Federal Tax Refunds

[MrsSmith]

She is married with 1 child.  Her dead beat husband doesn't work (boy am I pissed about that too).  She made a little over $23K.

Wow.  Things must have changed a lot...by the time I was earning $23K, I didn't qualify for the EIC.  I got it for 6 years, from the time I started working at 4.75 an hour to the year I made $7.50 an hour.  With 4 kids at home, the max I ever got back was $1200.   

[MrsSmith]

We have quite a few employees here that get that credit, and a good bit back on their refund.  Some will, and I am not making this up, work up until they get their refund, then take a vacation in May, and go look for work at the end of the summer.  They make enough on the refund to carry them through the summer, and by not working, they keep their income low enough to get it again.

We don't rehire them, they go off somewhere else.  But, if you are a $9.00/hr call center employee, it ain't that hard to find a job, as all of them have not been moved to Mexico or India. 

Maybe the deciding factor is the cost of childcare over the summer...

[Texacon]

I've told a very similar story here.  I had friends (they're still friends) who got back around $5k when they had only paid in around $2k.  When the Bush tax cuts went into effect and we got checks sent to us the wife of my friends was griping to me that THEY didn't get a check but she bet I got one. 

I told her I did in fact get a check for the full $1,200.00.  Then I asked her how much in taxes she had paid the year before.  She didn't know.  Her husband said they had paid around $2,000.00.  I then asked what their refund had been.  She knew that one.  She told me they got back $5,000.00.  I asked her if she knew how much I had paid in taxes and she said 'No'.  I told her that we had paid close to $30k for the year and the $1,200 was ALL I got back and that THAT was just an advance I would have to claim on my taxes next year.  Then I asked her who had paid more in taxes ...... She became a Conservative that very day.  That ain't no bullshit.

KC

[ColonialMarine0431]

It always amazes me when people get excited about a tax "refund". Ummmm...No people. It was your hard earned money to begin with. You coulda put that money into an IRA for retirement or even a 12 month CD making  some interest.

[thundley4]

It always amazes me when people get excited about a tax "refund". Ummmm...No people. It was your hard earned money to begin with. You coulda put that money into an IRA for retirement or even a 12 month CD making  some interest.

Except mostly we have been talking about thse people that get back more than they pay in.

[ColonialMarine0431]

Except mostly we have been talking about thse people that get back more than they pay in.

True. That still confuses me. 

[IassaFTots]

Maybe the deciding factor is the cost of childcare over the summer...

And that very well could be, but it is still messed up.

[BEG]

We paid the most we have ever paid this year in taxes. I am in shock.

[Eupher]

We paid the most we have ever paid this year in taxes. I am in shock.

Well, BEG, somebody had to pay for TARP and the "stimulus" and the bailouts and AIG and Freddie and Fannie and Lord Zero's wedding anniversary trip to NYC and his flight to Oslo to pick up his "Peace Prize" and his apology tour and Michelle's entourage and .....

[BEG]

I haven't done my taxes yet, but since I made similar to last year....I'm going to OWE about $7000. 

we owe an additional $12k.

[NHSparky]

we owe an additional $12k.

Oh, that sucks--because of the moving expenses?

[BEG]

Well, BEG, somebody had to pay for TARP and the "stimulus" and the bailouts and AIG and Freddie and Fannie and Lord Zero's wedding anniversary trip to NYC and his flight to Oslo to pick up his "Peace Prize" and his apology tour and Michelle's entourage and .....

I am seriously pissed at anyone who doesn't think we pay "our fair share". I'll tell you all right now, we paid just over $100k in taxes (including what we owe on our tax return), that is just federal ALONE. Don't forget we live in the hell hole that is California so tack on an additional 10%, add social security (which they want to raise that tax too)...etc. Obama says we are rich and wants to tax us even more.   Yet we lose deductions because we make too much money, we can't claim our sons college, we get none of the special tax credits.  Everytime Obama comes out and says he just wants to tax those making over $250k I feel personally attacked. We aren't "rich" enough like Hollywood to have offshore accounts, have a second home out of state to avoid California taxes, etc.

