View Poll Results: Did you receive a refund or do you owe?

Voters
19. You may not vote on this poll
  • Refund. I'm happy!

    11 57.89%
  • I owe, I owe, so off to work I go.

    8 42.11%
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Results 21 to 26 of 26

Thread: Tax Time Poll

  1. #21

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    Ummm.... I checked the box that I was getting a refund, but I ain't exactly happy. Yes, I'm glad I am not having to pay, but this year I have paid more than ever before in witholdings, and the actual tax amount is pretty dang big.

    So, yah, yah, you might say that if I am having to pay so much, then I must be really making a lot. And please don't get me wrong, I am grateful for the blessings of having sound employment and income, but understand that at the same time, it has been because of great sacrifice and working through the summer working 16 hour days and going literally 3 months with only 8 days off. That is brutal to say the least. So yes, I made a lot of extra money this year, but it wasn't because I receive some sort of windfall, but through weeks of working 110+ hours surrounded in choking levels of wildfire smoke and sleeping on the ground in a tent all that time, and putting up with people who threatened my life because they didn't think we were doing enough to put out the fires.

    So... While Uncle Sam may be giving me a little money back this year, I have paid more than I ever have in my life and I have a bit of mixed thoughts over the whole thing. Gratitude for the blessing of work and income, but also contemplation of having so much taken away after providing a valuable service to my country at a pretty great personal sacrifice in doing so.

    If I was just fortunate to have made a lot of money in the stock market, or received a huge raise, then that is one thing, but damn... I worked my ass off to earn it too. And the worse part is that I didn't do it for the money, but because this is something I want to do in order to help others. That is the best repayment I can ever receive.
    Last edited by TeddyBearCowboy; 5 Days Ago at 06:39.

  2. #22

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    Quote Originally Posted by dogboy View Post
    You sure have had a full plate, Maxx.

    We should have put our money in a 401 K, but the school system didn't offer it and we were never that good with investments. My wife was the bill payer and in the last few years, accumulated the tax information. For the past several years we've paid a CPA to do our taxes. We were supposed to be paying quarterly, but as my wife got sicker, it didn't get done. Next year should be favorable tax wise.
    You too... getting old is a bitch, but I guess it beats the alternative.

    I think that might have been the case with my dad as well, but I got into it too late in the game to do anything. He might even have done a couple quarterlies before his computer got hijacked. I've got no way of knowing. We'll see if the IRS says anything. I just filled out the forms, so I'm not personally on the hook. I'll have to keep a closer eye on it this year, as at some point I could have legal responsibility for mom. Right now, my sister has POA but not guardianship (yet). Fallback position, "Irma blew the paperwork away".

  3. #23

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    I'm getting a refund as well, a small one, but still, a refund is a refund. I can buy a few extra diapers sometime soon

    In all honesty though, do some people really wind up owing? I know based on the poll that some do, but my entire family has received nothing but refunds come tax time. In fact, I don't think there has ever been a time when anyone in my immediate family had to owe. Maybe that's just one of the perks to having not one, but two accountants in the family and having them fine tooth comb your taxes for you.

  4. #24

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    Quote Originally Posted by Poofybutt View Post
    I'm getting a refund as well, a small one, but still, a refund is a refund. I can buy a few extra diapers sometime soon

    In all honesty though, do some people really wind up owing? I know based on the poll that some do, but my entire family has received nothing but refunds come tax time. In fact, I don't think there has ever been a time when anyone in my immediate family had to owe. Maybe that's just one of the perks to having not one, but two accountants in the family and having them fine tooth comb your taxes for you.
    Sadly yes. Roughly HALF of the US population will end up owing. Mostly because they just don't withold the right amount from each paycheck (usually by just going with the mandatory minimum withholdings, which historically is almost never enough)

  5. #25

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    Quote Originally Posted by Poofybutt View Post
    I'm getting a refund as well, a small one, but still, a refund is a refund. I can buy a few extra diapers sometime soon

    In all honesty though, do some people really wind up owing? I know based on the poll that some do, but my entire family has received nothing but refunds come tax time. In fact, I don't think there has ever been a time when anyone in my immediate family had to owe. Maybe that's just one of the perks to having not one, but two accountants in the family and having them fine tooth comb your taxes for you.
    If you only have W2 wages, then you may never have to ante up or do any forms other than the 1040. Consider yourself fortunate. If you have any other kind of income from investments, or you're self-employed, or a contract employee, or you hire household help, get divorced, move to another state or you sell that ring grandma left you, you end up hip deep in forms, worksheets and instructions, and possibly having to write your uncle a check at the end of it.

  6. #26

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    Quote Originally Posted by Maxx View Post
    If you only have W2 wages, then you may never have to ante up or do any forms other than the 1040. Consider yourself fortunate. If you have any other kind of income from investments, or you're self-employed, or a contract employee, or you hire household help, get divorced, move to another state or you sell that ring grandma left you, you end up hip deep in forms, worksheets and instructions, and possibly having to write your uncle a check at the end of it.
    Not true. Tax witholdings are calculated by the gogernment based on the minimum projected amount that will be required for the next year. That projection almost never comes in at or above the expected or true amount. As such, claiming the standard witholding is almost always not enough when tax time comes. Hence why so many always end up having to pay.

    It's more often when someone is able to apply a tax credit of some sort that they get money back. Filling out just the basic 1040 is where most people end up paying the most.

    Alternatively, having an extra $10-20 witheld from each pay check is another good way to zero out each year.

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