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Old 01-26-2013, 11:59 AM   #46
gracie1
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Originally Posted by mrsklamc View Post
No, if you read the rest, he said he changed their withholdings so they get a big refund to pay bills and take a vacation.

I did see that. I understood it that the poster changed their withholding to pay their bills, yet they still get a $1500 refund that they use for vacations.
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Old 01-26-2013, 12:02 PM   #47
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Originally Posted by mrsklamc View Post
Why not just have the same amount of money direct deposited in a bank account that isn't easily accessed?

One day those refunds aren't coming back. Someone said the federal government doesn't have to balance its budget- at some point it's going to have to. Eventually there are going to be consequences even though the politicians like to pretend there aren't. It's happening right now in Europe and it's naive to think it's not headed here. See also:Scarlet O'Hara.
I have to agree with you. I think at some point in your life you have to learn financial discipline. I find it sad that an adult does not have enough impulse control to save money.
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Old 01-26-2013, 01:45 PM   #48
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In some cases a large refund cannot be prevented. For example, if you live in NJ and work in NY, NY State withholds taxes from your check, but you get them back every year when you file. That is a tidy sum of $$.
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Old 01-26-2013, 01:53 PM   #49
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Originally Posted by padawans View Post
I have to agree with you. I think at some point in your life you have to learn financial discipline. I find it sad that an adult does not have enough impulse control to save money.
Thank you so much for your concern for my financial welfare. Our house is certainly in order, retirement accounts growing, college savings for the kids, extra on the mortgage each month, plus regular savings accounts growing. The tax refund check is just another place to stash some cash for a spring purchase. Works very well for us, but go ahead and assume that I have no financial discipline and should be pitied for not doing it your way.
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Old 01-26-2013, 02:06 PM   #50
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Thank you so much for your concern for my financial welfare. Our house is certainly in order, retirement accounts growing, college savings for the kids, extra on the mortgage each month, plus regular savings accounts growing. The tax refund check is just another place to stash some cash for a spring purchase. Works very well for us, but go ahead and assume that I have no financial discipline and should be pitied for not doing it your way.
If you are so good at saving into different accounts then why not do the same for the "spring purchases"?
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Old 01-26-2013, 02:28 PM   #51
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If you are so good at saving into different accounts then why not do the same for the "spring purchases"?
Just don't feel like keeping track of another account. My refund amount changes a bit year to year, it is just easier to leave things as they are. I don't miss the few dollars in interest and I like getting a deposit in the spring for a special project or whatnot. Like I said, works for me.
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Old 01-26-2013, 03:36 PM   #52
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I too think that "it's an interest free loan!" is advice for bygone days. Savings account interest right now is so minimal, if it is helpful for you to get the $ all at once, you might as well. You aren't missing out on hundreds and hundreds of dollars in interest.

We almost always owe because my husband has a large amount of self-employment income, so we pay both halves of social security.
Good advice. Don't think getting a small amount is very beneficial, even if it is weekly.
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Old 01-26-2013, 04:38 PM   #53
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It's nice to get a decent amount of money delivered to my bank account this time of the year. My home owners insurance, county taxes and my kid's reg fees for school are all due around this time of year.

Also it's not like I have tons of extra money taken out. But you add in student loan interest, college credit and credit for my kids and that all gets deducted from my taxes. My older kids are at an age where it's up in the air if I'll be able to claim them. I need to see what their income is. So I need to plan and be prepared.
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Old 01-26-2013, 05:22 PM   #54
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Quote:
Originally Posted by okeydokey

Thank you so much for your concern for my financial welfare. Our house is certainly in order, retirement accounts growing, college savings for the kids, extra on the mortgage each month, plus regular savings accounts growing. The tax refund check is just another place to stash some cash for a spring purchase. Works very well for us, but go ahead and assume that I have no financial discipline and should be pitied for not doing it your way.
I could've written this!
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Old 01-26-2013, 06:08 PM   #55
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Just a little something to be aware of. Identity fraud is becoming a major issue with the IRS. If another person gets ahold of your SSN and files a fraudulent tax return this could hold up any refund due to you for months.

On another message board a user reported it took 16 months to get their refund after someone filed a fraudulent refund in their SSN. Now the IRS did end up paying a small amount interest for that 16 months but it was a major hassle for that user.

A close retaliative of mine was hit last year as well, it only took 5 months for his refund...
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Old 01-26-2013, 06:41 PM   #56
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Also, if you do intentionally get a refund, make sure you do get it. According to this article, $153.3 million in returns were unclaimed last year:

http://money.cnn.com/2013/01/24/pf/u...source=cnn_bin
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Old 01-27-2013, 08:34 AM   #57
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First, I will admit I did not read all the responses.

We do get a hefty refund every year. We have 5 kids, dh is the only worker. We do not need the money in our weekly paycheck. We use our refund for when DH gets laid off, which is always the week of Christmas and for as long as he needs, usually takes 4-5 weeks off. During his time off, is when we do household projects. In the past, they were, new bathrooms, remodels, new siding, windows and metal roof on our house. We pay cash for it all and he does it himself.

Can we set up an account separately, sure. But usually we get the large refund, put the money in a money market account or 6 month CD to earn a higher interest, then take the money out the following January or so. And it all depends on what remodel we will do. This year it our refund will to, kitchen remodel, with the half bath, and new wood flooring. We still have cash from last years refund, too.
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Old 01-27-2013, 09:41 AM   #58
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Thank you so much for your concern for my financial welfare. Our house is certainly in order, retirement accounts growing, college savings for the kids, extra on the mortgage each month, plus regular savings accounts growing. The tax refund check is just another place to stash some cash for a spring purchase. Works very well for us, but go ahead and assume that I have no financial discipline and should be pitied for not doing it your way.
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I totally agree w/the above.

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Old 01-27-2013, 10:05 AM   #59
gracie1
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Originally Posted by okeydokey View Post
Thank you so much for your concern for my financial welfare. Our house is certainly in order, retirement accounts growing, college savings for the kids, extra on the mortgage each month, plus regular savings accounts growing. The tax refund check is just another place to stash some cash for a spring purchase. Works very well for us, but go ahead and assume that I have no financial discipline and should be pitied for not doing it your way.

Love it


And OP, you have nothing to be ashamed of!

Last edited by gracie1; 01-27-2013 at 10:26 AM.
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Old 01-27-2013, 10:14 AM   #60
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I am an accounting student (adult). Between my wife's good job, deductions for three kids and my school expenses, we always get a really BIG refund. I know that is not advisable because it is giving the government an interest free loan. Every class I take always has at some point a lecture about the evils of big refunds. I just sit there and nod my head in agreement as I think about my vacation being paid for out of our refund. I'm not disciplined enough to save out of each check if we adjusted things to get a smaller/no refund. Even if I was, invariably some of that money would disappear into general household needs. That disappearing money would negate any interest I could have earned by sticking the saved money into something that would earn a small interest rate. I am so ashamed of my big refund but I don't care anymore once we see the Welcome to Florida sign.
We always love to get the big refund too. It's like Christmas in April (because of course I always wait until the last minute to file ).

I will say, however, if it's truly something you are so ashamed of (in your words, not mine ) then one suggestion is to change your witholding and send the $$ to Disney each month to pay towards your vacay. I know it's giving Disney a free loan instead of the government, so it isn't a money saver, but it might allow you to feel less uncomfortable and reconcile your professional advice with your personal habits.
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