WootBot


quality posts: 15 Private Messages WootBot

Staff

Poll: Did you pay money or get money back from the IRS this year?
  • 61.1% - I got a refund! 2107
  • 18.8% - I had to send a check. Harrumph. 649
  • 20.1% - Ohhhh right…taxes. BRB. 693
3449 votes

Well, how do you fare compared to the Zeitgeist? Chat up your fellow wooters and let us know how lame this poll was or what obvious choices we missed. For example: Was this poll a) STUPID, b) DUMB, c) POINTLESS or d) ALL OF THE ABOVE?

molecularpynkie


quality posts: 0 Private Messages molecularpynkie

i was gonna have to pay till i put some in an IRA then I got some back. Yay!!!

cycokiller


quality posts: 6 Private Messages cycokiller

Changed jobs and cashed out the 401k cause the new place didn't have one. Had to pay a little to the state, but having 6 kids helps a lot with the federal ;)

Used the 401k money to finish the basement. I'll probably get a better return on the money from the house value than from the mutual funds anyway, so it's cool.

4F682120446F6E277420746F756368206D652074686572652100

TimCupp


quality posts: 0 Private Messages TimCupp

Oh I definitely paid, but over the course of the year I overpaid and so got some of it back. The wording of the question is a bit off.

Earl Wajdyk


quality posts: 0 Private Messages Earl Wajdyk

The wise individual has just enough deducted to be certain of a refund, but not too much, 'cause that money could be earning you interest elsewhere. Especially in a 401K type thingy.

Xntric

pseudogourmet98


quality posts: 19 Private Messages pseudogourmet98

We all paid, it's just a matter of when and how much....

dishee


quality posts: 0 Private Messages dishee

IF by "refund" you mean "my own money to begin with", then yes I got a refund.

Bielzebub


quality posts: 0 Private Messages Bielzebub
dishee wrote:IF by "refund" you mean "my own money to begin with", then yes I got a refund.



IDK if there's a way to +1 your post anymore, but if there was, I would +1 it!

Of course I got Federal back because I was deployed to Afghanistan half the year in 2012, but I had to pay State.

Makes no sense, I itemized because I am in college. Ended up getting a school credit on Federal, but then had to pay $100 more to state! How jacked up is that???

olperfesser


quality posts: 2 Private Messages olperfesser

The concept is to keep money until the last possible moment. That means I will send it out on the 15th. I pay, but just enough that they don't penalize me for underwithholding.

myfester


quality posts: 4 Private Messages myfester

Became a LLC last year...so paid out the nose this year :p

myfester


quality posts: 4 Private Messages myfester

Oh yeah...and I can't afford to buy any more stuff on woot! because of them!

kutiel


quality posts: 0 Private Messages kutiel

Got a good bit back, next year I'm going to just take the taxes and put it in a savings account for the year and pay up at the end of the year myself. Earn more interest that way at least.

merd919


quality posts: 0 Private Messages merd919

What is this "refund" of which you speak?

Paid a healthy check, along with another healthy check for first round of quarterly taxes. Ah, the joys of being self-employed!

bacalum


quality posts: 4 Private Messages bacalum

Why do 61% (that's the poll % as I'm writing this) of wooters feel compelled to give the government interest-free loans? Are you all rich? Could I hit you up for an interest-free loan? Do the math: 1055 respondents x .612 (the fraction who expect refunds) = 645.66 people. Let's say some of you like giving free loans to the gov't, but not to me, so round down to 600. Multiply that # of wooters by $3000 (the average refund, approximately, in 2011 and 2012) to get $1,800,000. Would I like to get an interest-free loan for that amount? Heck yes!!

If you're getting a refund, you need to read OP's post - maybe several times, until you get it. If you can't understand it, and don't want or are unable to learn some basic economics on your own, spend a few hundred bucks to have a financial planner explain it to you.

When rich or powerful people propose a change, it is designed to make them richer or more powerful.

harle85


quality posts: 6 Private Messages harle85

Well technically, I paid the government $1...but I also got $1 back from the state of Colorado, so, where's the I broke even suckers! button? :P

xsighter


quality posts: 1 Private Messages xsighter

There seems to be many Foolish wooters on here. Glad to see it. Of course, many are just plain foolish and use it as a way to save since they don't know how not to spend without the governments help. I wouldn't want to live that way, but I'm not complaining, it's how my family had the money to take vacations when I was young ;)

catta


quality posts: 1 Private Messages catta

Well, I got a federal refund, but I had to use all of it to pay my state taxes. Not sure what happened there.

