GTKY: Tax Returns

AutumnBonfire · March 2014

Anybody have any interesting plans for your income tax returns, if you're getting one?

emy730 · March 2014

We were lucky to break even this year. I haven't received a tax return in a looooong time.

AutumnBonfire · March 2014

In past years we've pretty much broke even with taxes or even had to pay a little, but last year was our first year with DS, so we got back a nice chunk. I sent my tax info to the accountant, but I haven't heard anything back yet. I'm hoping to get the same as I did last year.

I'd like to buy a reclining chair for the master bedroom. DH and I talked about doing that when we bought the house, but other expenses got in the way. I'm tired of fighting DH for space to read on weekends when he wants to watch tv. I like quiet. Plus this might be a good idea if we decided to have the baby sleep in our bedroom in the beginning.

We also need to redo some of the mulch outside, so that's an expense. I'd also like to put some into DS's savings account and DH's IRA.

1982Babies · March 2014

I will owe money and I am 100% okay with that.

I'd rather have to owe than get a return, because then the government isn't holding that money interest-free for the year.

I should finish my taxes though. I think we'll end up owing $250.

cakebatter27 · March 2014

I feel the same way @1982Babies‌

We went up a tax bracket and owe $3800. I don't mind owing SOME but 4k kinda surprised me. Oh well.

AutumnBonfire · March 2014

1982Babies said:

I will owe money and I am 100% okay with that.

I'd rather have to owe than get a return, because then the government isn't holding that money interest-free for the year.

I should finish my taxes though. I think we'll end up owing $250.

My parents reinforced the idea of paying more throughout the year so I didn't have to pay in. DH's family thought the opposite - why let the government borrow your money for free. This caused some tension when we first married. After a few years of owing several hundred dollars every time, he ended up seeing things my way. I don't pretend to really know anything about taxes, whatever kind of credit you get when you have children gave us more than I expected last year. That little bonus turned out to be pretty fun and now I like the "extra" money. Plus I'm not too disappointed on losing out on whatever the tiny interest my savings account would earn us if that money were there all year.

Nichole8787 · March 2014

We put it into savings for when I'm on maternity leave. We have to buy a new vehicle soon so all the extra padding we can get in the savings account helps.

flmomof4 · March 2014

We're paying for our doula and using the rest to pay off the last credit card.

ginger313 · March 2014

Since DH owns his own business we make quarterly estimated payments based on his company's earnings the prior year. We actually overpaid last year, so the first quarter estimated payments for 2014 are already paid. Yay!

We are putting that saved money towards the $5,000 hospital bill copay our new insurance requires. After the Affordable Care Act, in order to keep our $250/day hospital copay we would have had to pay an additional $7,000 a year in insurance premiums. Our new plan costs the same as the old one per month. I guess we are an example of those who did not benefit from the ACA, boohoo.

katnipeverclean · March 2014

Straight into the money market account for the new house. Super fun.

TricksyPixie · March 2014

Finishing the home renovations, not limited to completely redoing the nursery. As in rip out the walls, insulate, put on new walls, new flooring,new everything. Hopefully it's enough to finish the whole house and not just impending LO's room.

1982Babies · March 2014

cakebatter27 said:

I feel the same way @1982Babies‌ We went up a tax bracket and owe $3800. I don't mind owing SOME but 4k kinda surprised me. Oh well.

Yeowch @cakebatter27! I thought I was going to get reamed for 2012's taxes after getting married, but thankfully I didn't. We did get a return that year. I have since readjusted things.

acciovino · March 2014

We got back a good amount, thanks to paying almost $30K in taxes last year.. (ugh)

Anyway, it's all going towards our down payment on our house. We're closing in a few weeks.

1982Babies · March 2014

AutumnBonfire said:

1982Babies said:

I will owe money and I am 100% okay with that.

I'd rather have to owe than get a return, because then the government isn't holding that money interest-free for the year.

I should finish my taxes though. I think we'll end up owing $250.

My parents reinforced the idea of paying more throughout the year so I didn't have to pay in. DH's family thought the opposite - why let the government borrow your money for free. This caused some tension when we first married. After a few years of owing several hundred dollars every time, he ended up seeing things my way. I don't pretend to really know anything about taxes, whatever kind of credit you get when you have children gave us more than I expected last year. That little bonus turned out to be pretty fun and now I like the "extra" money. Plus I'm not too disappointed on losing out on whatever the tiny interest my savings account would earn us if that money were there all year.

@autumnbonfire --- but the money you could be earning from stocks or retirement makes it worth it, in my opinion. I'm not quite that far yet, but my friend is super into stocks and reinforces this into my head. Right now, I have an ING Direct account (now Capital 360) that earns 0.75% APR, but when I signed up for it in 2006 it was like 4.5% (I used to be a contract employee and would keep my tax money in there for quarterly payments).

Anyways, I am not messing with things this year, so whatever the LO does to taxes will be worked on for next year. If I get a refund next year, that's cool, maybe I'll go play some stocks. :P

zellatrix · March 2014

Not sure if we will get back or owe... And I can't get the hubs to sit down long enough to complete it. If we get money back, it will go to buying whatever else we need for the baby and savings. Next year, we should get back and that will go to a cruise.

abchittam · March 2014

Paying towards debts. Ugh! But then again, I'm glad I can get some of it paid off. DH bought our house in 2008, so we got the $7500 first time homebuyers a few years ago. Unfortunately, that's the only year that has to pay it back. So each year we have to pay $500 towards it. I always make hubby take out extra in taxes on his checks to make sure out butt is covered and we don't end up paying in. I always like the nice little chunk of money we get back.

mcvgal · March 2014

Buying a new stove. I am totally excited about it too!

bunkgirl · March 2014

Caitlinrj said:

We got back a good amount, thanks to paying almost $30K in taxes last year.. (ugh)

Anyway, it's all going towards our down payment on our house. We're closing in a few weeks.