I know those of you who had a rough year think "cry me a ****ing river" and I do realize how lucky we are but it does piss me off when people get more back than they pay in. When 50% of Americans don't pay taxes it does make me mad when those same people say "make the rich pay their fair share".  Well we are paying our fair share and the people who don't pay any taxes fair share as well.

I guess we could just tell our son he is on his own and let the government put him through college....oh that wouldn't happen, he isn't the right "type" of person to get government help.   

[BEG]

Oh, that sucks--because of the moving expenses?

Yes and the bonus to make us move (that had taxes taken out). We had to use all the bonus for our down payment on our house.  Housing, as you know, is three times what it is in Dallas. It wasn't a normal bonus and we had to use it on a down payment on a house within a certain amount of time or we had to pay it back.  All of that pushed us in a higher tax bracket. 

[IassaFTots]

Yes and the bonus to make us move (that had taxes taken out). We had to use all the bonus for our down payment on our house.  Housing, as you know, is three times what it is in Dallas. It wasn't a normal bonus and we had to use it on a down payment on a house within a certain amount of time or we had to pay it back.  All of that pushed us in a higher tax bracket. 

That so sucks.  I know it doesn't help, but it sucks none the less...... 

[NHSparky]

Yes and the bonus to make us move (that had taxes taken out). We had to use all the bonus for our down payment on our house.  Housing, as you know, is three times what it is in Dallas. It wasn't a normal bonus and we had to use it on a down payment on a house within a certain amount of time or we had to pay it back.  All of that pushed us in a higher tax bracket. 

I know--I looked at my tax return again the other day, and am amazed at how much I as a single guy paid in, and that had I filed married-separate again this year, how much I would have been screwed over.  And I'm by no means rich.

[BEG]

Oh I forgot to mention that we lost money on our house in Dallas and you can't write any of that off on your taxes but if you make over a certain amount on your house you have to pay taxes. Boy the government sure has a good thing going on, don't they?!?

[NHSparky]

Oh I forgot to mention that we lost money on our house in Dallas and you can't write any of that off on your taxes but if you make over a certain amount on your house you have to pay taxes. Boy the government sure has a good thing going on, don't they?!?

Yep--$500K on a house or other property sale you have to claim under Capital Gains tax.  Also true that if you lose you can't write it off, although I'm not sure why.

[BEG]

Yep--$500K on a house or other property sale you have to claim under Capital Gains tax.  Also true that if you lose you can't write it off, although I'm not sure why.

I thought it was over $250k, I am probably wrong though.

[Eupher]

I am seriously pissed at anyone who doesn't think we pay "our fair share". I'll tell you all right now, we paid just over $100k in taxes (including what we owe on our tax return), that is just federal ALONE. Don't forget we live in the hell hole that is California so tack on an additional 10%, add social security (which they want to raise that tax too)...etc. Obama says we are rich and wants to tax us even more.   Yet we lose deductions because we make too much money, we can't claim our sons college, we get none of the special tax credits.  Everytime Obama comes out and says he just wants to tax those making over $250k I feel personally attacked. We aren't "rich" enough like Hollywood to have offshore accounts, have a second home out of state to avoid California taxes, etc.

I know those of you who had a rough year think "cry me a ****ing river" and I do realize how lucky we are but it does piss me off when people get more back than they pay in. When 50% of Americans don't pay taxes it does make me mad when those same people say "make the rich pay their fair share".  Well we are paying our fair share and the people who don't pay any taxes fair share as well.

I guess we could just tell our son he is on his own and let the government put him through college....oh that wouldn't happen, he isn't the right "type" of person to get government help.   

