Today I love the IRS

[C.Ann]

C.Ann--I think that on just about every finances thread that comes along. You have your folks who think that any kind of credit card debt is like you are satan incarnate. Now, I don't think credit card debt is good obviously and I wouldn't be charging a cruise or a trip to WDW but if it comes down to feeding my kids or paying the credit card bill in full, you can bet it's feeding my kids that wins. It's not always possible to cut your budget to the point where you can live that way. I have been there and do thank God that I no longer am. The judging gets really old.

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Well if you've read my posts over the years then you know that I'm not a credit card person - mainly because that's the way I was raised.. That doesn't mean I think they're "evil" - I just don't find them necessary because I was raised in a family that made a point of living below their means so they "could" pay cash for items and still manage to feed their families.. If someone needs to use a credit card to feed their children - or for medical expenses, then by all means, do so.. I just don't think they're as necessary as some people think they are.. A quick look at what the bankruptcy rates were last year is a good indicator of how often people over extend themsleves..

However, I don't see where that has anything to do with the EIC that is being discussed here - other than the fact that those who are so adamantly opposed to it may get a rude awakening someday when for some unforseeable reason they need this EIC themselves.. At that point I'm sure they'll be saying that they "deserve it" - not that they're receiving a "glorified welfare check" (which is the terminology that I have a problem with)..

 

[N.Bailey]

The Grand Floridian part of my post was a joke we stay value...

Brandy

I just want to tell you that anything I've said in thread was never meant to anyone specifically. I do not look at EIC as a glorified welfare check in the least. While I do not believe the benefit should be there, I think anyone who doesn't take advantage of it would be foolish. So, you enjoy your refund and do whatever the heck you want with the money. It is your money after all. I'm sure a day will come when you'll be sitting on this side of the fence with us too. I wish you well in your studies.

 

[Crankyshank]

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However, I don't see where that has anything to do with the EIC that is being discussed here - other than the fact that those who are so adamantly opposed to it may get a rude awakening someday when for some unforseeable reason they need this EIC themselves.. At that point I'm sure they'll be saying that they "deserve it" - not that they're receiving a "glorified welfare check" (which is the terminology that I have a problem with)..

Again you are missing the point. It's not the fact that people are receiving the EIC - it's the spending the large refund on luxuries that has brought about the outrage.
You can bet your bippy that if my income was so low that I qualified for EIC that money would be going towards "responsible" items. Sure I might splurge on a small treat but the refund sure won't be entirely blown on big ticket items.
Hell I don't even qualify for EIC and all but 1/5 of my refund is going towards boring responsible stuff and my fall tuition.

 

[MagicKingdom05]

I'm so surprised that this thread is still going .

 

[Alicnwondrln]

I'm so surprised that this thread is still going .

I know this topic got everyone all wound up

 

[MagicKingdom05]

Alicnwondrln,

Just wait until people start posting did you pay or did you get a refund threads since most people don't get the W2's until Tuesday. It never fails because for the last couple of years you have a few of those who had to pay the IRS getting really upset with those getting nice refunds because they decided to use them for trips and stuff like that.

 

[N.Bailey]

Alicnwondrln,

Just wait until people start posting did you pay or did you get a refund threads since most people don't get the W2's until Tuesday. It never fails because for the last couple of years you have a few of those who had to pay the IRS getting really upset with those getting nice refunds because they decided to use them for trips and stuff like that.

We over paid to the tune of $7470 this year. It's our biggest return to date, but we normally get a nice return. My husband works a lot of over time and that's just taxed at a higher rate. We claim 0 dependents and single. We also have extra taken out each week. Now keep in mind, we still have MANY thousands paid in that we won't get back too.

If someone gets mad at me because they didn't pay in enough, that's their problem! Usually though, I'm told how stupid I am for giving the IRS an interest free loan. I know that's true, but I still love getting the refunds and won't be changing it anytime soon.

 

[MagicKingdom05]

N.Bailey,

I right there with you on that. I do the same thing, and hear the same why do you let the government have a free loan song and dance as well. I love getting my nice return each year and wouldn't do any differently either.

 

[zalansky]

Where did we go wrong? We owe, so far $3400, and we both claim 0 even though we have two kids....and together we paid almost $20,000 in Federal taxes. I don't get it. Time to get creative.

 

[MagicKingdom05]

zalansky,

That does seem a little strange. Just to make sure your getting all the deductions your allowed, you might want to trying using someone like H&R block.

 

[bettyann29]

If someone gets mad at me because they didn't pay in enough, that's their problem! Usually though, I'm told how stupid I am for giving the IRS an interest free loan. I know that's true, but I still love getting the refunds and won't be changing it anytime soon.