First Big o' Cosmos: Super-secret Moofi edition on 06/16/2011

jjpattonjr


quality posts: 0 Private Messages jjpattonjr

I got $1 last year...it made me die on the inside DX

roni24


quality posts: 0 Private Messages roni24

I don't have to file!!! Yippeeee!!!

madmatt2024


quality posts: 2 Private Messages madmatt2024
bacalum wrote:Why do 61% (that's the poll % as I'm writing this) of wooters feel compelled to give the government interest-free loans? Are you all rich? Could I hit you up for an interest-free loan? Do the math: 1055 respondents x .612 (the fraction who expect refunds) = 645.66 people. Let's say some of you like giving free loans to the gov't, but not to me, so round down to 600. Multiply that # of wooters by $3000 (the average refund, approximately, in 2011 and 2012) to get $1,800,000. Would I like to get an interest-free loan for that amount? Heck yes!!

If you're getting a refund, you need to read OP's post - maybe several times, until you get it. If you can't understand it, and don't want or are unable to learn some basic economics on your own, spend a few hundred bucks to have a financial planner explain it to you.

I get your point but you really sound like a jerk in the way you express it. What are people supposed to do? If you don't give them the "loan" then they can take your stuff and throw you in the slammer.

I only got $38 back, just enough to pay my state taxes and eat at Burger King.

iGGz


quality posts: 7 Private Messages iGGz
molecularpynkie wrote:i was gonna have to pay till i put some in an IRA then I got some back. Yay!!!



Can you explain this a little more?

_____________________________________________

i am woot's god.

You're the giant Ken Jennings head? HOW DID YOU GET OUT?

Philippa


quality posts: 1 Private Messages Philippa

Hmph. No bullet for "neither".

bacalum


quality posts: 4 Private Messages bacalum
madmatt2024 wrote:I get your point but you really sound like a jerk in the way you express it. What are people supposed to do? If you don't give them the "loan" then they can take your stuff and throw you in the slammer.

I only got $38 back, just enough to pay my state taxes and eat at Burger King.



Read the posts again. As long as you withhold a reasonable amount (look at a W-4), nothing will happen to you. Overwithholding $38 means you did a pretty good job of estimating your tax bite. I'm not trying to awaken you, I'm trying to awaken the people who are closer to the AVERAGE overwithholding of $3000.

When rich or powerful people propose a change, it is designed to make them richer or more powerful.

hartjamesm


quality posts: 0 Private Messages hartjamesm
iGGz wrote:Can you explain this a little more?



You can add a traditional IRA to the mix when you fill out taxes and this offsets your taxes by removing income until retirement. Say you made 50000 and put 5000 in a traditional (not Roth) IRA you will end up with an adjusted income of 45000. This lowers your current tax liability, but you still end up paying the taxes when you withdrawal money for retirement.

rizaroni


quality posts: 1 Private Messages rizaroni

This year we got some money back from Federal but only because my husband got laid off and his severance check had the highest amount withheld, so we got that back. We paid some to State.

Larisa

noodle192000


quality posts: 0 Private Messages noodle192000

I got a refund. This year I was able to declare my son, child care, and property taxes. The refund will probably go to more home improvements.

shoulda2


quality posts: 2 Private Messages shoulda2

Paid in at the end of the year for the first time in our lives. Couldn't find any shelters, but plan on buying some rental property this year to have a nice write off from.

I make good money and am taxed at a high bracket, when I combined my income with my wives she was taxed at the higher bracket for her work (because they estimate based on income throughout the year). We made too much for IRA contribution shelter which is silly they have a limit on it.

I wanted to put more in her 401k (mine maxed out at 17,xxx) but you can't catch up a 401k at tax season like you can an IRA

cbryant57


quality posts: 0 Private Messages cbryant57

As always, I had to write a check to my rich Uncle Sugar. As should everyone. Withholding taxes and "refunds" are the wool over the eyes of America. If EVERYONE had to write Uncle Sugar a check every year we'd start paying a lot more attention to how our money is spent. But instead, just say "Yay!", I got money back and go back to watching Dance With The Stars.

jhmz


quality posts: 1 Private Messages jhmz

people still pay taxes?

why hello, monsieur gentlefolk. a fine day it is today in pleasantville. let us enjoy our suburban lifestyle and perhaps dine upon some of the fabulous fare offered at the Chili's two blocks over from the subdivision entrance. afterwards, let us go to the mall and consume consumer goods.

afterwards, let us shower the government with our wealth, knowing that they shall spend it prudently on such things as shock-and-awing those subhumanoids that fox news told us to be afraid of. nasty buggers, those. afterwards let's watch the entire last season of American Idol off the Tivo, then sleep on our dual-climate-control mattresses. oh, what a great day is tax day, and every day, here in pleasantville.

----

it's sad that there are still actually people out there who pay taxes, except for sales tax when absolutely necessary (stealing my money just 'cause i want some toothpaste and don't want to wait to get it from out of state...).

McGuffy


quality posts: 8 Private Messages McGuffy

You don't have to pay taxes, all you have to do is send the IRS a letter signed by Wesley Snipes stating that you are a tax atheist and don't recognize US law.

