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April 15, 2010

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We got a $5,000 refund (much, MUCH higher than previous years - things this year like moving related taxes were paid by my wife's company) even with having less taxes taken out, probably need to change it again this year. We saved about half and spent half on a new dinning table and some other furniture. We have over a year of emergency fund and no debt.

I got a $3000 combined federal/state income tax refund---which was annoying since I try to adjust my withholding so I don't get much of a refund. Also much more than last year.

Put it straight into savings. I have no debt other than my mortgage but I have a very ambitious saving goal for 2010--so adding that 3K was great!

I'm proud to say we almost managed our withholdings perfect last year.

We bought a house in December so we're getting the $6,500 move-up credit, of which we'll see $6,394.

The money is going directly towards a new HVAC system for the house which we knew we'd need when we bought the house and already earmarked the refund for that item.

Got about a $1500 refund, but didn't see any of it - I applied it straight to the quarterly taxes I had to pay today anyway.

Before I did my taxes, I told myself that if I got anything back, I'd save some of it, and spend some on somebody/something other than myself (e.g. a worthy cause).

I got around $1,900 back this year, which is a lot more than I was expecting. I think it was due mainly to our property tax deduction.

Anyhow, I haven't determined how much of it I'll save, how much I'll spend on the worthy cause, or what that worthy cause will be. Perhaps it'll be supporting friends trying to help with relief efforts in Haiti.

Rec'd a refund (expected) and will use it to pay daughter's Catholic H.S. tuition in August. I get a $150.00 discount when I pay it in full (rather than in installments).

I know it's just easier for me to 'save' for the payment this way since my DH's paychecks can vary by as much as $1000 per pay (bi-weekly). Some pay periods we have a good 'cushion' and some are adequate which makes it hard for me to set the money aside consistently.

I know it sounds impractical to get a large refund, but I don't like not being able to expect what tax laws could be changed each year.

Getting $3500 federal plus about $1k total from two different states. After I pay my accountant (too complicated this year to be comfortable doing it myself), I plan to get my upstairs windows replaced with new energy efficient models. I have 7 different places lined up to give me quotes on it. If I have anything left afterwards I need to replace my washer and dryer. Might as well do it this year when Obama will give me a discount.

I got back about $1800. We will probably use it to buy either new countertops, new entry doors, or a new water heater.

No refund for us! My husband was unemployed for half of last year, my paycheck was reduced to about $1,200/mo for most of the year due to having to pay COBRA costs, and yet we still ended up owing almost $700.
I know it was due to the fact we decided to convert my husbands IRA and SEP to a Roth since our income was so low, but still a small shock.

We got about 11,000 back....mostly from the new home buyer credit. $4,600 went to paying back our parents who so graciously helped us with the down payment of the house (it was kind of last minute). The rest has gone to wedding expenses, updating our house, paying off my car, and savings!

We've never gotten a refund like that before and it was nice being able to use that to pay some extra things off early while still using our monthly income for the normal expenses.

Our refund will be used to pay the property taxes and some miscellanous debts. I'll be using some to build up my emergency fund and we might have a little fun with some of it. We also might do some home improvements too. We are getting a little over $6000 in both state and federal.

I got 3500 back and i put it towards my emergency fund.

Got back about $3500 which will go towards re-doing the bathroom. A project that has been comtemplated for over 4 years.

I got a decent refund of roughly $6,500 when you combine State and Fed returns. I applied mine using a 70/20/10 split that I use anytime I get a large (over $350) bonus or windfall. 70% goes to paying down debt, 20% goes to savings, and 10% goes to whatever you want. I paid off two low balance credit cards, boosted my emergency fund to $1000, and bought a new TV plus some other things for the apartment. I'm happy because I got something tangible (TV), I paid down my debt significantly, and put a little away.

Getting about $2300 back. $1700 went into savings, and the rest will be split in a combination of my vacation fund (Vegas with my family), a small TV for my home office, and moving to a new apartment in June.

We'll spend about 75% toward debt....15% to savings...10% for fun.

Didn't get a refund, as expected. I, too, try as hard as possible not to get refund. Ended up owing $180.00 to federal. That said, I basically broke even.

We forgot about the grad school tax credit until late 2009, so we got an $1800 refund.

We're putting $150 in our Vaction Account, $150 in each of our two Fun Money Accounts, $300 into Scottrade, and $1050 towards our car loan.

We got about $6000 back (married at the end of the year so exemptions and tax bracket were messed up + education credit). It went into savings.

I received $966 from fed and $268 from state. WAY TOO MUCH IN MY OPINION BACK. I prefer to be as close to zero as I can. That way I know the maximum amount of my money is working for me and not the government.

FYI last year we owed $3600 because the wifes work did not calculate her witholdings correctly. First time in 10 years I owed that much.

Got $2750 back. Baby arrived on Christmas day, a month before expected, which gave us a nice tax exemption.

No debt. Emergency fund is fine. IRAs are already funded. We buy "stuff we need" when we need it. The only "fun" thing I might spend more than a hundred bucks on is basketball playoff tickets + a flight to the game, but not until the finals (if my team makes it) and not more than one game.

But then, an unemployed, uninsured friend injured herself recently and is looking at a big medical bill ($15k or more, after some substantial discounts.) Most of the tax return will be going to help her get "back on her feet" (literally; she's got a dozen screws and a metal plate in her ankle now.)

Unfortunately (or fortunately, depending on how you look at it), I had to write a big check.

Please don't make fun of me but I give mine to my mom. She works at a high school so she doesn't make any money in the summer. I know she could get a summer job but I don't want her to. I'm so excited I got back 5,000 this year she will be so happy. In a way I wish I had to pay in taxes because that would mean that i would be making a lot more money.

Addition to my post. Only mortgage debt, no car debt,etc. Saving money for son's college. everything else funded.

LanaK I would not make fun of you for helping out your mom. It is a very admeral trait to think of others than yourself. Especially if she deserves it.

We didn't get a refund. We were able to estimate our taxes pretty well this year...we had to pay around $200.

Got $70 back (within my targeted +- $100 ... pre-determined (calculated) on my Excel spreadsheets). Directly into savings.

Saving it. I think its wise not to count on any tax savings. Just treat it like an unexpected bonus that should not be spent, but added to savings instead.

For the first time in a decade, I actually got a refund. I'm putting it towards "going back to college and getting a degree that's actually useful". Tired of the starving artist gig.

LotharBot --

Congrats! A Christmas baby!!!!!

We are getting $34 back. I think I'll take my wife out for KFC and a movie.

We made use of the new Military Spouse Relief Act and received all my wife's Maryland income tax back. We claim Washington (our original home) as state of residence and so don't have state income tax. As most of our other goals were already taken care of, and the ones that weren't we have a solid plan to address, we decided to splurge. We used the entire return to buy a new macbook pro for my wife.

Update, my car overheated yesterday because the thermostat housing came apart...that's going to be $378.50 plus tax (about $410).

That's where part of our refund is going...

LotharBot, congratulations! I was an end of year baby too...I didn't think of the tax implications. ;-)

the money we get back will go to dry goods (food) to carry us through next 6 months. my wife as primary earner will be in medical isolation for 6 months,
i'll be working nights . Lots of canned and dry stuff.

Robert W. (above):
-- Best of luck to you and to your wife --

Hey,
I have to pay this year, we file by the 30th in Canada.
But in the years when I did receive a refund, I used the extra money to invest in long term funds and for emergency accounts.
Thanks for sharing and the tips on budgeting,
Guy

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