As was foretold, we've added advertisements to the forums! If you have questions, or if you encounter any bugs, please visit this thread: https://forums.penny-arcade.com/discussion/240191/forum-advertisement-faq-and-reports-thread/

Tax Refunds: Christmas in January through April

1356

Posts

  • KalTorakKalTorak One way or another, they all end up in the Undercity.Registered User regular
    edited January 2010
    If I understand correctly, Roths have the taxes applied up front (not tax deductible), so that once it's in the fund, when you eventually take money out you don't have to pay taxes on it because they've already been paid when you put it in in the first place. Non-Roths are tax-deductible when you put money in, but it'll be taxed when you take it out again.

    KalTorak on
  • BrimfieldBrimfield Registered User regular
    edited January 2010
    So I bring my taxes to a place. I'm real lazy, bad at math, plus I live in one state but work in another. Its well worth the $100. Plus, they always get it done in like a day, and even address and stamp the envelope when I always owe Connecticut like $30.

    Return should just about finish paying off my credit card. honestly fuck those things. Maybe a DS if theres anything left over, or put it towards new PC parts.

    Brimfield on
    [SIGPIC][/SIGPIC]
    xbl: brimfields
  • DogDog Registered User, Administrator, Vanilla Staff admin
    edited January 2010
    Usagi wrote: »
    yeah, but I'm pretty sure you can do ($401k rollover)+($5k contribution) this year but I'd double check

    e: Vanguard is indeed the cat's pajamas

    I think the above is correct.

    Unknown User on
  • CrashmoCrashmo Registered User regular
    edited January 2010
    I am pretty pumped for taxes

    They are going to pay off our credit card which in turn paid off our classes!

    Crashmo on
    polar-bearsig.jpg
  • monoclemonocle Registered User regular
    edited January 2010
    monocle wrote: »
    I pay more in aggregate taxes than I take home. (and no, I'm not particularly rich)

    o rly? where do you live?

    It's not so much about where I live (Kansas); It's that I am adding in my state sales tax, property tax, AND the money that is matched by my employer for the old-people tax (social security and medicare).

    monocle on
  • Goose!Goose! That's me, honey Show me the way home, honeyRegistered User regular
    edited January 2010
    My tax return will be going into PAX East, and the rest who knows

    Goose! on
  • scrivenerjonesscrivenerjones Registered User regular
    edited January 2010
    Tax refund

    3444615189_167dffcaf2.jpg

    Tax return

    Form_1040X%2C_2005.png

    scrivenerjones on
  • BusterKBusterK Negativity is Boring Cynicism is Cowardice Registered User regular
    edited January 2010
    Our first year as filing jointly and we're getting back $5,000
    We should probably change our tax status on our W-4s

    BusterK on
    Visit http://www.cruzflores.com for all your Cruz Flores needs. Also listen to the podcast I do with Penguin Incarnate http://wgsgshow.podomatic.com
    Amazon Wishlist: http://www.amazon.com/BusterK/wishlist/3JPEKJGX9G54I/ref=cm_wl_search_bin_1
  • StaleStale Registered User regular
    edited January 2010
    This year I'm getting fucked so hard it isn't even comical.


    Like, there are Iragi detainees that will look at me and go, "Ohh shit dude, that sucks."

    Stale on
    easysig2.jpg
  • NoquarNoquar Registered User regular
    edited January 2010
    BusterK wrote: »
    Our first year as filing jointly and we're getting back $5,000
    We should probably change our tax status on our W-4s

    I envy you.

    Over the past two years despite both claiming 0 at our employers we have paid a combined $8k filing jointly.

    This year, she went down to halftime, and had a big chunk of FMLA for our twins being born. I hope it isn't so bad this year.

    Noquar on
  • BusterKBusterK Negativity is Boring Cynicism is Cowardice Registered User regular
    edited January 2010
    Stale wrote: »
    This year I'm getting fucked so hard it isn't even comical.


    Like, there are Iragi detainees that will look at me and go, "Ohh shit dude, that sucks."

    Is it because the government gave you too much sick monies?

    BusterK on
    Visit http://www.cruzflores.com for all your Cruz Flores needs. Also listen to the podcast I do with Penguin Incarnate http://wgsgshow.podomatic.com
    Amazon Wishlist: http://www.amazon.com/BusterK/wishlist/3JPEKJGX9G54I/ref=cm_wl_search_bin_1
  • StaleStale Registered User regular
    edited January 2010
    BusterK wrote: »
    Stale wrote: »
    This year I'm getting fucked so hard it isn't even comical.


