What are your Plans?

[fruitbowlk]

What are you'll plans for your tax refunds?

[simpleyme]

not sure I will get one

but if I do I will do what I do with all "extra " money and pay down my mortgage

whats your plan?

[momof1in150]

I don't know if we get one but if we do it will be for a vacation in August. We have never gone on a true family vacation and my oldest is almost to the point where family vacations aren't as much fun so we want to go this year.

[Ima saver]

I will have to pay, but when I do get one , I add it to savings.

[ScrimpAndSave]

Going right into my house fund.

[MonkeyMama]

If I get a refund - savings for some stuff that needs to be done around the house. I don't expect one though.

[SacredFaerie]

Capital One cc debt.

[fruitbowlk]

Mine is going to my EF.

[mommyof4]

Won't get one.

[disneysteve]

If we get one (which I hope not to), it goes to the Roth accounts.

If you are getting more than a couple hundred dollars, change your withholding so that it doesn't happen again.

[Joan.of.the.Arch]

Won't be getting one. We will owe a little bit, but currently it is earning 4%.

[kork13]

If you are getting more than a couple hundred dollars, change your withholding so that it doesn't happen again.

I've tried to figure this out... How do you do this without essentially lying on any forms? In order for me to decrease my withholding, I essentially have to claim a dependent (which I don't have). I had been advised by a tax preparer last year to claim an extra exemption, which I did last year after filing my taxes (I was to recieve a $400-$500 -ish refund)... I got it bumped up to 2 exemptions from 1, but then when I looked closely at my pay statement recently, I realized they had me listed as 'married'. Especially being in the military (where pay/allowances change slightly if you have dependents), that freaked me out and I just had it changed back to only 1 exemption. Soooo.... what's the deal? How should I do this?

As to the original question, I should be having to pay some taxes. Not sure exactly how much, but it won't be an issue.

[scfr]

When we have over-paid for the previous tax year, any "refund" is on paper only ... it gets applied to our first estimated tax payment for the current tax year, so we never actually receive any cash.

[disneysteve]

I've tried to figure this out... How do you do this without essentially lying on any forms? In order for me to decrease my withholding, I essentially have to claim a dependent (which I don't have).

It is a common misconception that you can only claim the number of exemptions that match the size of your family. That isn't true. You can claim any number you want. A single person could claim 3 exemptions if that's what it takes to make the numbers work. A married couple with 2 children (so 4 people in the household) could claim 6 exemptions if that's what makes them come out pretty even on taxes. It isn't lying and isn't illegal in any way.

[tripods68]

We'll owe this year. First time in many years.