Tax refunds

[FreeJoe]

Anyone do anything interesting (or plan to) with their tax refund this year? I'm getting a rare (for me) tax refund this year and am looking for inspiration.

[Vox Moi]

1. Pre-Pay your death tax

[cheapdate]

7. Isn't "death tax" the Americans For Prosperity spin-word for the estate tax?

If that's what you're talking about, I'm pretty sure FreeJoe (or rather his beneficiaries) will be okay. The estate tax exclusion amount is $5.25 million. That is, the first $5.25 million of FreeJoes estate is not taxed. It increases to $5.34 million for 2014. I have a feeling he'll be okay.

[Vox Moi]

9. I was joking …

[cheapdate]

11. So was I...

[yeoman6987]

12. I don't get a tax refund

Unfortunately I have to pay 12,000 dollars after paying taxes in my paycheck though out the year and I have to pay another 2,000 to Maryland even after paying taxes again though out the year. I guess I am doing my part keeping the U.S. and Maryland above water.

[FreeJoe]

22. $12,000?

That seems a bit high. It might be time to review your W-4.

[yeoman6987]

25. I am going to a professional this year

I normally do it myself so I need to see if I am doing anything wrong. I did the paperwork myself and that is what I owe, but hopefully the professionals can at least find something I am doing wrong.

[lumpy]

30. I did our tax return for years, never any problems. One year my husband decided to go to a

"professional" one year, a local well known tax expert. The guy really messed it up with a simple error that would have cost us paying a lot over what we owed. He was very arrogant when I pointed out his mistake;tried to tell me he didn't know what I was talking about. It didn't take to long for me to remedy the error and managed to send in a corrected return with good results. I did get to give him a piece of my mind when he refused to adjust his fee. I should have taken him to legal task but he was a well known person in the community so I let it go. If I had it to do over again he would have been made sure to take responsibility and done the right thing. I was young and didn't want to make waves. To hell with that. Beware who you employ to do your taxes and have someone reliable to check the form out.

[Jesus Malverde]

2. Save it for your retirement...nt

[Curmudgeoness]

3. If you have no idea what you want or need to do with it,

put it in the bank and save it until you do have something you need it for. Somehow, something always comes up and bites you in the ass.

And that is what I did with my refund. I may have to get a car later this year, and if not, I will have to put money into the one I have. So having the money in the bank will be a great help.

Or you could head out to your favorite bar and buy everyone drinks till the money runs out. You will be popular for a day.

Seriously, put it away until you know what to do with it.

[pipi_k]

15. That's what

we did here.

Then the other day the propane bill came in the mail...over $800

So that's where the refund (all $500 of it) is going...

[Curmudgeoness]

20. Ouch.

That is one huge heating bill. I am so grateful to have natural gas heat. That is what I pay for the whole season, from possibly October to possibly April or May.

But that is the way it goes, it is always something that comes up and you need that cushion of savings.

(I saw "that's what we did" and wondered if it was hitting the local bar.)

[ProdigalJunkMail]

4. last year i could afford dinner at McDonalds...

this year, in about two hours, i hope to not even get that much. tax refunds are depressing to me... so are big tax checks, but landing close to 'even' is my goal.

sP

[JaneyVee]

5. i dont get one, i owe. but if i did i would

Put it all in the bank anyway.

[geckosfeet]

6. Paid off a lot of debt. Then bought a Vitamix with some of what was left.

[cheapdate]

8. I'm using mine for a trip to The Big Easy, baby!

[FreeJoe]

24. Sounds like fun!

[FarCenter]

10. You cant go wrong with Rail Bonds

http://www.ebay.com/sch/i.html?_nkw=rail%20bonds

[FreeJoe]

23. Railroad pension

I'm sort of covered by a railroad pension plan. My pension is with a company that has a spin-off of a railroad as one of its ancestor companies and that is roughly the pension plan that survived here until a few years ago. I was grandfathered in with the old pension.

[tabbycat31]

13. save towards a new(er) car

[Earth_First]

14. We paid off a credit card used to finance a portion of our wedding last summer. nt

[frazzled]

16. We have to replace a deck

The refund won't come close to covering that, but it's a good start.

[Silent3]

17. Same thing I've been doing with almost all the extra money I've gotten my hands on...

...in the last few years.

Paying off our mortgage as fast as I can. If things go as planned, in fact, it could even be paid off next month. Then we'll be totally debt-free.

[Shrike47]

31. Congratulations! We paid off the house last year and it's a great relief to us, on fixed income.

[fizzgig]

18. catching up on bills

my husband was unemployed for six weeks at the end of last year and we're in the hole still.

[spanone]

19. what's a tax refund?

i pay every quarter....if i have overpaid it goes toward my next quarter's payment.

[Curmudgeoness]

21. So, FreeJoe, what have you decided? nt

[FreeJoe]

26. Eggs and pizza

We're in a pretty good position financially (no debt, plenty of savings), so I intend to spend a good chunk of it.

The final choices for each member of the family:

Me - Blackstone pizza oven
Wife - Egg-bot egg decorating robot
Son #1 - Parts to build a Minecraft server
Son #2 - Parts to build a laser maze

[Curmudgeoness]

29. Lucky you.

Big refund, huh?

You are lucky to be able to have fun with this.

[FreeJoe]

34. Yes and no

It was nice to get a big refund. On the other hand, we got it because my wife ended up doing less paid work and more volunteer work. That means that she earned almost nothing, so our tax liability was less than I had expected. It would have been nice if she'd been paid, but she liked the work she did (mostly for the PTO) and we're fortunate enough for her to have that choice. So yes, we are lucky, but for our overall situation and not really for getting a larger than planned tax return.

[Liberal_in_LA]

27. bought a new appliance

[hobbit709]

28. I'd have had to pay in to get a refund.

$952/mo SS ain't no income.

[Shrike47]

32. Our state income tax refund handily covered our federal obLigation. We came out even.

[WillowTree]

33. My best friend has been asking me to come visit for so long. This year I'm going to do it.

I'm totally a homebody. When I take time off, I stay home and sleep in, putter around the house, catch up on my reading. Truthfully, I haven't traveled 50 miles over the state line in over 8 years.

But BFF just built herself a beautiful new house out by a lake and darn it, I'm going this time. Flying down first class next month for a few days of good food, good wine and great conversation.

And I can't wait!

[Curmudgeoness]

35. That is a wonderful use for that refund.

And it will be good for you to get away from your "safe" zone.

I don't know where you are flying to, but I would scrap the first class travel unless it is overseas. I prefer to use the money for other things, and travel days suck no matter what anyways, so who cares if I am squished into a seat for a couple of hours. I get to the destination just as fast as the first class flyers.

Enjoy your trip!

[WillowTree]

37. Thanks so much for the good wishes!

But yeah, I'm goin' first class this time. It costs, no doubt about that, but it wasn't nearly as expensive as I'd have thought. I can afford it and, considering how infrequently I travel I've saved enough to cover the difference several times over. In addition, I'm a veteran of two laminectomies and the extra space and priority boarding and not having to wrestle with my luggage (other than a small carry-on for my jewelry and tablet and a few things that I can't pack) will make it all easier on my back so I'll be in better shape when I get there.

Every time I mention it, I'm looking forward to this trip a little more.

[LWolf]

36. I owe this year.

Which, to be honest, I don't really understand, since I made LESS money and didn't do anything else differently.

If I GOT a refund, I was going to use it to catch up the half a payment I'm behind on my mortgage.