I have a tax confession to make

[Mom24Princesses]

We did this too for years. And I agree that it was at least a way to have a trip fund I could not rob. However - one year I dropped the refund into our regular savings account and by the time the trip came $1000 had disappeared.

THEN as the kids have grown up that refund has dropped. It was tied to having 4 kids. I just hope to get a little back this year to help out. I figure after next year we will not get anything unless I have them withhold more.

 

[cmwade77]

We did this too for years. And I agree that it was at least a way to have a trip fund I could not rob. However - one year I dropped the refund into our regular savings account and by the time the trip came $1000 had disappeared.

THEN as the kids have grown up that refund has dropped. It was tied to having 4 kids. I just hope to get a little back this year to help out. I figure after next year we will not get anything unless I have them withhold more.

We have no kids, use turbo tax and ALWAYS get something back, some years it has been as little as $200 from the Federal and $200 from the state.

The past few years it has been more since DW is now a full time student in a 4 year degree program. But that won't last much longer.

 

[*Seanaci*]

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.

I don't blame ya for being proud of your big refund.

I personally, would rather get a refund (no matter how large or small) than have to pay MORE come tax time. Sure, the ultimate goal (or so I hear) is to try and break even (get back very little or pay very little) but in this day and age (and economy) it can be tough.