s/o tax refunds - Mothering Forums
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#1 of 87 Old 01-07-2009, 08:18 PM - Thread Starter
 
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We can hardly wait for our tax refund! I have bills to pay off, pay on etc, but then we usually take a small family trip for a weekend. I can't wait! What do you plan on doing with yours.?

Kristin- Wife to J, Mommy to B (11), M-S (8), and little J (4) and J&J (7 months)
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#2 of 87 Old 01-07-2009, 08:41 PM
 
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We normally only get a couple of hundred dollars in a refund because we've adjusted our witholdings to get that money over the course of the year instead of loaning to the gov't tax free all year.

However, our few hundred dollars will be going into savings as we would like to buy a house in the near future and need/ want a good downpayment to do so.
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#3 of 87 Old 01-07-2009, 08:58 PM
 
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We will pay off or come close to paying off our car loan, approximately 1 year early. :
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#4 of 87 Old 01-07-2009, 09:01 PM
 
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Well, if the IRS doesn't seize it like they did last year for my dh's back taxes : (irked at dh, that is, not the irs), then we'll either pay off my school loan and med bills or put it toward our house fund. Most likely the IRS will take it though, so I'm not getting my hopes up!
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#5 of 87 Old 01-07-2009, 09:05 PM
 
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DH will probably insist it be put into savings, then used to buy a new toy. Personally, I'd put some in savings and use the rest to pay off one of our debts.
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#6 of 87 Old 01-07-2009, 09:06 PM
 
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Quote:
Originally Posted by Denvergirlie View Post
We normally only get a couple of hundred dollars in a refund because we've adjusted our witholdings to get that money over the course of the year instead of loaning to the gov't tax free all year.

However, our few hundred dollars will be going into savings as we would like to buy a house in the near future and need/ want a good downpayment to do so.
:
What little we get will go toward prepaying our mortgage, which is our last debt. :

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#7 of 87 Old 01-07-2009, 09:11 PM
 
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#8 of 87 Old 01-07-2009, 09:44 PM
 
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Most of it will go into a Roth IRA. I'm putting some of it aside for furniture/decorations for DS's room. I won't need it for probably another year but I want it bookmarked for that purpose just in case.

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#9 of 87 Old 01-07-2009, 09:48 PM
 
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This should be our last year of getting big refunds, since we'll have finally used up most of the adoption tax credit. We'll probably use our refund to pay down a debt.

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#10 of 87 Old 01-07-2009, 10:04 PM
 
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I'm not sure how much of a refund to expect- I spent 1/2 the year as a student at a relatively low paying job- about $11/hr for 32 hours a week.

Then I graduated and got a much better paying job along with a small hiring bonus (and boy did the govt take a bunch of that!).

So- we'll see how much I end up getting! I'm actually a bit nervous that I'll have to pay... yikes!

My plan is to pay off the cc, take my sweetie out to a nice dinner, buy something frivolous for myself, and then tuck the rest away. Hopefully I'll get enough to cover all that!

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#11 of 87 Old 01-07-2009, 10:06 PM
 
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We're trading in my neon and buying a minivan, all in cash, with our trade-in and refund. I can't wait!

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#12 of 87 Old 01-07-2009, 10:18 PM
 
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Crossing fingers I can pay a good chunk of my car payment. I hope I can get most of it payed off. Although Im second guessing it, with the economy the way its going should I hold off and keep it in savings?
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#13 of 87 Old 01-07-2009, 10:39 PM
 
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We should be getting approximately $4,000 back. This is how we'll be spending it:

-- $600 budgeted for a new dining room suite -- this is a NEED, not a WANT, because three of our six chairs have been broken since June and the fourth is about to go.

-- $200 for an eye exam, 6 month supply of contacts, and new glasses.

-- $1200 to pay off a cc

-- $600 to pay off a cc

-- $450 to pay off a cc

-- $950 (or remaining balance) used to pay down a cc with a balance of $2100, leaving approximately $1150.

This will free up $60 in minimum payments per month that will be added to the third credit card to snowball that debt away. We already have next year's tax return planned out as well.

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#14 of 87 Old 01-07-2009, 10:45 PM
 
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We owed last year and expect to end up near even this year.

