Author Topic: Tax Return Thread (Read 2404 times)

colleen · « **Reply #50 on:** February 13, 2011, 11:55:05 AM »

Lucas and I filed jointly this year. We're getting a decent return. We bought a nice dining room table yesterday and I want to buy a good vacuum and the rest is going into savings.

doctoracula · « **Reply #51 on:** February 13, 2011, 11:55:21 AM »

Quote from: llivermore on February 13, 2011, 11:24:26 AM

I am curious why so many people seem to think of a tax refund as if it were some kind of windfall or free money, when the reality is that you've been giving the government an interest-free loan for the past year.

I know many people use tax withholding as a sort of forced savings program, but for those who don't wish to do this, there are ways to structure things so that the government doesn't take out more than you need to pay.

we dont get much of a tax return because of this. it works out well, i'd rather have the extra money every month

SockhopShindig · « **Reply #52 on:** February 13, 2011, 11:57:37 AM »

Quote from: llivermore on February 13, 2011, 11:24:26 AM

I am curious why so many people seem to think of a tax refund as if it were some kind of windfall or free money, when the reality is that you've been giving the government an interest-free loan for the past year.

I know many people use tax withholding as a sort of forced savings program, but for those who don't wish to do this, there are ways to structure things so that the government doesn't take out more than you need to pay.

I'm lazy and terrible at financial things. Also, getting the money back all at once makes it more likely I'll spend some of it on something fun, rather than immediately put it into savings and never touch it.

random prick · « **Reply #53 on:** February 13, 2011, 12:51:47 PM »

Quote from: Kyle Serlington on February 12, 2011, 10:47:15 PM

got my federal a little over a week ago. spent it already on a guitar, recording stuff, records, beer, and car repairs.

p0nx!!!

random prick · « **Reply #54 on:** February 13, 2011, 12:54:28 PM »

Quote from: llivermore on February 13, 2011, 11:24:26 AM

I am curious why so many people seem to think of a tax refund as if it were some kind of windfall or free money, when the reality is that you've been giving the government an interest-free loan for the past year.

I know many people use tax withholding as a sort of forced savings program, but for those who don't wish to do this, there are ways to structure things so that the government doesn't take out more than you need to pay.

yeah. i keep meaning to change what i claim at my work so i can get more of my hard earned money right away.

jettrocks · « **Reply #55 on:** February 13, 2011, 12:56:16 PM »

i am confused about something.

last night i did my taxes on h&r block (that patrick posted that free link to) and i e-filed federal and said that i would print and mail my state in april because i owed like 900 dollars.

that means that i didn't file my state, right?

i woke up today to a message saying that i needed to tweak something on my federal (my localities said either "NYC" or "NEW YORK" on different W2s and they wanted me to make them all match. no big deal.

but changing that made me only owe ny state like 30 dollars (magic!). now it's saying i have to file an amended return. do i have to do that since i hadn't filed my state yet?

no one on the site is answering me. arrrrrghhhhhh.

thom · « **Reply #56 on:** February 13, 2011, 01:02:28 PM »

Quote from: Sifl on January 28, 2011, 11:35:38 AM

Got my Federal return today!

Your return is the document that you file with the IRS. The money that they send you is your refund.

llivermore · « **Reply #57 on:** February 13, 2011, 01:03:46 PM »

Your state return is based on your federal return and a copy of the federal return is included as part of your state return. So the two have to agree completely. Is that what you're asking about?

thom · « **Reply #58 on:** February 13, 2011, 01:04:39 PM »

Quote from: llivermore on February 13, 2011, 11:24:26 AM

I am curious why so many people seem to think of a tax refund as if it were some kind of windfall or free money, when the reality is that you've been giving the government an interest-free loan for the past year.

I know many people use tax withholding as a sort of forced savings program, but for those who don't wish to do this, there are ways to structure things so that the government doesn't take out more than you need to pay.

The US tax system is very well designed (for the government). Most people don't even know how much tax they actually pay - they've been conditioned to think only in terms of the refund.

jettrocks · « **Reply #59 on:** February 13, 2011, 01:06:24 PM »

Quote from: llivermore on February 13, 2011, 01:03:46 PM

Your state return is based on your federal return and a copy of the federal return is included as part of your state return. So the two have to agree completely. Is that what you're asking about?

nope, not at all. you're as bad as the autobot who isn't helping me!

i am saying, why does it keep saying i need to file an amended return and not just file this new version that i have now? i didn't have to file an amended federal....

(for the record, since i freelance, it's really difficult to gauge what to pay since i have tax-free jobs as well and you want it to balance in your favor at the end of the year and not owe $$$)

thom · « **Reply #60 on:** February 13, 2011, 01:10:45 PM »

Quote from: jettrocks on February 13, 2011, 01:06:24 PM

nope, not at all. you're as bad as the autobot who isn't helping me!

i am saying, why does it keep saying i need to file an amended return and not just file this new version that i have now? i didn't have to file an amended federal....