Mrs E and I don't quite match your income level, but we're not poor either. I definitely sense your outrage, and it's understandable. The socialists won't stop until everybody's income is redistributed into that black hole that is the entitlement crowd. No amount of money will bridge that gap.

Having enough money to sock away for retirement -- now THAT'S an idea!

Ain't gonna happen with the Socialists in charge. Lord Zero wants us to pony up the money NOW!

I'd like to see LZ's tax return when it's made public....

[thundley4]

I'd like to see LZ's tax return when it's made public....

I want to see what charity he donated the Piss Prize money to.

[BEG]

Mrs E and I don't quite match your income level, but we're not poor either. I definitely sense your outrage, and it's understandable. The socialists won't stop until everybody's income is redistributed into that black hole that is the entitlement crowd. No amount of money will bridge that gap.

Having enough money to sock away for retirement -- now THAT'S an idea!

Ain't gonna happen with the Socialists in charge. Lord Zero wants us to pony up the money NOW!

I'd like to see LZ's tax return when it's made public....

It's not my income, it's my husband's. . DU'ers think my husband does nothing all day while he has others slaving away under him. He goes to work at 5:30 am and leaves around 6:45 at night. Works after dinner a lot of nights on the computer for work and is always in work mode. Even when we go to Target he has to check out his items and their competitors for research because that is just the way he is. He has a lot of pressure of a whole company riding on his shoulders.  He works his ass off, he started 16 years ago as an entry level designer at $32k a year.  He paid his own way through college (6 years worth), we had student loans that took us 10 years to pay off to prove it. He has never had a free ride and deserves every good thing in life he gets. Something the leeches over at DU will never have or understand. 

[Lacarnut]

My advise is to save like crazy and when you have your house, car paid off, have no credit and savings, you can live pretty easy on 70 to 80% provided you do not go on spending sprees.

[MrsSmith]

It's not my income, it's my husband's. . DU'ers think my husband does nothing all day while he has others slaving away under him. He goes to work at 5:30 am and leaves around 6:45 at night. Works after dinner a lot of nights on the computer for work and is always in work mode. Even when we go to Target he has to check out his items and their competitors for research because that is just the way he is. He has a lot of pressure of a whole company riding on his shoulders.  He works his ass off, he started 16 years ago as an entry level designer at $32k a year.  He paid his own way through college (6 years worth), we had student loans that took us 10 years to pay off to prove it. He has never had a free ride and deserves every good thing in life he gets. Something the leeches over at DU will never have or understand. 

This is the part they'll never get.  My sister-in-law and her hubby own a business, and they're the same way.  16 hours days are NORMAL.  If "the poor enslaved masses" worked as hard as the boss in most businesses...well, they'd end up owning their own business.

I've got to admit...especially with 5 kids to raise, I never wanted to own or run any business...I want to do my 8 hours, earn enough to feed everyone, and go home (to my second job...Mommy.)   

[BEG]

This is the part they'll never get.  My sister-in-law and her hubby own a business, and they're the same way.  16 hours days are NORMAL.  If "the poor enslaved masses" worked as hard as the boss in most businesses...well, they'd end up owning their own business.

I've got to admit...especially with 5 kids to raise, I never wanted to own or run any business...I want to do my 8 hours, earn enough to feed everyone, and go home (to my second job...Mommy.)  

That is how I am too. When I worked I did my 8-5 and went home to be with my kids. I didn't think of work until the next day when I went back to the office.  My husband is the best dad and does everything he can to spend time with them but he does have a bit of a work-a-holic problem. My husband will never retire, he is just wired that way.  His dad is the same way.

[NHSparky]

My advise is to save like crazy and when you have your house, car paid off, have no credit and savings, you can live pretty easy on 70 to 80% provided you do not go on spending sprees.

70-80 percent?  Try about 25-30 percent.  My oil, car maintenance, food, electric, phone, and cable combined run $500-600 a month.  Even when you tack on property tax I'm well under 30 percent of current income.