Yikes! I was going to complain about owing $2500, but now I will be grateful.

taylorjeanne84 · March 2014

We are buying a John Deere tractor for our pasture and putting the rest into savings. Ugh. So not fun.

AutumnBonfire · March 2014

@autumnbonfire --- but the money you could be earning from stocks or retirement makes it worth it, in my opinion. I'm not quite that far yet, but my friend is super into stocks and reinforces this into my head. Right now, I have an ING Direct account (now Capital 360) that earns 0.75% APR, but when I signed up for it in 2006 it was like 4.5% (I used to be a contract employee and would keep my tax money in there for quarterly payments).

Anyways, I am not messing with things this year, so whatever the LO does to taxes will be worked on for next year. If I get a refund next year, that's cool, maybe I'll go play some stocks. :P

Yeah, I need to start looking into things like that. I know interest through savings accounts is a joke. I don't really know enough about stocks or retirement funds right now and neither does DH. We bought our house two years ago, which drained all of our savings. Then we had DS and now another baby, so I had and will have some unpaid maternity that I needed saved money for. Right now I'm working on building up our savings again so we can have a "cushion" in case anything happens (I see some new kitchen appliances being needed within a few years plus a new furnace in about 5 or so years).

We just found out DH has an IRA that his brother was managing. DH forgot about it and I'm still wondering why BIL neglected to talk to us about it since we've been married for five years. So I'm still trying to figure out what that's about. I'd also like to start a tax sheltered annuity through work. I'm tired of grown up responsibilities!

ETA: @1982Babies

runrinserepeat · March 2014

We paid off the small amount we still had on the credit cards, bought new tires for my car, and put the rest into savings. Living the dream.

runrinserepeat · March 2014

Most years its a crapshoot whether we'll owe or not. Since having DD though, we get a refund every year. I'm fine with it. I understand I could have made $5 extra if I'd had it in my savings all year, but its worth that to me to get the lump sum. We probably wouldn't have managed to squirrel away as much if we had seen it in smaller amounts throughout the year either. It would have been easier to spend away thoughtlessly.

allycheer00 · March 2014

We paid off the little bit we had in credit card debt from our wedding last September. The rest went towards funding my maternity leave. My last month off will be completely unpaid.

TurtleMonsters · March 2014

Credit card debt. For the first time ever, we filed very early and already have it erasing the debt, which is such a great feeling! Can't wait to see what it'll be like with two!

tourqeyes · March 2014

Fence and possible expansion of deck.

[Deleted User] · March 2014

Into savings for closing costs on our house if we need them, otherwise it'll go towards replacing appliances.

lindslalala · March 2014

Normally we buy something for the house or do a little home improvement project. This year we got a double stroller and other things I want for baby girl.

honeybee434 · March 2014

Saving for maternity leave. So boring!

We usually use our return for a vacation.

brittajeanetta · March 2014

Funding our retirement and a little for the nursery. We always use our tax refund if we get one to pay off debt or put into retirement.

brewbecks · March 2014

We have to pay in every year because my DH owns a business, I wish we got money back!!!

I could use a vacation!

jnnfrrose6 · March 2014

We are almost always pretty close to break even or owe just a little (less than $500). DH works in finance and cannot fathom why you would use the IRS like a savings account that doesn't pay interest. He'd rather take a little more home each check and put into savings where we earn something and then if we owe anything, pay it out of the savings than vice versa.

FWIW he's awful to play monopoly with as well, stupid commercial mortgage background.

knitsandgiggles · March 2014

Finally building a garage for the house so we can have some more storage!

We are doing our taxes this weekend. I'm really hoping we get a refund. Last year's sucked because our combined income bumped us up to the very lower portion of the next bracket so we got taxed to the high heavens. This year, I'm hoping the combination of us having a child and me working a very limited PT schedule last year will help.

emineminem · March 2014

Doing them tomorrow! It's all going into savings for the house/baby/life

this is our first year filing jointly so hopefully we get more back!

AMcLaws · March 2014

We bought a truck with ours. Our car wasn't big enough to add another car seat. So we traded it in and got a Dodge Ram...we can fit 3 car seats in the back!

seells · March 2014

Were putting it towards my maternity leave.

MstoMrstoMom851214 · March 2014

We're putting ours towards remodeling our new house. We didn't get as much this year as we expected, but should get a lot more next year because we bought our first house and are having our first baby. I'm secretly hoping for a hot tub next year! We usually put it towards a trip but since we'll be home with a 8 month old, I think the hot tub would be a nice vaca at home! We'll see if I can get the husband on board!!

CandiMil · March 2014

We are using some of ours to go to a wedding and have a babymoon, the rest I think we're going to have to save since I've just been informed that I may not be getting paid during my maternity leave.

Jbosarge85 · March 2014

We used some to pay bills the rest we are using to move from the East coast to the West coast. Moving in a month and a half. Am I crazy? Apparently.

Soon2BMrsN · March 2014

We always pay. One year it was upwards of $10k. But DH and our financial planner like it this way. Shrug.

TRS48 · March 2014

I've had to pay every year of my life. It f-ing sucks. This year we may actually get a return since DH gets taxed so much on commission (our main source of income). I don't get that and it pisses me off. But we are sticking it into a savings account and transferring it into individual accounts for our boys when they are born. Building them a little nest egg.

cakebatter27 · March 2014

Soon2BMrsN said:
We always pay. One year it was upwards of $10k. But DH and our financial planner like it this way. Shrug.

Gulp. 10k. I'll stick with mine.

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