    Like, there are Iragi detainees that will look at me and go, "Ohh shit dude, that sucks."

    Is it because the government gave you too much sick monies?

    combo of that, and my employer not properly deducting for overtime.

    I made more in overtime than I did for my base salary by a considerable margin. Come to find out, "whooooooops, we didn't take out what we should have, sorry!"

    Stale on
    easysig2.jpg
  • That Dave FellaThat Dave Fella Registered User regular
    edited January 2010
    I love when you guys talk about pensions and IRA because I just laugh at the IRA part.

    But seriously how come you guys always get a tax refund and shit? Do they not just take the correct amount of money? I've only been overtaxed once before and that's cause I was on emergency tax and I got it back the next month.

    That Dave Fella on
    PSN: ThatDaveFella
  • BusterKBusterK Negativity is Boring Cynicism is Cowardice Registered User regular
    edited January 2010
    I love when you guys talk about pensions and IRA because I just laugh at the IRA part.

    But seriously how come you guys always get a tax refund and shit? Do they not just take the correct amount of money? I've only been overtaxed once before and that's cause I was on emergency tax and I got it back the next month.

    We're all going to put money into our IRA, Dave
    Every month
    The government encourages us to do
    You know, for safety

    BusterK on
    Visit http://www.cruzflores.com for all your Cruz Flores needs. Also listen to the podcast I do with Penguin Incarnate http://wgsgshow.podomatic.com
    Amazon Wishlist: http://www.amazon.com/BusterK/wishlist/3JPEKJGX9G54I/ref=cm_wl_search_bin_1
  • That Dave FellaThat Dave Fella Registered User regular
    edited January 2010
    yeh the IRA is sure to keep you safe

    That Dave Fella on
    PSN: ThatDaveFella
  • ArtreusArtreus I'm a wizard And that looks fucked upRegistered User regular
    edited January 2010
    For two summers I worked at a factory and made crazy amounts of money. To me anyway, something like $1,200-$2,000 a month, which was way more than any job I'd had before. The tax return last year was something like $800. (It was helped along by the stimulus thing but still, the point is I would get big tax returns afterward.)

    Last summer I worked very few hours at the university food court and we pay barely any taxes on our income as students so basically I will be lucky if I don't owe a ton of money this year.

    Artreus on
    http://atlanticus.tumblr.com/ PSN: Atlanticus 3DS: 1590-4692-3954 Steam: Artreus
  • That Dave FellaThat Dave Fella Registered User regular
    edited January 2010
    Your guys tax system is weird.

    That Dave Fella on
    PSN: ThatDaveFella
  • BusterKBusterK Negativity is Boring Cynicism is Cowardice Registered User regular
    edited January 2010
    Also I think the reason why so many of us get refunds is that the Government set it up that way so that we let them borrow a lot of money and then spend it all when we get it back.

    BusterK on
    Visit http://www.cruzflores.com for all your Cruz Flores needs. Also listen to the podcast I do with Penguin Incarnate http://wgsgshow.podomatic.com
    Amazon Wishlist: http://www.amazon.com/BusterK/wishlist/3JPEKJGX9G54I/ref=cm_wl_search_bin_1
  • That Dave FellaThat Dave Fella Registered User regular
    edited January 2010
    I dunno, it'd be kinda nice getting a lump sum at the end of the year like all my friends seem to get cause they've been taxed too much cause it's like "woah money" were as if you get the benefit of that money spread over the year it doesn't seem so much

    That Dave Fella on
    PSN: ThatDaveFella
  • ZoelZoel I suppose... I'd put it on Registered User regular
    edited January 2010
    I think it's our misguided notion of fairness that leads us to believe everyone should pay something different depending on their particular situation

    Zoel on
    A magician gives you a ring that, when worn, will let you see the world as it truly is.
    However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
  • scrivenerjonesscrivenerjones Registered User regular
    edited January 2010
    I love when you guys talk about pensions and IRA because I just laugh at the IRA part.

    But seriously how come you guys always get a tax refund and shit? Do they not just take the correct amount of money? I've only been overtaxed once before and that's cause I was on emergency tax and I got it back the next month.

    you can set it up w/ your employer so that the withholding goes up or down, in the hopes that you won't owe or be owed too much. some people prefer to have too much withheld so they get a refund at the end of the year and FREE MONEY!! even thought that doesnt make much sense at all

    scrivenerjones on
  • ArtreusArtreus I'm a wizard And that looks fucked upRegistered User regular
    edited January 2010
    I love when you guys talk about pensions and IRA because I just laugh at the IRA part.

