What are your Plans?

[LivingAlmostLarge]

I think we'll owe under $1k to state and federal. I hate getting a huge refund. But owing a large amount is horrible as well!

[irmanator]

bills

[maat55]

Any funds I accidently would over pay go towards the next quarter estimates.

[JinCO]

I am anticipating owing about $5K.

[hmd2009]

For the 3rd year in a row, probably gonna owe.

[minnie1928]

I hope that we will get a refund, but since we relocated this year for my husband's job and the employer paid many of the costs I'm not sure of all the tax implications. But, if we get a refund it will be going to the EF which I hope to have fully funded by the end of the year.

[Wink]

I usually get a small refund, it will go to my EF.

[Jazzmint98]

I don't know if I'll get one either. If I do, it will probably be small and I will put it in my EF.

[deadgoon]

Straight to the Discover Card debt I amassed like an idiot.

[pearlieq]

I think we might actually get one this year due to extra SS witholding due to DH switching jobs and having a ton of unreimbursed mileage to deduct.

It's kind of nice since we usually owe, which I know is "better" but is still no fun.

[cptacek]

it will go to some farm loan. take your pick as to which one...

We should get a monster refund. We talked about selling calves in 2008 but then decided to wait for 2009. We didn't decide until around November. I was planning on having to pay taxes on that income so didn't make any changes to my withholding earlier in the year.

I don't quite know how to plan for variable farm income like we have (and I don't know how to figure depreciation either), so I figure it is better to have a big chunk come in then owe a big chunk.

[Pitman]

Whatever I do get will go directly towards my savings, whether it be $1 or $1000.

[feh]

Don't know if we'll get one either. We've owed the last couple years. I bunched potential deductions this year (property taxes, IRA contributions), so hopefully we'll be able to itemize, instead of taking the standard deduction. We haven't been able to itemize since we paid off our mortgage a few years ago.

If we do get a refund, it simply gets saved or invested.

[QueenOphelia]

The number of exemptions has nothing to do with dependents. I have no kids and claim 5 exemptions...have done this for 10 years. Usually get back $100-200 or less.

0 exemptions=you get back a boat load of money
10 (for example) exemptions= you get nothing back (and keep the money all year to invest )

Who is giving you tax advice?

[Goldy1]

WE usually break even, well near it. WE may owe on state and get back on federal and get back a small check. I was wondering if you owe for more than one year in a row even if it is a tiny amount, does the government take issue with it?