I do the same thing.. I file 0 and then have extra taken out of my check because I want the refund check... I hear people tell me all the time why give your money to the irs when you can have that much more per check.. but if the money was in my check it would end up getting spent here and there and I probably wouldnt even realize I was doing it.. I like getting that check every February to pay a few bills and go on vacation.. It works for me..

 

[C.Ann]

Where did we go wrong? We owe, so far $3400, and we both claim 0 even though we have two kids....and together we paid almost $20,000 in Federal taxes. I don't get it. Time to get creative.

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I'm always at a loss as to how people get such large refunds.. My DD and son-in-law have one child, plus they own their home and pay a good deal of interest on it - yet they always get very little back (less than a thousand dollars usually) and even had to pay a couple of times.. They've gone to a tax preparer twice and the figures seem to be accurate.. When my DH was still alive and working we got more back than they did and we didn't even have a mortgage to claim the interest on..

 

[MagicKingdom05]

bettyann29,

I'm the same way. If I got back the extra in each check, that money would have been uesed for something else and I wouldn't have it. It's funny because some of the same people who think get more taken out is dumb, are the same people who when you ask what they did with the extra (ie put in savings, ect) they tell you they spent it months ago. Which is exactly what you, I and the others who get extra taken out are a preventing ourselves from doing.

 

[LisaNJ25]

If someone gets mad at me because they didn't pay in enough, that's their problem!

N.Bailey,

My neighbor was complaining about that tonight... turns out they only took out $4xx the whole year. He says he claimed 1 and the company had him down for 5. Hmmm your didnt look at your paycheck stub all year???? I dont get it.

 

[MagicKingdom05]

LisaNJ25,

I bet you he won't make that same mistake again. When I changed my address a couple years ago when I bought by condo, I accidently put down 2 and they didn't take much out. This really didn't sink in until I checked my previous check stub and noticed how much more I did get and then realized what I did. You better believe that I got it changed asap.

 

[N.Bailey]

I do the same thing.. I file 0 and then have extra taken out of my check because I want the refund check... I hear people tell me all the time why give your money to the irs when you can have that much more per check.. but if the money was in my check it would end up getting spent here and there and I probably wouldnt even realize I was doing it.. I like getting that check every February to pay a few bills and go on vacation.. It works for me..

I'd blow it each week if it was on our check too! We usually use our return to buy any furnishings we need in the house. Computers, living room suits and what not. I like that those types of things don't have to come out of the daily living expenses. This year however my son turns 16 (not till November) and we're putting it back for his 1st used car. Next year, it'll be the same for my daughter.

 

[N.Bailey]

N.Bailey,

My neighbor was complaining about that tonight... turns out they only took out $4xx the whole year. He says he claimed 1 and the company had him down for 5. Hmmm your didnt look at your paycheck stub all year???? I dont get it.

Yeah, $4000 for the entire year should have been quite noticeable. I don't think it's rocket science. I'm glad I don't owe what they'll probably end up owing because that one's gonna hurt!

 

[cardaway]

I haven't seen anyone that was trying to degrade anyone, military or otherwise.

You seem to be confusing refunds due to excess withholding with EITC refunds, which are completely different animals.

Exactly.

There is also the issue of what the system was supposed to be for and what it has become. Why doesn't it bother people that many folks are doing just fine but receive this benefit? Do you agree with this money going to folks that can use it for fun or do you want it going to families who are barely getting enough food and clothing?

It has become yet another system where the people who need it most don't get enough and a another group gets much more than intended because the system is broken.

That's all I see being said here, no judging of individuals.

 

[Alicnwondrln]

Alicnwondrln,

Just wait until people start posting did you pay or did you get a refund threads since most people don't get the W2's until Tuesday. It never fails because for the last couple of years you have a few of those who had to pay the IRS getting really upset with those getting nice refunds because they decided to use them for trips and stuff like that.

well im not surprised but when you open your personal life up on a message board others will give there opinion
no ones ever gonna agree on everything

 

[Alicnwondrln]

We over paid to the tune of $7470 this year. It's our biggest return to date, but we normally get a nice return. My husband works a lot of over time and that's just taxed at a higher rate. We claim 0 dependents and single. We also have extra taken out each week. Now keep in mind, we still have MANY thousands paid in that we won't get back too.

If someone gets mad at me because they didn't pay in enough, that's their problem! Usually though, I'm told how stupid I am for giving the IRS an interest free loan. I know that's true, but I still love getting the refunds and won't be changing it anytime soon.

us to we like that we are getting a refund
we claim o as single bit married so withhold more
i dont care if they hold my $, i know im gonna get it back and we are using to get a car since the other one died and the rest into the bank
our up coming trip is being paid fo rin cash by the money i save working at the grocery store
woo hoo