Tax Returns

[Judo Thai Boxer]

here we don't get our w-2's until mid january usually, and the deadline is april 15th (i think). i don't usually wait long enough to find out. i try to do them the same day i get my information from my employer, but this year they were extremely late. i didn't get mine until last friday.

Ahhh, ours is 5th April-31st January.

So does everyone receive a w-2 from their employer? In the UK 99% who are employed are on a pay-as-you-earn tax code meaning they get tax deducted as they earn it based on their tax code, which can be amended.

It's only those who are self-employed, a company director, own shares or have rental income usually that have to do a tax return.

 

[llperez22]

im getting 2k back and im buying a new bed and spending 500$ to get the front of my car painted since i had the front replaced and never got the paint job done last year.

 

[BRF]

Lol at how large of refunds some of you are getting. Why not adjust your withholdings so you aren't giving out a large interest free loan every year?

It can be convenient if you are not particularly good at saving. We used to do that and put the refund on a vehicle to pay it off or have a ready made vacation if we knew what we were getting. Of course, most people who can't save to begin with are going to have a big refund spent in a few weeks on frivolous shit anyway, so this theory would be shot.

 

[Judo Thai Boxer]

The deadline in the states is mid April. Here we have the same views on employers that you do on the deadline filers. Employers have to have your W2 out by Jan 31, and many of them fuck around to the last minute doing so. While some people are filed and have their returns before Jan 31, some people are still waiting on the W2.

Ahh, that's interesting. Yours is a totally different system. I can't imagine it's easy for employers having to prepare tax returns either though, but they should still get their shit together.

 

[Oblivian]

It can be convenient if you are not particularly good at saving. We used to do that and put the refund on a vehicle to pay it off or have a ready made vacation if we knew what we were getting. Of course, most people who can't save to begin with are going to have a big refund spent in a few weeks on frivolous shit anyway, so this theory would be shot.

That doesn't make sense though. Let's say someone gets a $4k refund and they plan to use it to pay off their car. Why not adjust withholdings so that you are in the ballpark of receiving around $333.33 ($4k/12 months) more a month? Take that extra $333.33 and apply it to the interest bearing loan. You'd be paid off earlier and have it paid off with less money than going the refund route.

I have no issue with a smaller refund. I used to have it worked out so I broke even, but now that I'm married with a child, I get a little bit of a refund. If it was significant, I would definitely adjust withholdings. It just amazes me that people act all excited about their huge refund - especially people carrying debt.

 

[Bolshevik***]

Lol at how large of refunds some of you are getting. Why not adjust your withholdings so you aren't giving out a large interest free loan every year?

most people don't have that kind of fiscal self-control. they'd end up blowing it all monthly on smaller things. this is sort of like a piggy-bank. personally, i have my withholdings higher just to stay on the safe side.

That doesn't make sense though. Let's say someone gets a $4k refund and they plan to use it to pay off their car. Why not adjust withholdings so that you are in the ballpark of receiving around $333.33 ($4k/12 months) more a month? Take that extra $333.33 and apply it to the interest bearing loan. You'd be paid off earlier and have it paid off with less money than going the refund route.

I have no issue with a smaller refund. I used to have it worked out so I broke even, but now that I'm married with a child, I get a little bit of a refund. If it was significant, I would definitely adjust withholdings. It just amazes me that people act all excited about their huge refund - especially people carrying debt.

because they'd probably end up spending that 333.33 on something else.

 

[BRF]

That doesn't make sense though. Let's say someone gets a $4k refund and they plan to use it to pay off their car. Why not adjust withholdings so that you are in the ballpark of receiving around $333.33 ($4k/12 months) more a month? Take that extra $333.33 and apply it to the interest bearing loan. You'd be paid off earlier and have it paid off with less money than going the refund route.

I have no issue with a smaller refund. I used to have it worked out so I broke even, but now that I'm married with a child, I get a little bit of a refund. If it was significant, I would definitely adjust withholdings. It just amazes me that people act all excited about their huge refund - especially people carrying debt.

Because somebody getting an extra $80 a week is more likely to go out to eat on it than they are to put it towards a bill. If they were able to do this, I said it wouldn't be an issue in the first place. If they aren't savers, this is an easy way to save. They get a large sum that they would be more likely to apply towards a bill than the $80 a week.

 

[highkicknomore]

Because somebody getting an extra $80 a week is more likely to go out to eat on it than they are to put it towards a bill. If they were able to do this, I said it wouldn't be an issue in the first place. If they aren't savers, this is an easy way to save. They get a large sum that they would be more likely to apply towards a bill than the $80 a week.

This. I budget really well and get around $1,000 - $1500 on refund. Don't really care I'm losing money on interest. Interest right now is like .05%, I'll lose maybe a dollar at most. Im thinking about putting my fund on IRA though.

 

[Oblivian]

This. I budget really well and get around $1,000 - $1500 on refund. Don't really care I'm losing money on interest. Interest right now is like .05%, I'll lose maybe a dollar at most. Im thinking about putting my fund on IRA though.

$1k-$1.5k isn't a big deal. You are also missing the point on the interest part. If you have interest bearing debt, you are losing on whatever that rate is. Much more than .05%.

 

[highkicknomore]

$1k-$1.5k isn't a big deal. You are also missing the point on the interest part. If you have interest bearing debt, you are losing on whatever that rate is. Much more than .05%.

I think I got you. I have no debt and payoff all of my credit cards every month.

Makes sense what you're saying. Damn debts and loans.

 

[SammyPops]

I took a quick look at my T4 the other day

My pension adjustment is quite high (not too sure why) which means I overcontributed to my rrsp.

I'm paying a percentage based fine this year.

 

[Bolshevik***]

$1k-$1.5k isn't a big deal. You are also missing the point on the interest part. If you have interest bearing debt, you are losing on whatever that rate is. Much more than .05%.

if you think the people who have a serious amount of debt would have the foresight to save the extra money they'd be getting by decreasing their withholdings, you're whistling into the wind.

 

[Oblivian]

if you think the people who have a serious amount of debt would have the foresight to save the extra money they'd be getting by decreasing their withholdings, you're whistling into the wind.

Well I pretty much assume anyone who gets a gigantic refund is either stupid or financially irresponsible.

 

[Pennisland]

Got my first W2 and made around 18k. Don't down grade me but my parents did them for me (im 19) but they say I'm probably getting a little over 1k back. Where did most of the 18k go?

 

[Goat Meal]

I owe the state but am getting $1k from Federal. I'm just gonna put it in a savings account.

 

[Oblivian]

Got my first W2 and made around 18k. Don't down grade me but my parents did them for me (im 19) but they say I'm probably getting a little over 1k back. Where did most of the 18k go?

At 19? Probably drugs and alcohol.

 

[BJJ NINJA]

gonna pay off a credit card like a man.

 

[Scrody]

I just got mine back. I'm buyin a gun.

 

[Shawn91111]

Did mine with TurboTax. I love that site. Getting back more than ever, especially in state tax return. Saving some for a new car, remodeling my kitchen and some other odds and ends.

 

[A13KS]

Hey guys, my buddy recommended I go the H&R Block route cause my taxes will be a little messy this year for TurboTax. What say you gents?

I worked until April in Minnesota, graduated in May and then moved to California in August. Do you think that will be messy with two different employers in two different states?