4 kids under 10
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#15 of 87 Old 01-07-2009, 11:38 PM
 
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We're buying a bed and mattress and dumping the rest on our mortgage.
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#16 of 87 Old 01-07-2009, 11:57 PM
 
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Putting our info into the calculator comes up with anything from about 550-1900+. I think because some didn't take our IRA contributions into account. I did adjust our exemptions last year (we were getting 4000+ back, which is insane), but I didn't take the most exemptions because I didn't want to under pay.

Anyway, whatever we end up with is going into savings/investments. DH gets to spend the state return however he wants.
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#17 of 87 Old 01-08-2009, 12:04 AM
 
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Could someone link the calculator please?
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#18 of 87 Old 01-08-2009, 12:08 AM
 
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I can't remember the amount we're supposed to get back. But it'll be going towards paying off our car.

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#19 of 87 Old 01-08-2009, 12:14 AM
 
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Could someone link the calculator please?
Cancel that I found it
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#20 of 87 Old 01-08-2009, 07:15 AM
 
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I'll be using mine for my yearly auto, renter's, and life insurance premiums, car registration, car maintenance/repair, a trip to Seattle/Vancouver, BC for a week, and a deposit on a new, cheaper apartment. What is left will be put in savings.
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#21 of 87 Old 01-08-2009, 10:39 AM
 
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We owe again this year (as usual). Whatever is left in our "tax fund" account after paying the IRS will be an extra payment to the mortgage and a little bit of money (maybe $250) toward our usual summer vacation (baseball and zoo trip).

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#22 of 87 Old 01-08-2009, 02:40 PM
 
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I'm with the person who said they don't like getting a tax refund. I try to adjust our withholding each year (sometimes a few times during the year) so that we either come out even or I pay in a few hundred dollars. I HATE giving the government an interest-free loan, and I have the willpower to maintain other savings plans.

I do have a friend who couldn't save money if her life depended on it - the only way she can save for major purchases is through her tax withholding. But I do think that most folks are much better off trying to break even instead of getting a refund.

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#23 of 87 Old 01-08-2009, 02:52 PM
 
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We've currently got things set in such a way that we tend to get an astronomically high tax refund.

It happens to be almost exactly what we have to pay in astronomically high property taxes just a couple of months later, so we get the check and then basically send it off to the tax office.

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#24 of 87 Old 01-08-2009, 03:18 PM
 
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I dont know yet. We get a huge return every year. However, within a month of getting it back, we ALWAYS have a major expense. (ex, last year, my car died AND our sewer line with no insurance on got crushed- there went $7,200 in a week! I was very happy we had that tax return) The year before, it was a few thousand in medical bills. We over pay in taxes, b/c we know that we will be getting slammed with an expense we weren't prepared for or expecting. I wonder what will happen this year... DH wants to change our exemptions to get more money each pay check, but I KNOW he wont save the "extra" for unforseen events.
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#25 of 87 Old 01-08-2009, 03:42 PM
 
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Well, if I'm lucky enough to actually get a return instead of owing, that money will go towards keeping my family alive and fed...not very fun.
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#26 of 87 Old 01-08-2009, 03:46 PM
 
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Remodel of the house, new stove so my burners don't turn to HI by themselves anymore and cc debt.

Aimee Blessed Momma to 4 amazing boys, P ~ 9 H ~ 7 J ~ 4 and B ~ 1.  Happily married to D Living my almost dream life on an urban homestead, hoping for our forever land to find us soon!

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#27 of 87 Old 01-08-2009, 04:01 PM
 
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My ex is getting it to use to paying his year rent since he is a SAHD.

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#28 of 87 Old 01-08-2009, 04:15 PM
 
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We had a lot of changes in income and jobs and school, etc, this year so I have no clue how much we'll get back. I'm pretty confident we won't owe at least. So whatever we get will go toward paying down debt. If we get a really good amount, we might buy a new refrigerator since ours seems to be on its last legs.
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#29 of 87 Old 01-08-2009, 04:58 PM
 
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NOt sure how much we should be seeing. We filed seperately before. If you're married and have a kids together, can you file seperately?

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#30 of 87 Old 01-08-2009, 05:37 PM
 
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Our refund is very small since we adjusted our withholdings. Whatever we get will go to savings.

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