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2011 INCOME TAXES
Posted:
Sun Feb 05, 2012 4:49 pmby Nasoosie
YAHOO!!!!
For the first time in many years, since I have been on my own, I am actually getting a Federal refund!!! My SS income came out to 0.00 that I have to claim! Hallleeellloooyahhhh! And they took out Fed stuff from my NY State retirement, big time! I am so excited I could scream! I have been owing up to 3 to 4 thousand, and 2 thousand last year, as I have to itemize deductions rather than take the standard, and I have very ittle to itemize. Plus I guess I wasn't having enough removed from my pay checks, or something. Now that my income is next to nothing yearly, I don't owe!!! I realize that next year I will have to begin paying for oil royalties, but I can save those up for tax time and give some back.
Off we go for our walk now, and it will be a happy walk!
I missed morning coffee, so this is where I am posting as I have been working all day on my tax stuff!!!
I hope y'all had a great day!
YIPPEE YIPPEE YIPPEE!!!!!!!!!!!!
Re: 2011 INCOME TAXES
Posted:
Sun Feb 05, 2012 5:19 pmby mizdeb
It is so nice to get a return instead of emptying the bank to pay the gov.
DH was a nervous wreck so I did it the day I got everything in. He does not need little things to worry about right now. We are also getting the largest return we have had in forever.
Good for you!!!
Re: 2011 INCOME TAXES
Posted:
Sun Feb 05, 2012 7:19 pmby Gentleladybear
Great congratulations!! I usually write my check, put it in an envelope and go to the PO. There I stick my hand in the slot and they smack my hand until I drop the envelope. Parting is such sweet sorrow.
Nan
Re: 2011 INCOME TAXES
Posted:
Sun Feb 05, 2012 7:23 pmby Colliemom
I've got to make an appt. to get mine done and sit down here and get it all together and ready. I've gotten refunds for the past few years and hopefully will again this year.
Re: 2011 INCOME TAXES
Posted:
Sun Feb 05, 2012 11:39 pmby bluepinecones
Congratulations!!
May we all get so lucky or at least not have to pay more, maybe the rabbits thing works.
Re: 2011 INCOME TAXES
Posted:
Mon Feb 06, 2012 9:00 pmby JoanE
Getting a refund means you made an interest free loan to the government all year. You want to come out flat or as close as you can get to flat. No tax owed. No refund of your own money. If you are always getting a refund, then have your withholdings changed. Put the money in a savings account or use it to pay off a high interest credit card.
Re: 2011 INCOME TAXES
Posted:
Mon Feb 06, 2012 10:36 pmby rvgrammy1953
Good for you, Soos...
It's always better when Uncle Sam owes you, than when you owe him....
Re: 2011 INCOME TAXES
Posted:
Mon Feb 06, 2012 10:58 pmby linann
Much deserved congrats!!!
Re: 2011 INCOME TAXES
Posted:
Tue Feb 07, 2012 12:39 amby bikerchic777
I should get a refund, also. Was a bummer to have to pay last year, as I was self employed as a sub-contractor the summer before. Now I know if I do that again, I will make estimated payments ahead of time.
Re: 2011 INCOME TAXES
Posted:
Tue Feb 07, 2012 8:05 amby Nasoosie
JoanE wrote:Getting a refund means you made an interest free loan to the government all year. You want to come out flat or as close as you can get to flat. No tax owed. No refund of your own money. If you are always getting a refund, then have your withholdings changed. Put the money in a savings account or use it to pay off a high interest credit card.
Seeing as how savings accounts at banks pay next to zip any more, I like having this forced money taken out by the government, so I can now get it back(minus the 26 cents the banks might have paid me for interest) to use for something fun or something I need to pay off. Also, as I tend to have to spend any money I get to pay off loans and debts, I would still end up with nothing in my pockets. I am not able to save a cent if I am true to getting debt-free. Furthermore, having to come up with thousands of bucks each spring to pay the IRS has made my credit cards something I always need to pay off as I have no money----just good credit! For people with little or no debt, and for those people able to invest in something, it does make no sense to allow the government to use your money for free each year, but, for me, I am delighted at this outcome and will do it as many times as I am able! It's the "put the money in a savings account" phrase that makes no sense to me, as first of all, I have no money to put there, and it pays nothing anyway! I am really excited about this event this year!
But you are correct, Joan----if you have the ability to invest in something profitable on your own----keep your money from Uncle Sam.
What I am getting back this year will make a dent in my credit cards I used to pay them last year!
Re: 2011 INCOME TAXES
Posted:
Tue Feb 07, 2012 10:35 amby chalet05
Soos, if you were paying that much to Uncle Sam, I want your paycheck instead of mine!!
Re: 2011 INCOME TAXES
Posted:
Tue Feb 07, 2012 4:57 pmby Nasoosie
chalet05 wrote:Soos, if you were paying that much to Uncle Sam, I want your paycheck instead of mine!!
Anita, last year I got a 9,000 dollar incentive to retire in a lump sum which brought me up to a horrendous tax bracket---no fed or state taxes taken out of that! Also, although I had opted for the most to take from my checks, plus one more, it still wasn't enough. I have to opt for enumerating my payouts rather than take the standard deduction as Wiley enumerates. (Not the correct term I realize---my brain is fried! I have to fill out a Schedule A) I never have much to deduct, and the standard would be so much better for me, but rules say NO. This year, with NO pay checks, hence no W2s, I made out MUCH better! My yearly income looks barely enough to keep an ant alive! I LOVE it!
P.S. the 9,000 bucks paid off a bank loan I had!
Re: 2011 INCOME TAXES
Posted:
Tue Feb 07, 2012 9:17 pmby Echo
After losing time from work this summer and paying for truck repairs?? The only way we are getting home is by refund. The money we are getting back is gonna be paying for the necessary gas!
It will also pay for a good tune up on the truck and a needed rim for the TT.
Yeah, I don't mind uncle sam holding onto my money for the year. When I don't get it in my paycheck I don't miss it. And it's also out of our reach so we have that guaranteed money come February.
Just wish I was getting back what I use to! ~sigh~
Re: 2011 INCOME TAXES
Posted:
Tue Feb 07, 2012 9:29 pmby Sandersmr
Normally, Uncle Sam's refund pays for vacation. I pay him to hold it for me (any pittance of interest I could earn). This year, part of it's going to furbabies. Had to take Oscar to the vet - posting pics in the pets threads. And Jazzy needs to have an eye removed - cancer.
Re: 2011 INCOME TAXES
Posted:
Tue Feb 07, 2012 11:34 pmby snowball
every sense we have started workamping we have had to pay instead of getting nothing or very little ...they don't take enough out of our checks
last fall we had more taken out of DH's retirement to off set it but it won't affect what we have to do this spring
oh well not much we can do about it now
sheila