"There are 2 types of people in the world: Those can extrapolate from incomplete data."

behappi


quality posts: 1 Private Messages behappi

Tax prep is what I do for a living. Most people get a refund of $400 to $600 or owe taxes due to many variables. However, most of those who get those big refunds for thousands of dollars is because our government gives it to them. EIC for up to $5400 then there is the education credit for a $1000 or more, and the child tax credit for another $1000 per child. Lots of people get a larger refund than they work and earn. $5,000 - $11,000. Then they spend it on drugs, adult toys like big screen TV's etc. Do you really think when the government gives people a $1000+ ed credit because they went to college that was paid for through government grants that they send that $1000 gift to pay down any student loans. No, they spend it. Years later they can't afford to pay back the loan. The children are without shoes and still going without food. But they sure do have a big screen TV but can't watch it because they have not paid the electric bill. See it all the time. Had a client this year get their $6,000 and 3 days later had the nerve to call and ask me to borrow $20 because their $ was gone. They needed to buy some cigs and toilet paper. Go figure! Our governments give $ away like candy with good intentions, but very little is used the way the government had intended. Another wasteful spending of our government of billions.

lachendwolf


quality posts: 0 Private Messages lachendwolf

Paid money out the nose during the year since I had 0 deductions for 2 states, & I didn't get all that much back. That said, I regret none of it, as I view that money as having been directed towards the folks smashed in NYC by Superstorm Sandy this year... & I'm happy to contribute, whether personally or via the govt or both.

lachendwolf


quality posts: 0 Private Messages lachendwolf
bacalum wrote:Why do 61% (that's the poll % as I'm writing this) of wooters feel compelled to give the government interest-free loans?



Largely because when I was ultra-poor, the government gave my family & me free money. FREE money. And when I wanted to go to college, while I had killer scholarships for merit, it wasn't enough to send me to a state school - so the gov't subsidized a super-low-interest loan to pay off the rest.

I give no-interest long-term loans to people who support the same values I do; I've had the same offered to me.

I established deductions like mad when the gov't stopped supporting Pell grants. I am now happy to give it back to a govt that supports the ideals of educating the general populace. I also very happy to give ahead to folks in crisis, ever since seeing what happened with Katrina. Here, gov't! Have my money! Bail me out when the insanity of the climate comes to get me! ;)

SneezyKevinA


quality posts: 3 Private Messages SneezyKevinA
merd919 wrote:What is this "refund" of which you speak?

Paid a healthy check, along with another healthy check for first round of quarterly taxes. Ah, the joys of being self-employed!



18K between both for me. Dang it hurts.

SneezyKevinA


quality posts: 3 Private Messages SneezyKevinA
behappi wrote:Tax prep is what I do for a living. Most people get a refund of $400 to $600 or owe taxes due to many variables. However, most of those who get those big refunds for thousands of dollars is because our government gives it to them. EIC for up to $5400 then there is the education credit for a $1000 or more, and the child tax credit for another $1000 per child. Lots of people get a larger refund than they work and earn. $5,000 - $11,000. Then they spend it on drugs, adult toys like big screen TV's etc. Do you really think when the government gives people a $1000+ ed credit because they went to college that was paid for through government grants that they send that $1000 gift to pay down any student loans. No, they spend it. Years later they can't afford to pay back the loan. The children are without shoes and still going without food. But they sure do have a big screen TV but can't watch it because they have not paid the electric bill. See it all the time. Had a client this year get their $6,000 and 3 days later had the nerve to call and ask me to borrow $20 because their $ was gone. They needed to buy some cigs and toilet paper. Go figure! Our governments give $ away like candy with good intentions, but very little is used the way the government had intended. Another wasteful spending of our government of billions.



My wife works with families like that. It's very frustrating to her when they buy big screen TV's and then can't put food on the table. Give em food stamps instead.

rtwesterlund


quality posts: 1 Private Messages rtwesterlund
SneezyKevinA wrote:My wife works with families like that. It's very frustrating to her when they buy big screen TV's and then can't put food on the table. Give em food stamps instead.



Oh, so your wife helps people scam people like me who work and pay taxes and refuse welfare so that people like this can buy TVs and not feed their illegitimate children? Yes, let's give those people MORE handouts like food stamps, as if using the money I already know is going to useless leeches isn't bad enough!

SneezyKevinA


quality posts: 3 Private Messages SneezyKevinA
rtwesterlund wrote:Oh, so your wife helps people scam people like me who work and pay taxes and refuse welfare so that people like this can buy TVs and not feed their illegitimate children? Yes, let's give those people MORE handouts like food stamps, as if using the money I already know is going to useless leeches isn't bad enough!



My wife helps people get off the system that want to.

If you give them food stamps instead of money it's a better thing.