Will you get a tax refund this year? How will you spend the $. Vacation, paying bills, buying something, investing in the stock or bond market, etc.
getting a refund just means you gave the government a loan. I didn't try to 'fix' my withholding to account for my EV credit, so I'll get a sizable refund. Of course, I need to remember I've already spend that money buying the car....
Whether you get a refund or not is determined by how you adjust your withholding or estimated tax payments. A refund just means you loaned more money than necessary to the gumnt interest free. I prepay the minimum that will avoid a penalty.
My wife gets a substantial portion of her annual salary (1/3 to 1/2?) as a bonus just before Christmas. It is taxed as if all her paychecks are that large. (I wish!) Then we file on Feb 1 and get it back. It makes our tax refund large but the Feds have not really had it long. I am more remorseful I can't hide more of it in a 401(k) to avoid taxation. She fails certain tests required for officers of the firm. 401k compliance testing rules
Yesterday, my financial planner sent me an email that our administrator is issuing a correction to the gain/loss reports. I have all the rest of my taxes done except for the 1099B that uses this data. Glad I took my time. It will probably be a whopping 4-cent difference.
Got a decent return because of the birth of our daughter last year. I put most of it into a 529 for her, added a few more guns to the collection and planned two vacations for later this year.
$2500 refund thanks to the PIP In honor of the car's contribution, I'm buying a matching Blizzard Pearl vinyl fence for the backyard!
What I get back as a refund (probably not that much) will be going on the downpayment for the lease of my first Prius! I'm very very excited. I've wanted one for 3 years.
This year is the first year in ages that I wasn't able to itemize deductions. Mixed feelings about that: 1) Value of the house went down and property taxes followed--less tax = lower deduction available...not selling the house any time soon, so value could recover. 2) Mortgage interest has dropped below a critical level = lower deduction available. Wound up paying about $855. Adjusting exemptions for next year to increase withholding a little bit.
