

But coop, think of all the deductions!

When I try to think of them, I get pissed that 6 months after i bought a house they extend the first time buyer tax credit to repeat buyers. Bastards. I'm pretty sure we'll be getting a sizable refund this year, but that doesn't make the effort any less painful (OK a little bit).

[Kelric]

Waiting on two W-2s to come in. Once that happens I can have my taxes done within half an hour. I'm not too sure one of the W-2s will even get shipped out, though.

[Jeff V]

Taxes are done. Now it's time to try and figure out how I'm going to spend my $2000 refund.

Might I suggest a good financial planning book? One that encourages you NOT to give the government interest-free loans?

The objective at tax time should be for your return to be as close to zero as possible.

[Wargus]

Taxes are done. Now it's time to try and figure out how I'm going to spend my $2000 refund.

Might I suggest a good financial planning book? One that encourages you NOT to give the government interest-free loans?

The objective at tax time should be for your return to be as close to zero as possible.

meh - buy a big screen tv intead.

[Jeff V]

meh - buy a big screen tv intead.

Yeah, but maybe he could have had a kick-ass sound system to go with it, too.

[The Preacher]

Waiting on two W-2s to come in. Once that happens I can have my taxes done within half an hour. I'm not too sure one of the W-2s will even get shipped out, though.

Since you have to work to get one, I doubt you'll get either.

[Kelric]

Waiting on two W-2s to come in. Once that happens I can have my taxes done within half an hour. I'm not too sure one of the W-2s will even get shipped out, though.

Since you have to work to get one, I doubt you'll get either.

Hyuck. Hyuck. You're almost as funny as Eightball.

[The Preacher]

Waiting on two W-2s to come in. Once that happens I can have my taxes done within half an hour. I'm not too sure one of the W-2s will even get shipped out, though.

Since you have to work to get one, I doubt you'll get either.

Hyuck. Hyuck. You're almost as funny as Eightball.

Yeah, but I spent a LOT less to get this level of funny.

[Kraken]

My company was gracious enough to have all the W-2s ready to go for today and my student loan holder already has my interest information from last year posted on my account profile.

Taxes are done. Now it's time to try and figure out how I'm going to spend my $2000 refund.

We usually end up sending 40+ pages of documentation to our accountant and not having the vaguest idea what the result will be. Two new cars, new house and new baby this year mean even more documents. It's bob-damn ridiculous.

We have W-2, K-1 (corporate), 1099-INT, 1099-MISC, and 1099-G (unemployment) income. We also received some government aid for medical insurance. Altogether it isn't a hill of beans, but do you know how much record-keeping it takes to prove it? We won't pay much tax when all's said and done, but there is a huge amount of saying and doing to get there.

We pay a CPA to pull it all together. That starts with a 40-page questionnaire and ends with an interview. Normal people with normal jobs have no idea.

I don't know how big our refund will be, but I've already carved it up anyway. 50% to debt, 25% to vacation, 15% to emergency fund, and 10% mad money.

[coopasonic]

meh - buy a big screen tv intead.

Yeah, but maybe he could have had a kick-ass sound system to go with it, too.

More likely it would have been spent incrementally along the way. Tax returns are how most americans "save" for big ticket items.

[The Meal]

meh - buy a big screen tv intead.

Yeah, but maybe he could have had a kick-ass sound system to go with it, too.

More likely it would have been spent incrementally along the way. Tax returns are how most americans "save" for big ticket items.

Right, but if the big ticket item is debt reduction, then it would have likely done its job better by getting applied sooner. For $2000 it probably doesn't make a huge difference one way or another, but it's something to keep in mind for folks who count every nickel.

I'm going to pay out the ass in taxes this year. Sold a house last April after owning it for 17 months.

[Boudreaux]

Might I suggest a good financial planning book? One that encourages you NOT to give the government interest-free loans?

The objective at tax time should be for your return to be as close to zero as possible.

Heh, I've been trying to do this for 4 years now. At the moment, the W-4 I have filed with my employer claims thirteen exemptions, and we still got over $1000 back last year. Thanks to having another child this year I expect our refund to grow again. Apparently I need to just stop paying taxes altogether.

[LordMortis]

meh - buy a big screen tv intead.

Yeah, but maybe he could have had a kick-ass sound system to go with it, too.

More likely it would have been spent incrementally along the way. Tax returns are how most americans "save" for big ticket items.

Right, but if the big ticket item is debt reduction, then it would have likely done its job better by getting applied sooner. For $2000 it probably doesn't make a huge difference one way or another, but it's something to keep in mind for folks who count every nickel.

I'm going to pay out the ass in taxes this year. Sold a house last April after owning it for 17 months.

What did you say in the a poker thread the other day?

Here it is:

more you win, the more you lose.

Of course the irony for me would be that the closer I am to 0 on my tax returns, the more money I could dump in to mortgage. The more money I dump in to my mortgage, the less tax breaks I get. The less tax breaks I get, the more I have to try and get at the end of the year to keep my returns close to 0.

If you are a successful investor, I'd think the goal would be to owe money every year and I good bit, too. The more you owe them, the more your money is working for you. But right now, I'm just interested in rebuilding my savings, then upping my principle payment every month, then investing to play and increasing my 401k/retirement contribution. I like being close to 0. It's stability. I bought a new car and paid off my 2nd mortgage this last year. I'm likely to get a big chunk back this year (which is nothing compared to the free money given away everywhere else) and then I'll be in for a huge surprise next year when all my tax breaks are gone.

However, I've gotten exactly none of my tax documents back yet. This is strange. Most of them have usually arrived by now.

[Isgrimnur]

$4.67 earned in bank interest for the YEAR?