    But seriously how come you guys always get a tax refund and shit? Do they not just take the correct amount of money? I've only been overtaxed once before and that's cause I was on emergency tax and I got it back the next month.

    you can set it up w/ your employer so that the withholding goes up or down, in the hopes that you won't owe or be owed too much. some people prefer to have too much withheld so they get a refund at the end of the year and FREE MONEY!! even thought that doesnt make much sense at all

    Think of it as accidental savings. I would much rather that happen than owe a bunch of money by surprise.

    Artreus on
    http://atlanticus.tumblr.com/ PSN: Atlanticus 3DS: 1590-4692-3954 Steam: Artreus
  • scrivenerjonesscrivenerjones Registered User regular
    edited January 2010
    and what's even more fucked up is that refunds allow tax preparation places (in cooperation with banks) to offer what are called "refund anticipation loans." this is where if you seriously can't wait the 2-3 months for your check to arrive, the bank will loan you the money at some usurious interest rate today, then just take the refund check when it gets here.

    sounds great! except for the part in the fine print where if you owe money to the bank, or to another bank that the bank is friends with, or have any other kind of debt that they find out about, they just keep the refund and use it to service the debt and you get nothing. owned.

    scrivenerjones on
  • That Dave FellaThat Dave Fella Registered User regular
    edited January 2010
    but how do you pay too much tax? do you not have a set % of tax you pay each month?

    in Ireland it's 20% upto say 40k and anything above that is at 40% and then you've your credits which are like 3600 so that's split into weeks or months to reduce some of your tax

    so I never pay more or less than I should even if I get mad bonuses cause I just get taxed more, the more I earn

    That Dave Fella on
    PSN: ThatDaveFella
  • ArtreusArtreus I'm a wizard And that looks fucked upRegistered User regular
    edited January 2010
    and what's even more fucked up is that refunds allow tax preparation places (in cooperation with banks) to offer what are called "refund anticipation loans." this is where if you seriously can't wait the 2-3 months for your check to arrive, the bank will loan you the money at some usurious interest rate today, then just take the refund check when it gets here.

    sounds great! except for the part in the fine print where if you owe money to the bank, or to another bank that the bank is friends with, or have any other kind of debt that they find out about, they just keep the refund and use it to service the debt and you get nothing. owned.

    Well those are just horrible in general. Just like the payday advance places. They should be illegal even though all they are doing is preying on people too stupid to know better.

    Artreus on
    http://atlanticus.tumblr.com/ PSN: Atlanticus 3DS: 1590-4692-3954 Steam: Artreus
  • BusterKBusterK Negativity is Boring Cynicism is Cowardice Registered User regular
    edited January 2010
    Our tax system is really fucking complicated

    BusterK on
    Visit http://www.cruzflores.com for all your Cruz Flores needs. Also listen to the podcast I do with Penguin Incarnate http://wgsgshow.podomatic.com
    Amazon Wishlist: http://www.amazon.com/BusterK/wishlist/3JPEKJGX9G54I/ref=cm_wl_search_bin_1
  • scrivenerjonesscrivenerjones Registered User regular
    edited January 2010
    well everyone has different numbers of kids, and different credits, and two+ jobs, and all kinds of truly goofy shit going on.

    so when you get hired by a place, you fill out a W-4 where you choose a number of "allowances" appropriate to your financial position. more allowances claimed = more money withheld from your paycheck. but if you fuck it up, or your income changes and you don't file a new W-4, then you can end up being owed money/owing money come april 15.

    scrivenerjones on
  • ZoelZoel I suppose... I'd put it on Registered User regular
    edited January 2010
    but how do you pay too much tax? do you not have a set % of tax you pay each month?

    in Ireland it's 20% upto say 40k and anything above that is at 40% and then you've your credits which are like 3600 so that's split into weeks or months to reduce some of your tax

    so I never pay more or less than I should even if I get mad bonuses cause I just get taxed more, the more I earn

    it's a sliding scale

    like below a certain threshold you pay 10%

    So you pay 10% on the first $8,350 you earn
    Then you pay 15% on every dollar from $8,351 to $33,950, 25% after that, etc.

