I don't get it.....

[Gumbo4x4]

Meh, it's always more fun to get a check than to write one. A refund at all for me indicates a lot of OT and or bonuses (higher withholding on those). Getting a check from the gov't shortly after having a better than usual year is just icing on the cake. The Springs when there's no refund are kind of depressing as they always follow a poor earnings year.

 

[Cannot_Wait_4Disney]

What do you mean? The youngsters have boiled it down to the simplest form....spend spend spend. Too complicated to save save save.

Then they say "I don't get it...I'm broke."

DARN KIDS AND THEIR HIGH TECH SKATEBOARDS!!!! Why in my day, we nailed two metal wheels to a 2 by 4 and we liked it!!! GIT OFF MA LAWN YA WHIPPERSNAPPERS!!!!!!

 

[Lorelei Lee]

The bottom line, OP, is that financial affairs and financial planning is never "one size Fits all".

 

[gwynne]

Actually, it is possible to do witholding properly and get a refund. To end up at exactly zero is a fluke that is rarely accomplished except by those that paid nothing, and owed nothing. And sure we're going to celebrate when we get a refund. It beats owing more hands down.

Exactly. And honestly, there are lots of folks who are really busy. They have far more important things to do than constantly be "worried" they are going to get something like (horrors! ) $144.50 back.

Nope, I'm not going to be grabbing my calculator every other day for something like this. Lots of other folks feel the same way, I'm sure.

 

[Gumbo4x4]

Actually, it is possible to do witholding properly and get a refund. To end up at exactly zero is a fluke that is rarely accomplished except by those that paid nothing, and owed nothing. And sure we're going to celebrate when we get a refund. It beats owing more hands down.

Oddly enough, I broke even over a 2-year stretch. Owed them a dollar one year and they owed me a dollar the next. I still have the uncashed check somewhere.

 

[phorsenuf]

Why do you care how people manage their taxes? Is it impacting you somehow?

 

[elgerber]

I agree. I do find it fairly insulting that it's insinuated that people who choose to get a refund don't understand the process or finances in general. I'm very much aware of how refunds work and have my finances very much in order. My choice to get a refund each year does not make me financially uneducated.

I totally agree with this!

 

[ccgirl]

A savings account pays just about nothing in interest these days. Nothing. If you aren't great at saving & budgeting, getting a big tax return is a great way to save up for a big purchase, and you really aren't out a thing, other than the $3.09 you would have earned in a year on your money.

We have a winner.

I just about broke even. Got a double digit refund and did not owe anything so I'm well aware of how the taxes work in my state. I have family that uses it for their vacation fund. If it works for them, great. They didn't want to spend it and since their savings account is about 0% interest and very accessible (easy to take money out) they prefer the tax refund route. Works for them so that's great.

 

[DebbieB]

I'm single and own a home. My W4 is single, 1 person. I'm getting a $2600 tax return mostly because of home interest & property taxes. So can I change my W4 to single, 2 people to get less withheld? Doesn't sound right.

 

[Gumbo4x4]

Quick question for those who are against getting a refund, do you pay your property taxes in a lump at year? Or, do you escrow?

 

[sonnyjane]

Quick question for those who are against getting a refund, do you pay your property taxes in a lump at year? Or, do you escrow?

Ha! Believe it or not, another forum that I belong to just had that question posted last week (to escrow or not to escrow haha). It turned into an equally silly debate with some people saying anyone who deals through a third party does so because they are too dumb to figure out how to budget for themselves, then others chimed in to say that their lenders required escrow (I know mine currently does) and the argument took off from there.

 

[deedeetoo]

I agree with not giving the government use of your money for free. We've purposefully set up our taxes so we have to pay every year. We try to work it so we are paying just under the amount that makes you pay a penalty. We write big checks on tax day and so we don't mail it in until the last day possible. I haven't even done our taxes yet for this year because the due date is still a month away.

 

[roliepolieoliefan]

We purposely withhold so we receive a large tax refund.
Works for us.....

 

[tasha99]

I am getting a big refund this year because of the American opportunity credit. I wouldnt want to change my withholding--what if dd21 quit school? I could end up oweing.

 

[Robinrs]

DARN KIDS AND THEIR HIGH TECH SKATEBOARDS!!!! Why in my day, we nailed two metal wheels to a 2 by 4 and we liked it!!! GIT OFF MA LAWN YA WHIPPERSNAPPERS!!!!!!

 

[Feralpeg]

A savings account pays just about nothing in interest these days. Nothing. If you aren't great at saving & budgeting, getting a big tax return is a great way to save up for a big purchase, and you really aren't out a thing, other than the $3.09 you would have earned in a year on your money.

Exactly. So many things come up in life to eat up money you want to save. I loved having a large refund. In fact I set my withholding so I got as much as possible. Those refunds paid for many a trip to WDW. And, no, I would never have saved the money if I did not get it as a refund.

I'm not sure why how I handle my finances should bother anyone else. My getting a large refund is not out of ignorance. It is a preference and no ones business but mine.

 

[rickybobby]

I have actually heard some people say when asked how much they paid in taxes for the year "I got a refund", not even knowing that the refund was a portion of their taxes paid.

 

[lovemygoofy]

I'm in the camp of it's none of anyone's business.

We manage our finances the way we see fit. We have no children(why do people get to deduct having children) nor do we own a home(again why should this be a basic deduction) so we have none of the basic tax credits/deductions that others have.

My husband is in and out of the country so often that it messes with taxes and because I also work it's easier to max out how much is taken and then just dump it into our retirement account as well as our dream building house account. We don't hurt for any money and continue to fund all things we need and want. Again, not sure why it's anyone's business or why I need their opinion about how I manage my money.

 

[Liberty Belle]

How did they pull one over on me? I'm the one who filled out the W4. And, I suspect most people are happy because they do not have to pay and get a chunk of their money back, instead.

I don't think anyone things they are fooling the government or "getting one over on them."

 

[Handbag Lady]

Okay, I now admit I am jealous of those getting a bonus. What is that like?