Yup. And that's up from last year. What's the point of earning 0.5% when I have so much credit card debt at anywhere from 7-19%? I have money that goes into savings, but I still maintain just a high enough balance to leave myself a cushion

And yeah, I factor in the refund as an opportunity to get a windfall. Part of that will go to some purchases, some into what little savings I have, and a large chunk will go to paying down debt.

I tried claiming 1 the first year I worked seriously and had to pay the government. I now claim 0 and plan for the refund. If I got the money back in the $83/paycheck, I likely wouldn't be able maintain it as well to get some of the bigger items that I need. There's no way I would be able to sufficiently manage my finances to upgrade my computer or replace my fritzy TV if I had to draw it out that long with my current financial situation.

The interest I would lose on my "free loan" to the government would be less than $10 (but would force me over the $10 1099-INT threshold). I'm willing to pay for that convenience.

[noxiousdog]

Yup. And that's up from last year. What's the point of earning 0.5% when I have so much credit card debt at anywhere from 7-19%? I have money that goes into savings, but I still maintain just a high enough balance to leave myself a cushion

You are 100% correct. Get rid of the credit card debt first.

[Scuzz]

Mine will be later than normal this year because of a business decision that will effect the way the bottom line looks. Hopefully it will be resolved (in my favor) before March.

[Carpet_pissr]

Might I suggest a good financial planning book? One that encourages you NOT to give the government interest-free loans?

The objective at tax time should be for your return to be as close to zero as possible.

Heh, I've been trying to do this for 4 years now. At the moment, the W-4 I have filed with my employer claims thirteen exemptions, and we still got over $1000 back last year. Thanks to having another child this year I expect our refund to grow again. Apparently I need to just stop paying taxes altogether.

Me too! And I still don't understand why I can't get closer to zero. I up my exemptions, ask the accounting firm that handles our payroll to withhold less, etc. Every year for the past 5-7 years, we get back between $5-$8K. It's insane really.

I think a lot of it is because so much of my income is based on commission. But that's just a wild hair guess.

[Daehawk]

Did the wife's about 5 days ago. Used H&R Block online to do it. Took me 30 min. Just waiting on the refund now. Didn't go for their money now crap.

[Sarkus]

I just did mine today. Of course, they are so simple I can do it via the free Turbo Tax Online system. That giant $10 refund I'm getting will be SWEET!

[Isgrimnur]

Refund's here! Now to review options:

• New 32" 1080p TV (color red fades in and out on my current one): ~$600
• Trip to visit my sister and go to Origins: ~$600-1,000
• Pay on my credit cards: ~$0-2,000
• New gaming PC: ~$1500

The new TV and the trip are the likely winners with the remaining amount going to credit cards to pay down debt.

[naednek]

I vote pay down some debt, and then TV or PC whatever you need the most.

[LawBeefaroni]

• New 32" 1080p TV (color red fades in and out on my current one): ~$600

Credit cards.

But if you want a 32" 1080p for $434...

[LordMortis]

I think this is the weekend to start organizing my paperwork. If I have it all then I will get my taxes done on the spot with Turbo Tax. Sometimes it's good to be pathetic. All I should need is my old registration, bank info, car reciepts, W2, and both mortgage statements.

[The Preacher]

Refund's here! Now to review options:

• New 32" 1080p TV (color red fades in and out on my current one): ~$600
• Trip to visit my sister and go to Origins: ~$600-1,000
• Pay on my credit cards: ~$0-2,000
• New gaming PC: ~$1500

The new TV and the trip are the likely winners with the remaining amount going to credit cards to pay down debt.

Depends on how big a $2K credit card debt is to you. If it will take years for you to pay it off, take the whole amount and kill the card debt. You're going to pay (I'm guessing) $400 per year in interest on that, pretty much enough for that TV.

Now, if it's a marginal amount and you can pay off a grand in a couple months, then you might treat yourself with half to debt, half for play (and I'd vote for the TV since it will last you years).

Seriously, pay down the card.

[Isgrimnur]

My debt is so severe that it's going to take a while to make a significant dent in it. I've got some other money squirreled away, so I figure I could drop $1000 on the card (half of the rem. balance on the highest rate, which will allow me to pay off the rest of it this year), the TV and the trip and still have a bit of nest egg for future emergencies.

[Daehawk]

32" tv $349

[Isgrimnur]

32" tv $349

720p. My current is 27" 720p. If I'm going to upgrade, I'm going 1080p.

[naednek]

My debt is so severe that it's going to take a while to make a significant dent in it. I've got some other money squirreled away, so I figure I could drop $1000 on the card (half of the rem. balance on the highest rate, which will allow me to pay off the rest of it this year), the TV and the trip and still have a bit of nest egg for future emergencies.

If it's so severe, then I think you should have your priorities straight. Having been in your situation not too long ago, and know how stressful and long it takes to pay off the debt, there's nothing better than taking a big chunk off, and have some breathing room.

It's your money, and you probably didn't ask us for our opinion But honestly, just wanted to help. When we got out of debt and before Erin went on maternity leave, we were able to squirrel away a lot of money, thus being able to get things what we wanted without worrying about debt. We changed our spending habits, and because so, it's less stressful.

Now with her being out of a job, well it's back to being stressful But we're not having to rely on credit cards, because we saved up after getting out of debt.


Anyways, you know your situation best, and do what you feel is best, so for getting on the soap box

[LawBeefaroni]

My debt is so severe that it's going to take a while to make a significant dent in it. I've got some other money squirreled away, so I figure I could drop $1000 on the card (half of the rem. balance on the highest rate, which will allow me to pay off the rest of it this year), the TV and the trip and still have a bit of nest egg for future emergencies.

The TV isn't really all that much of an upgrade (+5" and 720p to 1080p). The trip, well it's family, but that seems like a high price tag for a visit to the sister.