    So when you get a paycheck every week, they multiply that out by 52 to figure out how much you should withhold

    So if you make more or less in a given week, it messes up at the end

    Zoel on
    A magician gives you a ring that, when worn, will let you see the world as it truly is.
    However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
  • BusterKBusterK Negativity is Boring Cynicism is Cowardice Registered User regular
    edited January 2010
    Also paying taxes is handled through our employers who don't always know what they are doing

    BusterK on
    Visit http://www.cruzflores.com for all your Cruz Flores needs. Also listen to the podcast I do with Penguin Incarnate http://wgsgshow.podomatic.com
    Amazon Wishlist: http://www.amazon.com/BusterK/wishlist/3JPEKJGX9G54I/ref=cm_wl_search_bin_1
  • StaleStale Registered User regular
    edited January 2010
    but how do you pay too much tax? do you not have a set % of tax you pay each month?

    in Ireland it's 20% upto say 40k and anything above that is at 40% and then you've your credits which are like 3600 so that's split into weeks or months to reduce some of your tax

    so I never pay more or less than I should even if I get mad bonuses cause I just get taxed more, the more I earn

    Because everything, and I do mean everything is in some way, shape, or form, subsidized by the Govt.

    I have, without realizing it, filed my taxes and told "You owe $750", then went back, checked on a few boxes that I overlooked, and suddenly the screen spits back, "Whoops, no, you get a check for $3800".

    Stale on
    easysig2.jpg
  • Darkness MundusDarkness Mundus Registered User regular
    edited January 2010
    Mine have been +/- $50 after factoring in student loan interest payments the last couple years. No idea this year as I quit working in July and went back to school. I assume about the same.

    Kind of wish I set up the accidental savings but I didn't really spend money on anything but servicing my car and college last year, so I'd be in the same broke boat.

    Darkness Mundus on
  • That Dave FellaThat Dave Fella Registered User regular
    edited January 2010
    it's done by our employers over here too, I suppose I have it easy because my mam works for the Revenue Commissioners (tax people) so she sorts all my credits and stuff.

    Our credits are basically your allowances. You get a single person credit, a married person credit and various other things like renters allowance, a mortgage credit if you're a homeowner, widows credit etc

    The you have a tax free allowance which means the amount of money you don't pay tax on.

    I'm pretty sure over here it doesn't matter how many jobs you have you have the same credits and get taxed the same as the revenue will know if it's legit and not cash in hand.

    That Dave Fella on
    PSN: ThatDaveFella
  • ZoelZoel I suppose... I'd put it on Registered User regular
    edited January 2010
    Ersatz socialism

    Zoel on
    A magician gives you a ring that, when worn, will let you see the world as it truly is.
    However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
  • That Dave FellaThat Dave Fella Registered User regular
    edited January 2010
    I feel bad for the few Americans who work over here in Ireland who still have to file taxes back home.

    That Dave Fella on
    PSN: ThatDaveFella
  • ZoelZoel I suppose... I'd put it on Registered User regular
    edited January 2010
    if you leave america forever they still try to make you pay taxes for seven years

    Zoel on
    A magician gives you a ring that, when worn, will let you see the world as it truly is.
    However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
  • StaleStale Registered User regular
    edited January 2010
    and then any kind of money you spend on healthcare, after a certain amount, is deducted.

    any upkeep on homes.

    anything spent on a child it seems.


    really the best way to get money back is to have at least 6 kids, make sure they're all sick, keep them in a basement at your huge house, and then buy a failing business with pocket change.


    The IRS will just backup a truck full of singles.

    Stale on
    easysig2.jpg
  • ZoelZoel I suppose... I'd put it on Registered User regular
    edited January 2010
    stale that's the hard way

    the easy way is to be blind

    Zoel on
    A magician gives you a ring that, when worn, will let you see the world as it truly is.
    However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
  • scrivenerjonesscrivenerjones Registered User regular
    edited January 2010
    oh and at least 4 of the kids should be adopted

    scrivenerjones on
  • StaleStale Registered User regular
    edited January 2010
    or start your own religion.

    Stale on
    easysig2.jpg
  • That Dave FellaThat Dave Fella Registered User regular
    edited January 2010
    I'd like to say our tax system is pretty simple and well it is for the most part.

    like literally

    I earn 24k right

    24k x .20 is 4.8k

    4.8k - 3.6k is 1.2k / 12 which is 100 a month

    bam that's my tax for a year

    That Dave Fella on
    PSN: ThatDaveFella
Sign In or Register to comment.