(for the record, since i freelance, it's really difficult to gauge what to pay since i have tax-free jobs as well and you want it to balance in your favor at the end of the year and not owe $$$)

They're probably saying you need to file an amended return because the changes you made made changes to your federal return that has already been filed. I think most people with a lot of freelance income usually use a CPA.

jettrocks · « **Reply #61 on:** February 13, 2011, 01:14:06 PM »

Quote from: thom on February 13, 2011, 01:10:45 PM

They're probably saying you need to file an amended return because the changes you made made changes to your federal return that has already been filed. I think most people with a lot of freelance income usually use a CPA.

yes, but i made so little money last year that i can't afford it this time! otherwise, yes, an accountant is helpful. thanks?

it's saying my federal is fine but that i have to AMEND MY STATE. i had not filed my state yet. why can't i just file this version with the changes? why amend anything?

Paisley Park · « **Reply #62 on:** February 13, 2011, 02:20:18 PM »

Quote from: random prick on February 13, 2011, 12:54:28 PM

yeah. i keep meaning to change what i claim at my work so i can get more of my hard earned money right away.

i used to claim exempt from taxes at work, but every year i ended up owing the government money. so, even though i got more money every week in my paycheck it was such a drag having to write the fucking government a check every february. i like getting a tax return much more, even if it means my weekly pay is a little lower.

llivermore · « **Reply #63 on:** February 13, 2011, 03:31:37 PM »

Quote from: thom on February 13, 2011, 01:10:45 PM

They're probably saying you need to file an amended return because the changes you made made changes to your federal return that has already been filed.

Thom and I are saying the same thing, and I'm pretty sure we're right.

rex · « **Reply #64 on:** February 13, 2011, 04:07:04 PM »

I'm getting like $1300. I'm gonna pay off my lawyer! Now my slate is clean, so its about time to get arrested again!

rex.

jettrocks · « **Reply #65 on:** February 13, 2011, 04:07:33 PM »

Quote from: llivermore on February 13, 2011, 03:31:37 PM

Thom and I are saying the same thing, and I'm pretty sure we're right.

but that's not what it's asking me to do- do you ever think that you're wrong? i have found that it is a glitch in the system (the same glitch exists in turbo tax and i experienced it last year... oh joy).

llivermore · « **Reply #66 on:** February 13, 2011, 04:20:58 PM »

Quote from: jettrocks on February 13, 2011, 04:07:33 PM

but that's not what it's asking me to do- do you ever think that you're wrong? i have found that it is a glitch in the system (the same glitch exists in turbo tax and i experienced it last year... oh joy).

I am often wrong, but where you live in New York State or City will affect how much you owe on your state tax return, which can in turn have an impact on your federal tax return, because state and local taxes are deductible at the federal level. Example: if you live in NYC you pay both city and state tax, i.e., more than someone from upstate, and as a result your federal tax will be slightly lower.

jettrocks · « **Reply #67 on:** February 13, 2011, 04:37:12 PM »

yes, i know how that works. i have been living here and paying taxes since 1997.

llivermore · « **Reply #68 on:** February 13, 2011, 04:43:03 PM »

Good!

So if you know the answer already, why are you asking the question?

Josh Mosh · « **Reply #69 on:** February 13, 2011, 04:55:56 PM »

Just did my taxes this morning. I'm gonna pay my registration and parking tickets an the rest is going towards paying for my wedding.

jettrocks · « **Reply #70 on:** February 16, 2011, 04:11:59 PM »

Quote from: llivermore on February 13, 2011, 04:43:03 PM

Good!

So if you know the answer already, why are you asking the question?

you are an incredibly frustrating and infuriating person.

i was asking BEFORE i knew the answer. then posted when i found the answer. you are not an idiot so you knew that. you just asked this to be a dick.

h&r block's advice for getting around this issue was pretty funny. "ignore it and then just file, it will go away." there you have it.

llivermore · « **Reply #71 on:** February 16, 2011, 04:30:50 PM »

I was just trying to help! It was not clear to me that you understood the answer, so perhaps I am an idiot after all.

jettrocks · « **Reply #72 on:** February 16, 2011, 04:33:40 PM »

i understood the answer that i got from them, but what you had said was not right so that is why i didn't understand it.

Ms.Brown · « **Reply #73 on:** February 16, 2011, 05:04:02 PM »

Quote from: llivermore on February 13, 2011, 11:24:26 AM

I am curious why so many people seem to think of a tax refund as if it were some kind of windfall or free money, when the reality is that you've been giving the government an interest-free loan for the past year.

I know many people use tax withholding as a sort of forced savings program, but for those who don't wish to do this, there are ways to structure things so that the government doesn't take out more than you need to pay.

Because Eric and I tend to work low amounts of random hours at all our jobs, if we don't claim single/0 we often don't have taxes taken out and end up owing. When the choice is between losing some interest to the government, or owing, I prefer not to have an extra bill to worry about.

kelly lynn · « **Reply #74 on:** February 16, 2011, 05:07:02 PM »

I have promised myself to get this shit done before the end of the month.