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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTax refunds
Anyone do anything interesting (or plan to) with their tax refund this year? I'm getting a rare (for me) tax refund this year and am looking for inspiration.
Vox Moi
(546 posts)cheapdate
(3,811 posts)If that's what you're talking about, I'm pretty sure FreeJoe (or rather his beneficiaries) will be okay. The estate tax exclusion amount is $5.25 million. That is, the first $5.25 million of FreeJoes estate is not taxed. It increases to $5.34 million for 2014. I have a feeling he'll be okay.
Vox Moi
(546 posts)cheapdate
(3,811 posts)yeoman6987
(14,449 posts)Unfortunately I have to pay 12,000 dollars after paying taxes in my paycheck though out the year and I have to pay another 2,000 to Maryland even after paying taxes again though out the year. I guess I am doing my part keeping the U.S. and Maryland above water.
FreeJoe
(1,039 posts)That seems a bit high. It might be time to review your W-4.
yeoman6987
(14,449 posts)I normally do it myself so I need to see if I am doing anything wrong. I did the paperwork myself and that is what I owe, but hopefully the professionals can at least find something I am doing wrong.
lumpy
(13,704 posts)"professional" one year, a local well known tax expert. The guy really messed it up with a simple error that would have cost us paying a lot over what we owed. He was very arrogant when I pointed out his mistake;tried to tell me he didn't know what I was talking about. It didn't take to long for me to remedy the error and managed to send in a corrected return with good results. I did get to give him a piece of my mind when he refused to adjust his fee. I should have taken him to legal task but he was a well known person in the community so I let it go. If I had it to do over again he would have been made sure to take responsibility and done the right thing. I was young and didn't want to make waves. To hell with that. Beware who you employ to do your taxes and have someone reliable to check the form out.
Jesus Malverde
(10,274 posts)Curmudgeoness
(18,219 posts)put it in the bank and save it until you do have something you need it for. Somehow, something always comes up and bites you in the ass.
And that is what I did with my refund. I may have to get a car later this year, and if not, I will have to put money into the one I have. So having the money in the bank will be a great help.
Or you could head out to your favorite bar and buy everyone drinks till the money runs out. You will be popular for a day.
Seriously, put it away until you know what to do with it.
pipi_k
(21,020 posts)we did here.
Then the other day the propane bill came in the mail...over $800
So that's where the refund (all $500 of it) is going...
Curmudgeoness
(18,219 posts)That is one huge heating bill. I am so grateful to have natural gas heat. That is what I pay for the whole season, from possibly October to possibly April or May.
But that is the way it goes, it is always something that comes up and you need that cushion of savings.
(I saw "that's what we did" and wondered if it was hitting the local bar.)
ProdigalJunkMail
(12,017 posts)this year, in about two hours, i hope to not even get that much. tax refunds are depressing to me... so are big tax checks, but landing close to 'even' is my goal.
sP
JaneyVee
(19,877 posts)Put it all in the bank anyway.
geckosfeet
(9,644 posts)cheapdate
(3,811 posts)FreeJoe
(1,039 posts)FarCenter
(19,429 posts)FreeJoe
(1,039 posts)I'm sort of covered by a railroad pension plan. My pension is with a company that has a spin-off of a railroad as one of its ancestor companies and that is roughly the pension plan that survived here until a few years ago. I was grandfathered in with the old pension.
tabbycat31
(6,336 posts)Earth_First
(14,910 posts)frazzled
(18,402 posts)The refund won't come close to covering that, but it's a good start.
Silent3
(15,280 posts)...in the last few years.
Paying off our mortgage as fast as I can. If things go as planned, in fact, it could even be paid off next month. Then we'll be totally debt-free.
Shrike47
(6,913 posts)fizzgig
(24,146 posts)my husband was unemployed for six weeks at the end of last year and we're in the hole still.
spanone
(135,885 posts)i pay every quarter....if i have overpaid it goes toward my next quarter's payment.
Curmudgeoness
(18,219 posts)FreeJoe
(1,039 posts)We're in a pretty good position financially (no debt, plenty of savings), so I intend to spend a good chunk of it.
The final choices for each member of the family:
Me - Blackstone pizza oven
Wife - Egg-bot egg decorating robot
Son #1 - Parts to build a Minecraft server
Son #2 - Parts to build a laser maze
Curmudgeoness
(18,219 posts)Big refund, huh?
You are lucky to be able to have fun with this.
FreeJoe
(1,039 posts)It was nice to get a big refund. On the other hand, we got it because my wife ended up doing less paid work and more volunteer work. That means that she earned almost nothing, so our tax liability was less than I had expected. It would have been nice if she'd been paid, but she liked the work she did (mostly for the PTO) and we're fortunate enough for her to have that choice. So yes, we are lucky, but for our overall situation and not really for getting a larger than planned tax return.
Liberal_in_LA
(44,397 posts)hobbit709
(41,694 posts)$952/mo SS ain't no income.
Shrike47
(6,913 posts)WillowTree
(5,325 posts)I'm totally a homebody. When I take time off, I stay home and sleep in, putter around the house, catch up on my reading. Truthfully, I haven't traveled 50 miles over the state line in over 8 years.
But BFF just built herself a beautiful new house out by a lake and darn it, I'm going this time. Flying down first class next month for a few days of good food, good wine and great conversation.
And I can't wait!
Curmudgeoness
(18,219 posts)And it will be good for you to get away from your "safe" zone.
I don't know where you are flying to, but I would scrap the first class travel unless it is overseas. I prefer to use the money for other things, and travel days suck no matter what anyways, so who cares if I am squished into a seat for a couple of hours. I get to the destination just as fast as the first class flyers.
Enjoy your trip!
WillowTree
(5,325 posts)But yeah, I'm goin' first class this time. It costs, no doubt about that, but it wasn't nearly as expensive as I'd have thought. I can afford it and, considering how infrequently I travel I've saved enough to cover the difference several times over. In addition, I'm a veteran of two laminectomies and the extra space and priority boarding and not having to wrestle with my luggage (other than a small carry-on for my jewelry and tablet and a few things that I can't pack) will make it all easier on my back so I'll be in better shape when I get there.
Every time I mention it, I'm looking forward to this trip a little more.
LWolf
(46,179 posts)Which, to be honest, I don't really understand, since I made LESS money and didn't do anything else differently.
If I GOT a refund, I was going to use it to catch up the half a payment I'm behind on my mortgage.