Tax Season!

[agarlits]

What will you do with your return this year? I'm curious to see who will pay off debt, buy stuff, invest ect...

I'll be using the refund to chip away at the last bit of remaining debt that I have since I started turning my financial life around 6 months ago.

[corn18]

I hate giving the government a dime more than I owe. My money. So no refund for me.

[MonkeyMama]

No refund. Always aim for breakeven, but actually about literally pulled it off this year (just how the chips fell - deductions and withholding are hard to control).

[edg126]

I am getting a massive refund ($4000) due to having 2 kids last year, dependent care deductions, and child tax credits. It also was our first year of home ownership so I wasn't sure how much we would get back from our interest payments. I made some deductions on my w4 so hopefully it won't be as much next year.

I owe $4900 on my car loan, so it's all going to there. It'll have been paid off in 2 years, which is great. It has a low interest rate (at 2.99%) but I just hate paying car loans, and paying the bill for it every month. After that the only other debt we will have is our mortgage.

[cardtrick]

tax refund? What is that? I owe about $3500 in taxes. I was projecting about $10K in taxes owed, so it was a pleasant surprise.

[QuarterMillionMan]

Haven't started my income tax prep just yet but every year I owe about $1500 - $2000. It's so fun to have to write a check to the IRS and I look forward to it every year (sarcasm). Not having any kids does have its drawback at tax time but in light of that fact it's a trade off where I would gladly rather pay my taxes instead of having kids (no sarcasm).

[moneybags]

Haven't started my income tax prep just yet but every year I owe about $1500 - $2000. It's so fun to have to write a check to the IRS and I look forward to it every year (sarcasm). Not having any kids does have its drawback at tax time but in light of that fact it's a trade off where I would gladly rather pay my taxes instead of having kids (no sarcasm).

And there's the situation where you make too much money, so you don't get any of the child related credits, and you can even lose your exemption for them based on AMT.

[disneysteve]

No refund here. I expect to owe several thousand due to some big capital gains in our mutual funds and an increase in my survey income.

[agarlits]

No refund here. I expect to owe several thousand due to some big capital gains in our mutual funds and an increase in my survey income.

Given the choice I would gladly trade a tax refund for a mutual fund that was making significant gains. Gotta love compound interest.

[porkpistol]

My wife and I are going to pay off CC debt with our return this year. Had a baby last year and I have education credits. Received a real nice return this year.

[wjcalderon]

I try to plan well enough to break even, but usually end up with a small refund.
This year the refund will be a little bigger than usual - about $1500.

I have no debt (except my mortgage), so I'm treating myself to a vacation trip to Washington, DC. I haven't had a real vacation in several years.

[LivingAlmostLarge]

I either owe or will get back less than $500 which we usually roll into next years taxes because we always owe.

[creditcardfree]

We will owe over $400 this year. We are even on state since our military pay is exempt in our state. If we received a refund, I would send the money to our mortgage since we have a goal of reducing our mortgage debt by nearly $14K.

[jackiemach]

No tax refund for me!

[LizfromtheBronx]

I'm getting back $1987 from federal and $350-something from state. Lots of changes in jobs and financial scenarios over the past years. I expect 2014 to be much more settled down. Once the paperwork is done for my pay increase, I'm going to adjust withholding.

With that said, my refund is being split between a starter EF, booking a flight for my trip to LA in April (which I may or may not get reimbursed for by work down the road, it's a vacation trip, but I have a feeling I'll be working for a decent portion of the trip), paying off a few small debts, and finishing buying stuff for the apartment I moved into a month ago. A good balance between being responsible and having fun.